5 Best Credit Cards For Miles In Hong Kong 2016
For Hong Kong consumers, the best credit cards are those that offer rewards. At least, this is the assumption we can get from the study published on the website of J.D. Power. The study specifically revealed that 40% of the participants in the study admitted that they change their credit cards to get better rewards programmes. The study also revealed that airline tickets are among the common rewards that cardholders redeem.
Obviously, the use of credit cards in Hong Kong is a common practice. You should consider selecting a card that fits, not just your spending preferences, but also the rewards that will make your purchases more valuable. For instance, if you love travelling, it makes a lot of sense for you to look for the best credit cards that will give you air miles.
How do air miles work as a credit card reward?
Air miles is a type of reward that give cardholders the chance to earn rewards points every time they use the credit card for purchases. These cards are usually supported by an airline’s frequent flyer program. There are cards that can make you directly earn air miles. At the same time, there are others that will require you to change your points into air miles.
Although there are other rewards available when you use your credit cards, air miles seem to hold the interest of cardholders. Imagine being able to get free miles just by using your card? You do not have to budget for your holiday! Your credit card can do that for you automatically.
It has to be noted that you need to use these air miles or convert rewards points immediately. According to an article on MoneyHero.com, air miles do not last forever. Most of the time, the points will expire so you need to use it immediately.
5 of the best Hong Kong credit cards that will reward you with miles
Based on the comparison tool from Money Hero here are the 5 best credit cards for miles this 2016.
1: HSBC VISA
There are actually three different cards featured in the comparison tool: HSBC Visa Signature Card, HSBC Visa Platinum Card, and HSBC Visa Gold Credit Card. HSBC’s Signature Card offers 1 air mile for every HK$2.78 spending while the Platinum and Gold cards will require you to spend HK$4.17. The lower the requirement, the more chances of you earning miles. This is the same for both local and overseas spending. Although all of these cards will require you to pay HK$300 a year as the conversion fee, it is for unlimited mileage redemption. You have to be careful when transacting overseas because there is a foreign currency transaction fee of 1.95% (total transaction amount). We placed this card in the top spot because they also offer other rewards like cash-back, automatic transfers, on-line payment and on-line shopping rewards. It also lets you earn rewards through your Octopus card.
2: Standard Chartered Asia Miles MasterCard
This card will help you earn air miles directly because there is no conversion fee. For every $4 of spending (both local and overseas), you get one air mile. While that is a very attractive feature, it is placed in the second spot because it does not offer cash-back rewards like HSBC Visa. It does offer rewards for automatic transfers, on-line shopping, and on-line payments. You can also earn rewards when you add value to your Octopus card. When using the card overseas, you will also be charged a foreign currency transaction fee that is 1.95% of the transaction amount.
3: Bank of East Asia Flyer World MasterCard
The BEA Flyer World MasterCard comes in third because it allows you to earn a mile for every HK$5 spending locally and overseas. You can directly earn the miles because this card does not offer a conversion fee. For transactions overseas, you might be charged with a foreign currency transaction fee of 1.95% of the transaction amount. It does not offer cash-back rewards but you will be rewarded for automatic transfers, on-line payments, on-line shopping, and Octopus card auto top-ups.
4: Citi Prestige Card
This card will allow you to earn one mile for every HK$6 of local spending and Hk$4 of overseas spending. There is also no conversion fee so you are actually earning the miles directly. It offers cash-back rewards, automatic transfer rewards point, on-line shopping rewards, and an Octopus card auto-top-up reward. There is also a foreign currency transaction fee, just like the others, that is 1.95% of the total transaction cost.
5: DBS Black World MasterCard
Finally, the fifth of the best credit cards for miles in Hong Kong is the DBS MasterCard. Just like the Citi Prestige Card, you can earn one mile for every HK$6 worth of local spending and HK$4 worth of overseas spending. While there is no conversion fee because you earn the miles directly, you have to pay a foreign currency transaction fee of 1.95% of the amount spent. It also offers cash-back rewards, and even rewards for on-line shopping, automatic transfer, and Octopus card auto top-ups.
These are the 5 best credit cards to help you earn air miles as you use it for spending. When used wisely, this can be a great tool for your travel adventures. However, caution must be exercised. While the rewards may be attractive, it is important that you do not use this as an excuse to use your card irresponsibly. Use the card only when it makes sense – and not just to earn miles.
She is a Singapore Management University 2nd year undergraduate specialising in Strategic Management. From Tampa, Florida, she possesses an International Baccalaureate diploma from C. Leon King High School, and previously held the position of Treasurer of the King High School Division of the French National Honour Society and the Science National Honour Society. Abigail is currently acting as President of the French Cultural Club for SMU International Connections, and as a Resident Advisor and Fire Warden for the SMU Residences at Prinsep.
Abigail is a Former Florida Science Olympiad Champion in chemical forensics and protein modelling, and former Health Occupation Student’s Association District Champion in clinical nursing.
In her free time, Abigail enjoys interacting and caring for animals. She has previously volunteered for the Humane Society of Tampa Bay as an Adoption Assistant.
Latest posts by Abigail Wong (see all)
- When Is The Right Time To Save For Retirement? - August 20, 2017
- How To Budget For A Family In Hong Kong - August 18, 2017
- Want To Buy A Car In Hong Kong? Answer These Two Questions First - August 17, 2017