[newbee]

Hi,

What is the salary needed to get a credit card? I am a fresh graduate that is being posted to HK as my first job, and I have no relatives or friends there, so I am totally clueless about banking system.

Is it advisable to set up an account in citi.hsbc first at your home country first?

I am going to be working for a reputable MNC and my salary is relatively (i hope) high, so I was hoping that they would at least give me a credit card without having to wait for a year!

My last question is: do they have to 'point system' in HK too? where you can chalk up points by spending and claiming rewards? If so, which banks are good for that?

Thanks for the help in advance.

This site rocks!

[Mat]

In the worst case you wait for 3 months (3 months salary statements)..Basically it is the same as everywhere else in the world.

[larac]

HSBC require 3 months of salary paid into your account before considering you for a credit card which can take abut a month to process

[PDLM]

Well, except when they don't - I had mine within a couple of weeks of moving here and opening an account with them. All they took from me was a copy of my contract of employment and a copy of my passport. (And a nominal amount, $500 I think, with which to open the bank account.)

[chikakeru]

if you want to get your card approved, HSBC can accept a time deposit in exchange of the card, then they can issue you a credit card. after 3-6 months, you can dissolve this time deposit.

[newbee]

Thanks for the help, this forum is seriously amazing.
Do you all get points for using the visa card?
Any cards in particular to recommend?

[PDLM]

I use the Citibank CX Platinum Visa card which gets me 1 AsiaMile for HK$8 spent in HK and 1 AsiaMile for every HK$4 outside HK. I put about HK$1M a year through the card (about one third overseas) so I get over 150,000 AsiaMiles a year, which more than justifies the annual fee of HK$1500 or so even when I can't get them to waive it.

But CX Customer Service is dire, so hope that you never have to deal with them.

There is a rumour that CX will move its co-brand card to HSBC in the not too distant future, which would be seriously good news if the mileage earning capability is the same.

[marcuslai]

PDLM, have u considered getting the Amex Plat Credit Card (which has a similar but typically waivable annual fee of $1600) but gives 1 mile per $4 spent local and abroad ?

or even better, the DBS co-branded Amex "Black Card" which gives 1 mile per $3 spent local and abroad, with no annual fee ?

(both have limits though, the Amex Plat at $320k / year and the DBS card at around $50k / month, and require a fee of ~$200 per asiamiles conversion)

[PDLM]

Yes I have (the Amex Plat at least), but it's the limit that's the issue - above that they drop back to 1 for $12. If you do the sums it's not really any better overall so frankly it isn't worth the hassle of having more cards or switching accounts. The CX card also gets extra miles bonus when used to purchase CX tickets.

[PDLM]

Originally Posted by PDLM

But CX Customer Service is dire, so hope that you never have to deal with them.

Of course, what I meant to say was that Citibank Customer Service is dire, not CX (which is fine).