HK credit cards

[orel100x]

I am looking at various options for a credit card in HK before my move. So far I haven't seen a card that wouldn't charge something like 1.95% for foreign transactions, which makes it expensive to use it outside HK. Also, all cards I have seen have high annual fees, that may or may not be waived. So:

1. Any cards good for spending in non HKD currencies?
2. Cards with no annual fees?

Thanks!

[MandM!]

Most have annual fees, but you can call to get them waived.

Foreign currency is usually charged. There might be a card that doesn't have a spread, let's see if someone else chimes in.

[shareenarina]

I use my HSBC credit card to my hearts content outside of HK and have never noticed any markup - if its there - it isn't significant.

[JaredHK]

I use my HSBC credit card to my hearts content outside of HK and have never noticed any markup - if its there - it isn't significant.

No charges on the Citi Premier Miles or Amex Cathay Elite either

[Drunken Master]

HSBC doesn't specify the currency charges but gives you just a bad rate e.g. usd 7.9 which is 2% more than 7.75. You pay 2% without knowing it.

Union pay cards have a smaller spread.

[shareenarina]

HSBC doesn't specify the currency charges but gives you just a bad rate e.g. usd 7.9 which is 2% more than 7.75. You pay 2% without knowing it.

Union pay cards have a smaller spread.

I wouldn't be surprised if they do that - but I never noticed it since I look at it as a lesser of two evils as either between that or an even worse currency exchange rate trying to exchange actual cash. But that's just my two little cents.

[orel100x]

HSBC doesn't specify the currency charges but gives you just a bad rate e.g. usd 7.9 which is 2% more than 7.75. You pay 2% without knowing it.

Union pay cards have a smaller spread.

But UnionPay is hardly accepted anywhere outside China...

[bdw]

I use my HSBC credit card to my hearts content outside of HK and have never noticed any markup - if its there - it isn't significant.

HSBC take a cut and Visa/MasterCard take a cut. I believe about 1-2% each. So you lose something like 2-4% total on overseas spending. It's hard notice something like this since currencies can fluctuate this month daily anyway. But there's a reason the banks offer "bonus points" on overseas spending because they know they can quietly rip you off more without you noticing it every time you use it.

I believe the best bank for this is Public Bank because they don't take any cut like most other banks. So it's only the visa/Mastercard cut that you are losing out on.

[orel100x]

HSBC take a cut and Visa/MasterCard take a cut. I believe about 1-2% each. So you lose something like 2-4% total on overseas spending. It's hard notice something like this since currencies can fluctuate this month daily anyway. But there's a reason the banks offer "bonus points" on overseas spending because they know they can quietly rip you off more without you noticing it every time you use it.

I believe the best bank for this is Public Bank because they don't take any cut like most other banks. So it's only the visa/Mastercard cut that you are losing out on.

Well, MasterCard's conversion rates are "reasonable" - I am using a UK card that has no fees on top of that conversion and according to my sporadic spot checking the rate they convert is somewhat close to the average rate on the day. I suspect they still might "screw" you by, say, choosing the worst rate for that day or something, but still beats cash and/or cards with fees.

Public Bank - do we have a winner here? http://www.publicbank.com.hk/en/retail/card/cards - apparently no annual fees, no FX fees and also a small cashback? Where is the catch? Terrible service? Impossible to apply?

[orel100x]

Ah, well, there is 1% "added by Visa":

Transactions effected in currencies other than Hong Kong dollars are debited into your credit card account after conversion into Hong Kong dollars on the date the items is processed at a rate (such exchange rate may differ from that on the transaction date due to market fluctuation) determined by Visa plus 1% transaction fee charged by Visa to Public Bank Hong Kong Limited (‘’the Bank’) (for details, please refer to Credit Card Fee Schedule or browse on the Bank Website at www.publicbank.com.hk).