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The debit card quest

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  1. #1

    Join Date
    Aug 2014
    Posts
    49

    The debit card quest

    Hello guys,
    I've read a bit here about finding a debit card in HK and everyone is saying the concept didn't reach the island yet.
    As I'd like to avoid credit cards at all cost, what would be the closest alternative, allowing me to (if possible):
    - pay on the internet
    - never spend more than what I own
    - have nearly no delay for any expense to be withdrawn from the account
    - no fee/interest except a yearly reasonable one
    - withdraw cash in ATMs?

    I could use a credit card with regular accountancy via a software, but I've never ever used one (inexistant in my country) and I'm a bit worried about all the tricks they would try to pull on me (not understanding how it works, interest rate, monthly bill, minimum payment, FICO scores, reward if you spend more, variable interest rates, craps like that). Also I hate to be forced into a scheme that is created to put me in debt without fighting a bit.

    I could also use my motherland's visa debit card, but I fear fees might be higher than the risks I take with a credit card.

    Last edited by xwolfi; 24-09-2014 at 06:39 AM.

  2. #2

    Join Date
    Dec 2013
    Location
    Hong Kong
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    12,323

    As the Brit says provided you set up and autopay it's pretty much identical to a debit card except the debit is once a month rather than at the time of every purchase. If you worry about accidentally spending too much you can set a limit on your card.

    But all this is too scary, most hk banks offer an atm card which you can also use in most shops - called EPS (electronic point of sale I think) which operates exactly like a debit card. I don't know if you can use it for Internet purchases.

    Where do you come from that does not have credit cards?

    Last edited by HK_Katherine; 24-09-2014 at 08:29 AM.

  3. #3

    Join Date
    Dec 2002
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    >> EPS: I don't know if you can use it for Internet purchases.

    You can setup PPS and it can be used on a bunch of e-commerce websites. Used it a few days ago on TMall / TaoBao ... easy.

    No rewards though.

    If you're that worried about "credit" .. use a charge card like Amex.

    http://hongkong.geoexpat.com/forum/135/thread69881.html

    The card was recommended a fair bit on GeoExpat a few years ago. No clue if it still exists.

    Also, very honestly, I'd rather have a credit card from a major bank that has good fraud protection, if I were to use it online or travel with it (have been alerted two or three times over the last decade by Citibank / BEA / Amex when transactions were detected on my card).

    Last edited by shri; 24-09-2014 at 09:51 AM.

  4. #4

    Join Date
    Oct 2006
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    Sarcasm - because beating the crap out of people is illegal
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    Pay your credit card off every month and you never have to worry about interest rates. Interest is only paid on the amount you 'carry over', i.e. the amount not paid off every month.

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