Gift Points redeemable at designated merchants.( Gift Points Terms and Conditions apply) 10X Gift Points for online shopping and mobile payment.1 Gift Point per HKD 1 spent with your card.10% cash rebate for mobile spending at designated merchants as a welcome offer.Up to HKD 300 cash rebate for new applicants as a welcome offer.Some of the main benefits and requirements for the card include BOC i-card (Virtual Card) Key Benefits The BOC i-card (Virtual Card) is one of its credit card options that allow for easy spending, with the key perk being the dual currencies - Hong Kong dollars and Renminbi. The bank has strong market positions in various businesses and in cross-border and RMB transactions. It is one of the three banks that issue notes and is the only clearing bank for Renminbi ("RMB") business in the region. Please check each credit card provider's website for the latest information.īank of China (Hong Kong) is a major commercial banking group in Hong Kong. □ Note: All information provided below is dated 31 July 2023 and may have been updated since. Here are some recommendations to help guide your decision: With so many options available, finding the right fit can be daunting. It's best to understand each card's terms and conditions first. □ Note: Some virtual credit cards cannot be used for recurring payments and subscriptions. Plan some strategies, for example, buying gift cards for future use, planning large purchases or using the card to cover others' expenses, and getting reimbursed later. So choosing a card with thresholds that mostly match your normal expenses is best. Trying to meet this minimum can lead to overspending, while staying under it limits the rewards you could earn. To qualify for certain perks, you'll typically need to meet a spending threshold with your card. Given that 70% of annual fee waiver requests are successful, it's also worth a shot to seek a waiver, especially if you've been their loyal customer. Note that some cards waive the fee for the first year or perpetually. FeesĬheck if the card's fees are worth the benefits it provides, particularly the annual fee, which could be high. Say you use a specific payment platform such as Apple Pay, then it's best to go for a virtual card that can be integrated with it. You should also check how widely the virtual card is accepted and compatible with different online merchants and platforms. Look for cards that offer transaction history for spending tracking, alerts for any unusual activity, and the ability to freeze your card when anything suspicious arises.ĭepending on the provider, you may need to download an app or create an account to use a virtual card, or you may be able to use one through your existing bank or payment service. Access and Alert: Having an easy and secure way to access cards and stay informed is crucial.This involves using a random string of characters (called "a token") with no value or meaning outside of the specific transaction to authorize payment instead of using sensitive card data. Tokenization: Tokenization is a technique to secure card information from being revealed or stolen.To make the most of these security benefits, look for the following features when picking a virtual card. In simple terms, virtual cards can create a different card number for each purchase you make, guarding your actual account number. On the other hand, storing a virtual card on your phone carries less risk, especially when combined with the fact that your phone and the digital wallet have a passcode or require biometric data (such as your fingerprint) to be unlocked.Īdditionally, virtual cards are better at avoiding skimming and cloning as they often utilize one-time-use codes to authorize specific transactions rather than providing card information. With a physical card, the details written on it are at risk of exposure each time you take it out for a point-of-sale purchase or leave a wallet somewhere unattended. Safety advantages are one of the outstanding virtual payment card benefits. Your choice should align with your spending frequency, amount, and shopping destinations.įor instance, a virtual card offering cashback for online purchases should be helpful if you frequently shop online.Ĭonversely, a card with higher fees might be less worthwhile if you're not a frequent shopper. Virtual cards come with varying limits, fees, and incentives. Things to Consider When Choosing a Virtual Card 1.
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