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Should I keep my US credit card as my main card?

  1. #21

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    Quote Originally Posted by freeier
    HSBC is quite a chore.. their rules for reward category has tonnes of lines.. go through them.
    i suspect online spending is not considered as 'overseas spending' as far as the 5.6% rebate is concerned. i.e. you only get the minimal rebate. I know most of the reward offer they have where you need to register and sign up for, online purchase is always left out of the computation of eligibility criteria
    I agree, spent a lot of time already. I got charged 2% the other day for paying in another currency. If they give me the minimum back, surely then I am covered? (3.6% being the minimum)

  2. #22

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    Quote Originally Posted by er2
    Depends on the T&C of the card issuer but if it is charged by a foreign merchant in a foreign currency you’re usually safe. It’s the edge cases (local merchant charging USD or overseas
    Merchant charging HKD (iHerb, looking at you) where you get shafted)
    Thanks. Definitely overseas merchants who won't accept credit card payments in HKD is my problem.

  3. #23
    bdw
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    Quote Originally Posted by freeier
    HSBC is quite a chore.. their rules for reward category has tonnes of lines.. go through them.
    i suspect online spending is not considered as 'overseas spending' as far as the 5.6% rebate is concerned. i.e. you only get the minimal rebate. I know most of the reward offer they have where you need to register and sign up for, online purchase is always left out of the computation of eligibility criteria
    Online spending will get you minimum 3.6% cashback with Visa Signature (4.4% with Premier Mastercard) if you are just buying local shit from HKTVmall or ParknShop etc in HKD. But if you are buying overseas shit from Amazon etc and deliver to HK, you will get back 5.6% with Visa signature, or 6.4% with Premier Mastercard.

    https://www.redhotoffers.hsbc.com.hk...nding-rewards/
    z754103 likes this.

  4. #24
    bdw
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    Quote Originally Posted by benchesters
    Thanks. Definitely overseas merchants who won't accept credit card payments in HKD is my problem.
    This is not really a problem because you get 2% more cashback when you pay in other currencies with the HSBC card. eg if you spend online in HKD you will get 3.6% cashback, but spend online in another currency and get 5.6% cashback (or 6.4% with Premier mastercard). So yes you lose a few % in fx fees, but you are getting up to 6.4% cashback.

    This is all year round, when spending minimum HKD equivalent of $1k per month, maximun I think is $100k per year. If you fail to meeting the minimum, you still get 3.6% back instead of 5.6%, which is still good.

  5. #25

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    Quote Originally Posted by bdw
    This is not really a problem because you get 2% more cashback when you pay in other currencies with the HSBC card. eg if you spend online in HKD you will get 3.6% cashback, but spend online in another currency and get 5.6% cashback (or 6.4% with Premier mastercard). So yes you lose a few % in fx fees, but you are getting up to 6.4% cashback.

    This is all year round, when spending minimum HKD equivalent of $1k per month, maximun I think is $100k per year. If you fail to meeting the minimum, you still get 3.6% back instead of 5.6%, which is still good.
    Oh, there is a maximum. Knew there would be something. Was planning on maxing the card out every 2 months. So the maximum is $1000 USD a year? Edit: Seems it's only on small transactions:

    "The total maximum amount of extra RewardCash on eligible overseas transactions to be awarded to each HSBC Premier MasterCard Credit Card cardholder in each phase is $300"
    Last edited by benchesters; 12-02-2019 at 02:26 PM.

  6. #26

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    Quote Originally Posted by bdw
    Online spending will get you minimum 3.6% cashback with Visa Signature (4.4% with Premier Mastercard) if you are just buying local shit from HKTVmall or ParknShop etc in HKD. But if you are buying overseas shit from Amazon etc and deliver to HK, you will get back 5.6% with Visa signature, or 6.4% with Premier Mastercard.

    https://www.redhotoffers.hsbc.com.hk...nding-rewards/

    Thanks very much for this.

  7. #27
    bdw
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    Quote Originally Posted by benchesters
    Oh, there is a maximum. Knew there would be something. Was planning on maxing the card out every 2 months. So the maximum is $1000 USD a year? Edit: Seems it's only on small transactions:

    "The total maximum amount of extra RewardCash on eligible overseas transactions to be awarded to each HSBC Premier MasterCard Credit Card cardholder in each phase is $300"
    HSBC really does like to confuse people and you really do have to read things very carefully. But to try and put it simply, you'll get 3.6% cashback easily on overseas spending up to $100,000 per year. The $300 max in each phase you mention above is actually for the separate promotion that increases your cashback from 3.6% up to 5.6% (or 6.4% for Premier).

    I'm happy using the HSBC card for all my non-HKD spending and knowing I get 3.6% cashback, I can see it credited in the "Reward+" app on my phone on the same day I make a purchase and I know for a fact I'm getting this 3.6%. So this should more than cover any hidden fx fees and charges. If I am getting extra up to 5.6%, who knows, they credit this later. Just a few weeks ago I got credited with a big chunk of points but I have no idea what they are for and how to reconcile this. So just consider it a bonus you might get at the end of the year or might not.

    To save my sanity, I don't use HSBC as my regular credit card. It's too confusing. I use Standard Chartered and Citibank. HSBC is exclusively for non-HKD spending for me.

  8. #28

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    Quote Originally Posted by bdw
    HSBC really does like to confuse people and you really do have to read things very carefully. But to try and put it simply, you'll get 3.6% cashback easily on overseas spending up to $100,000 per year. The $300 max in each phase you mention above is actually for the separate promotion that increases your cashback from 3.6% up to 5.6% (or 6.4% for Premier).

    I'm happy using the HSBC card for all my non-HKD spending and knowing I get 3.6% cashback, I can see it credited in the "Reward+" app on my phone on the same day I make a purchase and I know for a fact I'm getting this 3.6%. So this should more than cover any hidden fx fees and charges. If I am getting extra up to 5.6%, who knows, they credit this later. Just a few weeks ago I got credited with a big chunk of points but I have no idea what they are for and how to reconcile this. So just consider it a bonus you might get at the end of the year or might not.
    So this is $100,000 HKD, around $12,000 USD per year.

    Was hoping to spend $20,000 USD every 2 months on this card to get the 3.6% back on this.

    I guess for normal spending this isn't so bad. But for what I was looking at, the limits aren't going to suit!

    Appreciate all the info by the way. I think this US$ Visa Gold Card might be the way to go as allows spending in USD, which is what I am looking for mostly.

  9. #29
    bdw
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    Quote Originally Posted by benchesters
    So this is $100,000 HKD, around $12,000 USD per year.

    Was hoping to spend $20,000 USD every 2 months on this card to get the 3.6% back on this.

    I guess for normal spending this isn't so bad. But for what I was looking at, the limits aren't going to suit!

    Appreciate all the info by the way. I think this US$ Visa Gold Card might be the way to go as allows spending in USD, which is what I am looking for mostly.
    Yeah correct, the $100k limit is reasonable for the every day consumer going on a few overseas holidays, spending online, etc. If you are a frequent business traveller or wanting to spend the kind of amounts you are talking about then it wont be suitable.

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