Getting a Hong Kong Credit Card

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Today we are bringing back Chris Gormley, who was on the show back in Episode 9 on B2B Global Business, he has always been a reference point for me and others when getting credit cards in Hong Kong . This podcast may sound a bit dry talking about interest rates, accounting, grace periods, and bank statements – but I believe its extremely eye opening for those doing business overseas.

We all have the pain point of receiving income in Hong Kong but then when we need to purchase something online or with a credit card, we use a US based credit card and then have to balance our books between Hong Kong and USA. By having a credit card in the same country as your company’s bank account, you can centralize all your income and expenses in 1 business book and simplify your business accounting!

This has been a frequently asked question – “How do I get a Hong Kong based credit card?” – so I hope this sheds some light on the process.

During the interview I had my own “to-do” list – so I actually went to HSBC and updated my own account, and at the end of the episode I will recap people on how I did with those updates and questions I asked them.

Topics Covered in this Episode

• How a Hong Kong credit card works
• Dealing with why lose the 6%?
• Multi-currency
• Business vs personal
• Yearly (Annual) fee?
• Applying process for a Hong Kong credit card
• Getting a residential address
• Paying the credit card, in HKD
• Points, perks?
• Some of the downsides of a Hong Kong credit card.

People / Companies / Resources Mentioned in this Episode

HSBC bank

Link to hsbc.com.hk/businesscard

Standard Charter

Wing Lung Bank credit card

Experian credit bureau

Episode Length: 31:51

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So I went to HSBC after this interview to followup on my own business and these are the answers I got cover things such a China medical insurance, Points, cycle dates, how to setup auto pay, and how to better manage online banking for the credit card.

Below are points from the HSBC brochure (yes I hand typed it, hah, helps me remember too!):

Free Premium Airport Services:
Free access to and services at over 40 designated Plaza premium lounges around the world, including Hong Kong, Shanghai, Beijing, Singapore, and Canada

Enjoy a free traditional dim sum set for two at “The Terrace”, 7th floor airport world trade center club, Hong Kong international airport

Enjoy a free 2-hour meeting package for up to 4 people at the Airport World Trade Center Club, Hong Kong international airport

Enjoy airport limousine services at a flat rate of 250 Hong Kong dollars for local transfer to any destination

Enjoy limousine (limo) services at a flat rate of 250 Chinese yuan for local transfer at designated cities in Mainland China

Complimentary travel insurance:
When you buy travel tickets with your World Business Mastercard, you will receive free travel insurance for up to 7 days, which includes coverage for personal accidents worth up to 1 million Hong Kong dollars and inconveniences, such as travel delays and lost baggage.

Complimentary Office services:
Free virtual office package membership for 2 months and a complimentary 1-hour use of meeting rooms at any Servcorp locations in Hong Kong

Free access to the Business lounge and internet services for 1 hour per day.

Extra financial flexibility:
Up to 8 weeks interest-free repayment period

Instant cash advance from 2.1 million ATMs in over 210 countries and territories.

Comprehensive management reporting:
Regular cardholder statements and consolidated statements each month.

Details management reports with card activity and summary information

Free e-statements to access your statements and management reports anytime, anywhere.

Simplified financial control:
Choice of payment by individual cardholder or by the company

Individual credit limits assigned on a card-by-card basis within the company’s total facility amount.

Manage your business master card account and bill payments safely and conveniently through HSBC’s Business Internet Banking

Free corporate liability coverage:
Enjoy corporate liability waiver insurance to protect your company against eligible losses that might be incurred through the misuse of the Business MasterCard by an employee

Your choice of reward options:
With the World Business Mastercard or Platinum Business Mastercard, you can earn $1 Reward cash for every 250 hong kong dollars spent locally. In addition, spend overseas with your business master card to further enjoy 2 times reward cash. You can choose to enroll in the cash rewards scheme to receive a 1 hong Kong dollar cash credit for every 1 dollar Reward cash, or us the Reward cash to redeem a range of gifts and merchant vouchers.

Choose from 2 reward options – consolidated rewards or individual rewards.

Year-round merchant discount offers:
Special discounts and exclusive offers are available from designated merchants.

Traditional Chinese Medicine Consultation services:
You can enjoy free Chinese medicine consultation services provided by Quality Healthcare medical services.

Health Check Plans:
Enjoy 12% off Silver and Gold Plans (Men/Women) provided by Quality healthcare medical services

Applying is easy!
Apply online – hsbc.com.hk/businesscard
Call +852 2748-8238
Visit a business center
Contact our relationship management team.

Customer service for waiving the annual fee and other support:
+852 27488288 – extension 2#330