Best Credit Cards for Foreign Transactions in Hong Kong 2020

When it comes to foreign transactions, in order to earn the most rewards, cardholders should take foreign transaction fees, exchange rates and miles/rebate conversion rates into consideration. Let’s check out the best travel credit cards!

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For Cash Rebate

HSBC Visa Signature Card

  • Min. Annual Salary

  • Cash Rebate for Overseas Spending

  • Handling Fee

HSBC Visa Signature Card offers up to 14X RewardCash on the rewards programme throughout the year (including exclusive 3X rebate)

Welcome offers: Apply online to enjoy up to $1,400 RewardCash

Apply Now

EarnMORE UnionPay Card

  • Min. Annual Salary

  • Cash Rebate for Overseas Spending

  • Handling Fee

EarnMORE UnionPay Card offers a handling fee waiver for foreign transactions. No minimum transaction amount required to enjoy unlimited rebate.

Welcome offers: OTO Qseat or HK$600 Häagen-Dazs™ Gift Voucher/ HK$500 Cash Rebate Extra+ Exclusive HK$100 cash rebate for successful application via MoneySmart

Apply Now

For Air Miles

DBS Black World MasterCard

  • Min. Annual Salary

  • Miles Conversion (Overseas Spend)

  • Handling Fee

DBS$ of DBS Black World MasterCard can be redeemed for Asia Miles, Avios, KrisFlyer and PhoenixMiles. No expiry date for miles and no fee for mileage conversion.

Welcome offers: Earn up to 120,000 miles + MoneySmart exclusive HK$200 supermarket vouchers

Apply Now

Standard Chartered Asia Miles Mastercard

  • Min. Annual Salary

  • Miles Conversion (Overseas Spend)

  • Handling Fee

Standard Chartered Asia Miles Mastercard offers automatic mileage conversion with a conversion fee waiver.

Welcome offers: Enjoy up to 40,000 Asia Miles

Apply Now

Things you need to know about credit cards for foreign transactions

Things you need to know about credit cards for foreign transactions

Dynamic Currency Conversion (DCC) Service Charges

Cardholders may be able to choose between paying in local or Hong Kong currency when making foreign transactions. Please be aware that cardholders are required to pay for (DCC) service charge when choosing to pay in Hong Kong dollars in addition to a foreign transaction fee.

Location Limits

Visa/ Mastercard are accepted worldwide while UnionPay is widely accepted in Asia but not in the US or Europe. It is best to check with your card issuer before travelling to make sure that your card is accepted.

UnionPay may not be the best option

Although most UnionPay credit cards offer handling fee waiver while Visa/ Mastercard charges 1.95% handling fee, it is not necessarily the most money-saving. Cardholders need to take exchange rates and rebate/mile conversion rates into account.

Credit Cards for Foreign Transactions Frequently Asked Questions

  • Should foreign transactions be made in local and HK currency?

    If cardholders choose to pay in Hong Kong Dollars, dynamic currency conversion (DCC) service charge will apply in addition to foreign transaction fee. Therefore, cardholders should avoid paying in Hong Kong Dollars to avoid higher transaction costs.
  • What should cardholders pay attention to for overseas spending?

    First, cardholders should avoid paying in Hong Kong Dollars to avoid DCC service charge. Secondly, it is important to check the details of the bill including transaction currency, amount before confirming the transactions. Finally, it is best to keep the invoice for checking against the statement in the future.
  • Is a password required when paying with UnionPay card?

    You may be asked to enter your PIN using a UnionPay Credit Card. In general, you can simply tell the store staff that you have not set up a password or enter 0000/ 000000 then press enter on the card machine to check out.