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Best Credit Cards with Perpetual Annual Fee Waivers 2020
MoneySmart has consolidated a list of credit cards with perpetual annual fee waivers for you to choose from. Pick the ones that suit your needs the most!
Which cards with perpetual annual fee waivers should be used?
Click the credit cards below to learn more:
Cashback Credit Cards
Standard Chartered Simply Cash Visa Card
Min. Annual Salary
Cash back on overseas spend
Cash back on local spend
Holders of priority banking/premium banking/bonus payroll can enjoy perpetual annual fee waiver for the principal card. Enjoy 1.5% cashback for local spending and 2% for overseas spending.
Welcome offers: Up to HK$1,100 cashback.
Hang Seng MPOWER CARD
Min. Annual Salary
Cash back on local spend
Miles Conversion (local spend)
Hang Seng MPOWER CARD offers up to 5% Cash Dollars rebate in mobile payment, online and overseas spending with no annual fee. Holders may also enjoy MCL Cinemas exclusive offers including $1 Cash Dollar to redeem and extra ticket and online handling fee waiver.
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HSBC Red Credit Card
Min. Annual Salary
Cash back on Online purchases
Cash back on Supermarket purchases
HSBC Red Card cardholders can enjoy unlimited 4% reward cash rebate for online transactions, with no minimum spending requirement and annual fee charge.
Air Miles Credit Card
BOC i-card
Min. Annual Salary
Cash Back on Local Spend
Miles Conversion (Local Spend)
Enjoy perpetual annual fee waiver. Earn 10x points for online shopping and spending in designated categories.
Welcome offers:Enjoy up to HK$500 free spending credit/interest-free cash instalment loan up to HK$80,000
BEA Flyer World Mastercard
Min. Annual Salary
Miles Conversion (overseas spend)
Miles Conversion (local spend)
Earn HK$5=1 mile with no minimum spending requirement using BEA Flyer World Mastercard, cardholders can also enjoy perpetual annual fee waiver if they are designated BEA account owners, including all deposit, mortgage loans, consumer loans, and MPF accounts.
For Shopping Discounts
Hang Seng enJoy Card
Min. Annual Salary
Cash back on local spend
Miles Conversion (local spend)
Enjoy perpetual annual fee waiver. Earn 1% enJoy Dollars rebate (HK$200 = $2 enJoy Dollars) at the designated merchant, which can be used as cash to offset spending.
Welcome offers: Enjoy up to $400 enJoy Dollars and HK$3,500 designated merchant coupons.
What is an annual fee?
The annual fee is a cost that your credit card provider charges yearly to keep the card active and allows you to enjoy the card benefits. In most cases, credit cards with a higher annual fee provide more benefits.
How can I avoid annual fee?
Besides applying for a no annual fee credit card, there are actually multiple ways to avoid paying for an annual fee:
Request annual fee waiver by phone
Cardholders can request an annual fee waiver through the hotline. Some banks allow you to make this request through the automated phone system. You can easily do so by following the instructions. You can also request an annual fee waiver to a customer service representative.
Minimum Spending Requirements
Some credit cards offer an annual fee waiver if cardholders can meet the minimum spending requirements. It is worth finding out what the minimum requirement is. If you cannot meet the requirements, you can still try calling the customer service hotline and try to have your annual fee waived.
Offset annual fee with points
Some credit cards allow cardholders to offset annual fee with points. But it is best to call the customer service hotline and request annual fee waiver first before redeeming your points for an annual fee waiver.
Credit Cards with Perpetual Annual Fee Waivers Frequently Asked Question
What should applicants be aware of when applying for credit cards with perpetual annual fee waivers?
Applicant should check if the annual fee waivers apply to all applicants and whether it is applicable to both principal and supplementary cardholders. For example, Standard Chartered Simply Cash only offers a perpetual annual fee waiver to holders of priority banking/premium banking/bonus payroll. Moreover, it is only exclusive for principal cardholders. In other words, if you would like to apply for a supplementary card, you will need to pay for the annual fee for the extra card.Do some cards only offer first-year annual fee waiver?
It depends. Annual fee waiver could be one year, two years or forever. But it is usually only applicable to new applicants.
Can the annual fee be waived?
Cardholders can request an annual fee waiver through the customer hotline. Some banks allow cardholders to make this request through the automated phone system. You can easily do so by following the instructions. Alternatively, you can also speak to a customer service representative and try to have it waived.
Do I have to pay an annual fee even if I don’t use the credit card anymore?
Yes, the annual fee will be charged regardless of the credit card activity, but you may ask the credit card issuer to see if you can apply for a credit card annual fee waiver, or you may also consider to cancel your credit card if you no longer use its benefits.
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