Rewards Guide Detail

Compare the spending you already plan to make

Review your last three statements and separate local, foreign-currency, online and other main expenses. Remove unusual purchases that will not recur. Use the same budget for every card, and do not spend more just to earn a higher reward.

Read the bank's reward terms to confirm eligibility and whether rewards follow transaction dates, posting dates or statement cycles. Merchant categories, refunds, wallet top-ups and bill payments can be treated differently across products. Leave uncertain spending out of your expected miles until you have checked it.

• List your sustainable monthly spend by category
• Check registration, caps and the rate after a cap is reached
• Check excluded transactions and treatment of refunds
• Record the terms date so an old promotion is not applied to new spending

Calculate miles first, then cash costs

Suppose HK$12,000 of monthly eligible spending earns 1 mile per HK$6 on card A and 1 mile per HK$4 on card B. A earns 24,000 miles a year; B earns 36,000. This is an arithmetic example with no caps, rounding, welcome bonus or transfer loss, and does not describe a current card offer.

If B costs HK$600 more in cash over the year, you are paying HK$600 for an extra 12,000 miles: HK$0.05 per additional mile. That is a way to compare costs, not a fixed valuation of a mile. Consider whether you can use those extra miles for your planned redemption.

• List annual fees and waiver conditions separately
• Include foreign-currency and transfer fees alongside the earning rate
• Calculate capped spending separately rather than applying the highest rate to everything

Separate the welcome bonus and compare year two

Create two results for each card: first-year ongoing miles plus a welcome bonus whose conditions you meet, and later-year ongoing miles alongside the cash costs you will pay. A one-off welcome bonus is not annual income, and miles cannot be subtracted directly from Hong Kong dollars.

Before applying, check whether purchases you already planned will meet the spending requirement within its window. Verify the new-customer definition, registration deadline, eligible spend, reward-crediting schedule and treatment of card cancellation or refunds. Keep the official terms and your registration confirmation.

Put repayment ahead of earning rewards

The HKMA's credit-card education material advises cardholders to understand repayment terms, interest and charges. Before comparing rewards, ensure you have the cash to repay the full statement balance by its due date. Making the minimum payment does not mean interest-free borrowing.

If you use autopay, check its settings and keep enough money in the payment account. Review the statement, refunds and rewards each month, then update your budget. Reduce or postpone a miles target if reaching it would require borrowing.

Official references

This guide is our original explanation; official sources remain authoritative for current product and programme details.