The cashback amount can be credited back to your credit card account or paid to you separately. Some providers may also offer other rewards instead of cash so that you can redeem exclusive gifts at steep discounts. Many banks in Hong Kong such as American Express, DBS, Citibank and HSBC offers generous cashback rewards to attract more customers.
Before you sign up for a Cashback Credit Card, determine which benefits are more important to you. If you're looking for discounts at your favorite store, then a co-branded Credit Card may be the best Cashback Credit Card for you. If you travel often, you might want to look for cards that give you good discounts on overseas spending. MoneyHero.com.hk makes it easy to compare Cashback Credit Cards and we help you easily find the one that will offer you the best features.
Some Cashback Credit Cards providers require you to spend a minimum amount before you can start earning rewards. Providers may also limit the amount of Cashback rewards you can earn, while others implement caps on how much you can spend for certain categories. It's also common for providers to set an increase in cashback return rates for certain categories within a specified period which are worth taking advantage of.
The best way to maximize cashback points is to choose a card that lets you earn rewards that matter to you. If you're serious about pursuing cashback rewards, you must make sure to fully understand the terms and conditions of your selected credit card. Terms are always subject to change, so it's important to always stay educated on these.
The first factor to consider when choosing a cash back credit card is the annual fee; while a no-annual-fee credit card may not be the best card, just make sure that the fee should not exceed your cash back rewards. Furthermore, the card's cash back rewards system is also an important consideration for picking the best credit card, which includes welcome bonus, cash back percentage, redemption policy, cash back limit and minimum spending.
Some banks offer higher cash back rates on certain spending categories or specific shops, such as department stores, supermarkets and travel agencies. You should choose a credit card based on your buying behavior to earn more cash back.