5 Best Credit Cards in Hong Kong [2024]

In Hong Kong (and elsewhere), a credit card means more than a tap-to-pay; it is a powerful tool to maximise savings and earn rewards.

No wonder that credit card is one of the primary payment methods for Hong Kong residents' everyday spending and dominates more than half of the in-store payment market in Hong Kong. 

But not all credit cards are created equal. Some offer better benefits than others, depending on how you use them and what you spend on. That's why it's essential to compare.

Be at ease. We've done all the research for you! Here are the five best credit cards in Hong Kong for 2023 and what to consider before choosing one.

Key Things to Consider When Choosing Credit Cards

Before we see the list, we need to know what to look for. Here are important factors to consider.

Spending Preferences

What and where you spend will determine the best credit card fit. Say you fly a lot, get a card with air miles, hotel spending discounts, and longue access. If you're a committed online shopper, get a card with a generous cashback. 

Rewards Programs

A close look at the reward program will show how well the offer facilitates your lifestyle.

Common credit card reward programs include:

• Air Travel Miles: A reward program where you earn points or miles for each travel-related eligible purchase. You can redeem these points for discounted flights, hotel stays, airport lounge access, baggage fee waivers, and other travel perks.
• Cashback:  Cashback is a program that gives a percentage of your spending back through statement credits, direct deposits, redeemable points, and more. Some cards offer a flat rate on all purchases, while others provide higher rates for specific categories.
• Discounts/ Gift cards: Earn points for eligible spending and redeem them for discounts and gift cards at retail, restaurant, and entertainment sites. Some cards may provide bonus points and exclusive deals at participating merchants.

Annual Fees

Annual fees are fees paid each year to keep the credit card active. They vary depending on the card's tier and benefits. 

Consider comparing whether a card's benefits are worth the fee by taking your preferences into account. 

For instance, a card with a high annual fee might not be the best choice if you're primarily interested only in cashback, as it often comes in a small percentage.

On the other hand, if you use a lot of travel perks, such as airport lounge access and travel insurance, a card with a reasonable or even higher fee could still be a good deal.

Moreover, when handling annual fees, the key is to leverage the card's benefits to ensure that the value you gain exceeds the fee. 

Some cards offer a waived annual fee for the first year or even for life. If you've been a loyal customer, consider contacting your bank to request a waiver of annual fees. 

💡Tip: A survey indicates that 70% of credit card annual fee waiver requests are successful.

Interest Rate

The interest rate is the interest you must pay if you don't clear your complete statement by the due date. 

The rate is usually expressed as the total yearly cost of borrowing, called an annual percentage rate or APR. The lower the APR, the better, which means less interest over time. 

The due date is typically within 50 to 60 days.

Evaluating the interest rate is vital because it directly affects the cost of carrying a balance on the card, and high rates can hinder financial stability. We recommend prioritising low-interest rates.

📌 Note: It's best to pay full balances on time for a healthy credit profile, but if in debt, it’s worth negotiating with the credit card issuer for a possible reduction.

Ease of Use

Look for broad acceptance, a simple application process, an easy redemption process, a user-friendly app or web interface, a digital wallet, and helpful customer service. 

After all, ease of use means convenient purchases, timely payments, and hassle-free benefits enjoyment.

Minimum Spending Requirement

The minimum spending requirement is the amount you must spend using your credit card to enjoy certain rewards or to waive specific fees.

Choosing a credit card with a minimum spending requirement higher than your usual expenses may lead to overspending and debt. Conversely, a lower minimum limit the rewards you can get compared to cards with higher spending thresholds. 

To avoid these pitfalls, pick one that suits your budget, and find ways to meet the minimum spending without overspending, such as paying utilities, buying gift cards for future use,  planning ahead for big purchases, or covering large expenses for friends/family and getting reimbursed.

Annual Income

Annual income is the amount earned in a year and is a standard requirement for a credit card application.

Applying without meeting income requirements will lead to rejection. While getting rejected does not directly lower your credit score in the long run, hard inquiries during the application process can stay up to two years and can impact your score for a few months.  

❗Caution: Providing false information in credit card applications is illegal.

Taking these factors into account should lead you to the best credit card. And to help you navigate the sea of options, here are our top picks and what they offer.

🔎 Note: All information provided below is dated 19 July 2023 and may have been updated since. Please check each credit card provider's website for the latest information.

1. HSBC Red Credit Card

Best feature: Cashback rewards program, no annual fee

The Hong Kong and Shanghai Banking Corporation, commonly known as HSBC, is the largest bank in Hong Kong and the 2nd strongest bank in Asia Pacific, according to The Asian Banker. 

This prominent bank offers a variety of credit cards, with one of the best being the HSBC Red Credit Card.

The HSBC Red Credit card provides various rewards and benefits for shopping, dining, supermarkets, local and overseas spending, instalment plans, virtual cards, digital wallets, and an annual fee waiver.

Let's break down the key benefits, interest rates, and requirements.

HSBC Red Credit Card's Key Benefits

• Up to 4% cash rebate for the first HKD 12,500 spent online, followed by a 1% cash rebate for any additional online spending
• 2% cash rebate for local supermarket
• 1% cash rebate for local and abroad spending
• Up to 500 RewardCash as a welcome offer
• New customers signing up for a Cash Instalment Plan with their credit card can receive up to 200 RewardCash.
• RewardCash is yours to share with family and friends.
• Other time-limited bonus 
• Perpetual annual fee waiver

HSBC Red Credit Card Annualised Percentage Rate

• 35.42% APR for purchases
• 35.94% APR for cash advance
• Interest-free period up to 56 days 

HSBC Red Credit Card Eligibility

• At least 18 years old
• An annual income of HKD 120,000 or above

🔎 Learn more about HSBC credit cards:

HSBC Credit Card Key Facts Statement
HSBC Credit Card Terms
HSBC Credit Card Fee and Charges

2. Chartered Cathay Mastercard®

Best feature: Travel miles reward program

Standard Chartered Bank Hong Kong is a part of the British multinational Standard Chartered PLC. It has an established presence in Hong Kong, having acquired licenses, and has been operating since 2004. 

The Chartered Cathay Mastercard offers a unique travel miles reward program, allowing you to earn miles through their banking services. The card comes in three tiers, each offering more welcome miles, lounge access benefits, and priority check-in as you move up the tiers.

The followings are the top deals, interest rates, and requirements. 

Chartered Cathay Mastercard Key Benefits

• Exclusive offer up to 60,000 - 100,000 welcome miles 
• Earn Miles through banking
• 1 Asia Mile per HKD 2- HKD 6 eligible spending
• 3 Asia Miles per HKD 4 spending at partner restaurants 
• Complimentary lounge access 
• Discounts on partner hotel bookings
• Other time-limited bonus 
• Annual fee waived for the first year, and an HKD 2,000 (or more, depending on your card tier) annual fee for the following years. 

Chartered Cathay Mastercard Annualised Percentage Rate

• 35.70% APR for retail purchases 
• 35.93% APR for cash advance
• Interest-free period up to 56 days 

Chartered Cathay Mastercard Eligibility

• At least 18 years old
• Hong Kong resident
• A minimum annual income of HKD 96,000 or above

🔎 Learn more about Chartered Cathay Mastercard

Chartered Cathay Mastercard Key Facts Statement

3. Citi Prestige Card

Best feature: Generous reward program

Citi holds a prominent reputation as a global financial services provider and stands among the most significant foreign financial institutions in Hong Kong.

Their "Citi Prestige Card" credit card offers year-round dining privileges featuring exquisite MICHELIN dining, travel insurance, lounge access, quick cash availability, a "PayLite" pay-in-installment program for big purchases, and promotional services at Hong Kong International Airport.

Moreover, cardholders can take advantage of the convenient Citi Mobile App, serving as a digital banking platform and a points balance monitor.

Here's a breakdown of the major benefits, interest rates, and requirements.

Citi Prestige Card's Key Benefits

• 1 Mile per HKD 4 of eligible overseas spending
• 1 Mile per HKD 6 of eligible local spending
• Thank You Gift up to 20,000 Miles yearly 
• Annual Relationship Points up to 30%
• Enjoy a welcome offer of up to 2 business class round trips to Europe* (3,120,000 points) and HKD 25,500 in cash rebate
• Complimentary fourth-night stay
• Access to over 1,300 airport lounges worldwide
• Over 800 offers on retail, spa, dining, and shopping
• Annual fee of HKD 3,800

Citi Prestige Card Annualised Percentage Rate

• 34.28% APR for retail purchase
• 35.81% APR for cash advance
• Interest-free period up to 58 days

Citi Prestige Card Eligibility

• At least 18 years old
• A minimum annual income of HKD 600,000 or above

🔎 Learn more about Citi Prestige Card

Citi Prestige Card Key Facts Statement
Citi Prestige Card Welcome Offer Terms and Conditions

4. Hang Seng enJoy Card

Best feature: A shopping reward program

Hang Seng Bank, a renowned Hong Kong-based financial institution, offers the enJoy Card in collaboration with the Yuu Reward Club, a favorite among young Hong Kongers for its attractive rewards program compatible with Hong Kong Maxim's Group, one of the leading Asia food and beverage companies.

Their primary perks, rates, and criteria include 

Hang Seng enJoy Card's Key Benefits

• Up to 120,000 Points as a welcome offer 
• 2x - 4x points and up to 2% cash rebate on eligible local spending, offline and online
• 1 point per HKD 1 on other retail spending
• Exclusive discount at 2,000+ enJoy Card Designated Merchant outlets, such as restaurants, online shops, and IKEA
• All-in-one Yuu reward app, a centralized platform for all earning and redeeming activities. 
• Mobile payments, Apple Pay, Google Pay™, and Samsung Pay.
• Annual fee of HKD 1,500 for principal card and HKD 750 for supplementary card 

Hang Seng enJoy Card Annualized Percentage Rate

• 35.72% APR for retail purchase 
• 35.98% APR for cash advance 
• Interest-free period up to 56 days

Hang Seng enJoy Card Eligibility

• At least 18 years old
• Hong Kong residents
• Minimum annual income of HKD 150,000 or above (Except Full-time University/Tertiary Students).

🔎 Learn more about Hang Seng enJoy Card

Hang Seng enJoy Card Term and Condition (Key Fact Statement included inside)

5. American Express Platinum Card

Best feature: A turbo reward program

Lastly, the list concludes with the global card provider, American Express, also known as Amex. This is another card that can help you save a good deal on hotel expenses, high-end stores, and restaurant spending.

American Express Platinum Card is one of its popular products, covering air miles, room nights, movie privileges, a year-round Expedia Hong Kong offer, cash vouchers, dining savings at designated Cafe Deco and Maxim's Chinese Cuisine Group, shopping protection, and more.

Here is a closer look at the primary benefits, interest rates, and qualifications.

American Express Platinum Card's Key Benefits

• Welcome offer up to HKD 2,960
• 1 Air Mile per HKD 5
• Up to 3 points per HKD 1 
• Up to 50% savings at partner restaurants
• 2X points when spent at partner supermarkets, gas stations, and more
• 6 membership reward points for every HKD 1 spent, equivalent to a cashback of up to 2%
• Year-round 8% savings on selected hotel booking at designated Expedia website
• Broadway Circuit Movie Privileges
• 3% savings on Citi Super's restaurants, supermarkets, and lifestyle stores.
• Shopping protection
• Annual Fee of HKD 2,200

American Express Platinum Card Annualised Percentage Rate

• 35.96% APR for retail purchase
• APR for cash advance is not applicable.  
• Interest-free period up to 56 days

American Express Platinum Card Eligibility

• At least 18 years old
• Hong Kong or Macau resident or citizen
• An annual income of HKD 300,000 or above

🔎 Learn more about American Express Platinum Card

American Express Card Term and Condition (Key Fact Statement included inside)

Final Thoughts

To get the most out of your credit card rewards, examine the full terms and conditions, diversify the cards you use for different purposes, keep an eye on bonus caps and limits to maximise your benefits, and redeem them before expiration. 

A good credit score is key at the end of the day, so always pay your bills on time and in full. 

And if you are looking for an alternative payment method in Hong Kong for your business, virtual cards, and Neobank's payment card can be another great option.

Statrys Prepaid Mastercard® for business offers 

• HKD denominated card
• Payment in any currency (This card is denominated in HKD but can be used to make payments in any currency. However, please note that conversion fees will apply.)
• Physical and virtual card
• Point-of-sale purchases
• Live transaction
• Spending analytic
• Excellent customer support