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Credit card interest rates

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ORIGINAL POST
Posted by katiefran 18 yrs ago
My husband and I are moving to HK soon and we were looking on the websites of HSBC & BEA and saw that credit card interest rates seem to be phenomenally high i.e. 25%-30%. Can anyone tell us why these are so high? Is it not usual for people in HK to have credit cards? I can't imagine with rates like that many people would be using them to go into debt!


Also do either of these banks offer visa or mastercard debit cards? I use one of these in Australia and they are great. Many thanks.

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COMMENTS
katiefran 18 yrs ago
That's what we figured we would do - those interest rates are definitely a huge incentive to get it paid off on time!

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seal 18 yrs ago
When you open yr account here with any of the banks you will get an ETC card for taking money out of the hole in the wall - almost all of these have and EPS function, which is the same as EFTPOS in australia.

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JJChan 18 yrs ago
There are debit cards in HK - Amex is very popular. Diners is also here - not sure how popular it is though. By using a debit card as you know there are no interest rates as the amount is settled each month thus avoiding it.

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