Best Cash Back Credit Cards Hong Kong

The best thing about cashback credit cards is that you don’t need to worry about the expiry date of points. All cashbacks will be credited directly into your credit card account. Unlike air miles and gifts, you don’t need to pay extra fees for redeeming.

Cashback credit cards give you a cash rebate on the purchases you have made. Card issuers can afford to give you cash back because of the interchange fees that merchants pay them for each transaction. Some cashback cards offer bonus categories and tiered rewards. Some of them also have a minimum spend requirement and a cashback cap.

Before getting a cashback credit card, sort out your spending habit and frequent spending categories. Take Standard Chartered Simply Cash Visa Card as an example, you can get 2% cashback for spending in foreign currency all year round. If you travel a lot, this card will be the best choice for you. Apart from cash rebates, welcome offers, ways to redeem cashback, rebate caps, minimum spend, annual fee, and other details should be your main criteria for applying for a credit card.

The basic rebate rate of a cashback credit card is around 0.4% to 1%, which is $0.4 to $1 cashback for every $100. Some credit cards may focus on certain spending categories, such as entertainment, spending in foreign currency, and dining etc., giving you cashback up to 4% to 5%.

Some cashback credit cards may set a minimum monthly spend. If you can’t reach the amount, you won’t receive any cashback. For some other banks, they set a cap on cashback instead. Say, your credit card’s rebate rate is 1% and the cap is at $1,000, simply spend $10,000 in a month and you’ll reach your cap. The promoted cashback rate may only be applicable to certain spending categories with restrictions. One more thing, using cashback credit cards overseas will charge you a foreign currency transaction fee, and your rebate rate will be lowered after deducting the fee.

The best thing about cashback credit cards is that you don’t need to worry about the expiry date of points. All cashbacks will be credited directly into your credit card account. Unlike air miles and gifts, you don’t need to pay extra fees for redeeming.

Cashback credit cards are effortless and simple to use since the cashback is automatically credited into your credit card account. Some banks also link cashbacks to their reward points scheme, such as Hang Seng. The Cash Dollars can be used as coupons or cash at selected merchants. Air miles credit cards seem better for travel lovers, but a free flight ticket isn’t cheap – you still need to pay for a mileage conversion fee, a fuel surcharge and other additional fees. You’d also have to plan one year ahead if you’re thinking of travelling during peak season. Ultimately, it depends on your lifestyle.