Hong Kong credit-card basics: compare cashback, miles, fees and repayment
By Perk editor· Last verified: 9 October 2026 (HKT)· 8 min read
Choose around existing spending and repayment capacity. Separate welcome offers from ongoing rewards, and check annual fees, caps, overseas payments and eligible transactions.
借定唔借？還得到先好借！ (To borrow or not to borrow? Borrow only if you can repay!)
Distinguish payment methods from borrowing
A credit card uses credit supplied by the issuer, repaid against a statement; an ordinary debit card deducts money from the linked account. A mobile wallet is a payment interface. Adding a credit card to Apple Pay or Google Pay does not turn the underlying purchase into a debit-card transaction.
The HKMA advises considering actual needs, understanding charges and repaying in full. A credit limit is not a spending budget. If only the minimum payment is affordable, address cash flow and debt first; rewards do not remove an unaffordable borrowing obligation.
Prepare three checks before applying
- Existing spending: ordinary shopping, online purchases, travel and foreign-currency spending, plus whether regular merchants accept the card.
- Repayment capacity: funds available for full repayment, the due date and other payment obligations, without relying on rewards not yet received.
- Eligibility: residence, age, income and documents. Issuers define new customers and previous-card exclusions differently; an application is not approval.
Read costs alongside reward conditions
| Item | What to check | Effect on the decision |
|---|---|---|
| Annual fee and waiver | First-year and later fees, spending conditions and whether the waiver is automatic | A cheap first year does not establish the long-term cost |
| Ongoing spending rewards | Categories, enrolment, minimum spend, caps and crediting time | A headline rate may not apply to the whole purchase or spending above the cap |
| Interest and late charges | APR, interest-free conditions, minimum payment and due date | Minimum payments may cause loss of the interest-free period |
| Cash advances | Handling charges, when interest begins and repayment rules | They generally have no interest-free period and should not be treated as reward shopping |
| Foreign currency and cross-border payments | Issuer/network conversion, foreign-currency charges, DCC and cross-border HKD fees | Settlement currency and merchant location can both affect cost |
| Miles or points redemption | Transfer ratio, fees, validity and additional cash required | Without a usable redemption, avoid assigning a fixed cash value |
The general principles come from HKMA guidance. Actual rates and charges require the issuer's current terms.
Full repayment, minimum payment and APR
The statement balance, minimum payment and due date are separate entries. The HKMA explains that failing to repay fully on time generally removes the interest-free period: the unpaid balance and new purchases may accrue interest. Paying a later statement in full can still leave previously accumulated interest to appear. The issuer's calculation rules apply.
APR compares borrowing costs; it is not a reward rate. Dividing it by twelve does not establish your actual monthly charge. Interest start dates, fees, allocation of repayments and cash advances can follow different rules.
For full-balance autopay, check that the instruction has taken effect and the paying account has enough funds. Review the first and subsequent statements; setting up autopay does not itself prove that payment succeeded.
Choose cashback or miles around an actual use
| Consideration | Cashback | Miles / points |
|---|---|---|
| Use | Check whether it is a statement credit, withdrawable cash or restricted redemption | Identify a usable trip, seat, date and redemption rules first |
| Value | Count eligible spending and attainable rewards, less necessary costs | Compare the price you would actually have paid with taxes and fees remaining after redemption |
| Maintenance | Check caps, fees and thresholds rather than buying more to qualify | Check transfer costs, expiry and rule changes rather than borrowing to earn points |
There is no single per-mile value for every reader. An award chart also does not establish suitable seat availability.
Two spending situations, starting with existing needs
For mainly local everyday shopping, start with a cashback product accepted where you spend and with manageable conditions. Compare attainable category rewards against the annual cost. If a fee waiver needs additional spending, include that cost in the decision.
For an established travel plan, check the programme's destination, dates, miles required and remaining cash charges. If merchants do not accept the card, or local spending will not satisfy its welcome conditions, the headline miles should not decide the application. These situations are decision examples, rather than product rankings.
Existing referral records: different questions to ask
| Product | Reward in the record | Critical reading |
|---|---|---|
| Mox | Current record: Up to HK$2,200 | New account, credit approval and spending windows; savings and investment tasks add separate commitments, rather than ordinary card cashback |
| Amex Explorer Hong Kong | Current record: 26,000 + 6,000 miles | Submission and approval deadlines, local HKD spend and enrolment; the maximum welcome includes ordinary earned points |
| SC Cathay Mastercard | Current record: 10,000 + up to 120,000 miles | Separate referral from welcome; card tiers differ, so a standard card cannot use the Priority Private headline |
The cards below read current eligibility, deadlines and risks from the offer records. These are examples of reading terms, rather than a complete market comparison.
Read each product's full application and reward conditions
Provider
Mox
Use E6BZQ2 during 14 September–31 October 2026 for HK$200 after timely Mox Credit approval and an eligible card purchase. Up to HK$2,000 more requires the programme’s card-spend, savings and investment conditions; the headline total is HK$2,200, and credit and investment carry risk. Credit involves repayment risk — 借定唔借？還得到先好借！
Requirement: HK$200 referral: Mox Credit approved within 30 days of opening and eligible spend within 30 days of approval. Additional rewards depend on Programme 25 credit/spend, savings and investment conditions.
Medium15-30 minutes to apply, plus card approval and qualifying tasksPayout After you successfully apply for a Mox Credit Card and complete the related welcome tasks under live Mox terms — cash rewards (if any) credit to your Mox account per the referral programme schedule
Verified 9 October 2026 · Ends 31 October 2026
Provider
American Express Hong Kong
Apply through the Amex Explorer HK referral and obtain approval by 31 October 2026. The up-to-26,000-mile example needs HK$30,000 eligible spend in three months, including HK$15,000 local HKD spend and Local Spend Bonus Program enrolment; referral applicants can earn 6,000 extra miles under the referral terms. Credit involves repayment risk — 借定唔借？還得到先好借！
Requirement: Apply and be approved by 31 October 2026; HK$30,000 eligible spend in three months including HK$15,000 local HKD spend and Local Spend Bonus Program enrolment for the maximum example
Hard10-15 minutes to apply, plus approval and 3 months of qualifying spendPayout Welcome and referral bonus miles credit after the spend requirement is met, per Amex Hong Kong's welcome-offer terms
Verified 9 October 2026 · Ends 31 October 2026
Provider
Standard Chartered Hong Kong (渣打銀行)
Apply through A3872270 for 10,000 referral miles as an eligible new SC Cathay cardholder, with issuance by 31 March 2027 and credit by 30 June 2027. The standard-card welcome is separate and includes normal earned miles; the additional 3,000-mile campaign has conflicting dates and remains unconfirmed. Credit involves repayment risk — 借定唔借？還得到先好借！
Requirement: No spend for the 10,000 referral miles; welcome miles need HK$5,000, HK$40,000 or HK$110,000 of eligible spend within the first 2 months
Medium10-15 minutes to apply online, plus card approvalPayout Referral bonus miles by 30 June 2027; welcome miles within 5 months of card issue, per Standard Chartered's terms
Verified 9 October 2026 · Ends 1 January 2027
Online orders, wallets and codes need separate checks
Merchant classification, intermediaries and reward exclusions can change eligibility. A mobile payment does not make every wallet top-up qualifying card spending. Check bills, taxes, insurance, instalments and refunds individually as well.
Shopping-portal cashback and card rewards follow different conditions. The drafted Hong Kong shopping cashback guide explains code and tracking issues; the CCB eye+ guide provides another category-and-cap example. Check your own transaction against the applicable current terms.
Overseas HKD settlement can still have currency costs
An overseas merchant's HKD option can use dynamic currency conversion, or DCC, with conversion and mark-up set by the merchant and related providers. The HKMA article explains the mechanism; its historical fee examples are not current fee quotations.
Check the displayed exchange rate and total for local-currency and HKD options, then the issuer's foreign-currency and cross-border HKD charges. A fee not displayed at checkout can still exist. Refunds may also be affected by exchange rates and charges; retain the selected-currency transaction record.
Keep a record through crediting and renewal
- Save the application route, selected welcome, enrolment confirmation, approval date and applicable terms.
- Check whether deadlines use transaction or posting dates, and account for refunds and reversals.
- Review statements, reward credits and full repayment; keep unreceived rewards out of the budget.
- Before the annual fee, reassess actual use and cost. Before cancellation ask about pending transactions, points, instalments, refunds and welcome recovery.
- Report unfamiliar transactions to the issuer promptly and preserve evidence. Refunds and disputes depend on the case; recovery should not be assumed for every purchase.
Sources
- HKMA principles for using credit cards and understanding costs · HKMA · accessed 9 October 2026
- HKMA card FAQs on minimum repayment and interest-free periods · HKMA · accessed 9 October 2026
- HKMA explanation of DCC and overseas currency choices (2015) · HKMA · accessed 9 October 2026
- Mox Programme 25 credit, spending and additional-task terms · Mox · accessed 9 October 2026
- Amex Explorer HK welcome approval and local-spending conditions · American Express · accessed 9 October 2026
- SC Cathay referral eligibility and reward-credit terms · Standard Chartered · accessed 9 October 2026
FAQ
- Can I earn rewards while making minimum payments?
- Reward eligibility and borrowing cost are separate. Minimum payments do not remove interest, and incomplete repayment generally loses the interest-free period. Avoid taking on an unaffordable balance for rewards.
- Does the credit limit tell me what I can afford?
- It is the issuer's borrowing limit. Your spending budget should follow the funds available for full repayment and other expenses.
- Can cashback and miles be compared at a fixed rate?
- Miles depend on a redemption you can actually use and its additional cash costs. There is no universal conversion. Cashback also needs checking for format, caps and fees.
- Does a first-year fee waiver make the card permanently free?
- Check later fees and waiver conditions separately. Cancellation can affect welcome rewards or unfinished transactions, so ask the issuer first.
- Does paying in HKD overseas avoid charges?
- The HKD option can involve DCC mark-ups or cross-border charges. Compare the displayed conversion, total and issuer fees, rather than the currency symbol alone.
Last updated 9 October 2026. Offers change frequently - always confirm details on the provider's site before applying. Not financial advice.