American Express Membership Rewards - Moving to Asia (Hong Kong) with Amex Platinum

Hi,

i recently joined the forum for the wealth of information available. thanks!

I am in a predicament where i'll be working and living in hong kong for at least 3 months and may continue indefinitely.

i'm wondering what i should do about my amex plat since i know i'll probably get a bad exchange rate. should i reapply in hkg for an amex green or just get a local visa card? Anyone know anything about visa infinite in hkg?

thanks again!
ktp

AFAIK the Hong Kong Dollar it pegged to the US Dollar. Therefore, I don't believe exchange rates would be too much of a concern if you are US based.

I am going to have to disagree Trajan. Although the HK$ may be pegged to the US$, that does NOT prevent AmEx from charging their surchage to convert any HK$ charges to US$.

If you are going to be earning HK$, then I would get a credit card that is denominated in HK$, that way, you can pay it without incurring any exchange fees (which may not 'show' on your statement, but believe me, they are there). They can be as high as 3% with AmEx, and then, of course, when you have to convert your HK$ into US$ to pay the bill, another 3% or so.

Hi KTP,

Welcome to FT.

The Infinte card is from a local bank in HK. To my view, it want to get close to the Centurion AMEX but not quite. The Infinte VISA charge $6000+ for the annual fee and now it offer 60,000 Asiamiles bonus gift. Required HK$2M annal income. Free KEE club and other club access, travel upgrades and companions are the same as oridinary VISA Platinum offer.

Compared to Centurion, no whole family free travel insurance, China Club, American Club access etc. Starwood Platinum elite status. Of course you need an invitation for the Centurion and the fee is $9800

If you use the Platinum, you can have special airline upgrade and companions, fee $4800 (approx.)

If you do not need the travel airline upgrades, I do not think the Platinum AMEX is worth the annaul fee. Just get a VISA Platinum will do.

If you want maximun Asiamile conversion, try the DBS Platinum, BEA Platinum or ordinary AMEX.

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Hi,

i recently joined the forum for the wealth of information available. thanks!

I am in a predicament where i'll be working and living in hong kong for at least 3 months and may continue indefinitely.

i'm wondering what i should do about my amex plat since i know i'll probably get a bad exchange rate. should i reapply in hkg for an amex green or just get a local visa card? Anyone know anything about visa infinite in hkg?

thanks again!
ktp

Steve100, I agree, if there is an exchange rate charge (notwithstanding the peg) and income is only in HK$ and the stay in HK is significantly more than 3 months, then it would be a good idea to apply for a card in HK. I think AMEX would give a local platinum card if you show them that you have a US platinum. If a stay in Asia is temporary (my definition of "temporary" is much longer than 3 months), then I personally dont think its worth it to start applying for new cards (even if there is an exchange rate expense).

By the way, I just gave up a local Amex platinum card in Thailand cause Visa's local platinum now gives me more of the benefits I actually use for a tiny fraction of the cost. :cool:

Hi, could you please let me know which bank issues INFINITE card in Hong Kong? Thanks.

Hi All,

Thank you for the messages. I think I will end up having an AMEX card in HK dollars, but hope that they won't charge a fee. By the way, what is the annual fee for the AMEX Platinum in HKG? Was it right in the posting earlier at HKD$4800.

A simple Visa card will do. I don't think I will need the Infinite card.

Another question: I'm looking to buy a home in Hong Kong and I was wondering if someone could suggest a decent bank for loans. BEA, DBS, or HSBC?

Thanks again,
ktp

I was in HK for 3 months this summer. I was getting 7.719 HKD per 1 USD with my United Visa and getting 7.645 HKD per 1 USD with my SPG Amex.

By the way, Visa is by far the number 1 preferred card out in HK. I would say that my Amex was only accepted at about half the restaurants I visited during my stay.

Also, will you be getting a HK ID Card? I believe you have to have one to apply for a local credit card or bank account. As I was staying for under 90 days, I wasn't able to get an ID card.

I'm looking to buy a home in Hong Kong and I was wondering if someone could suggest a decent bank for loans. BEA, DBS, or HSBC?

Thanks again,
ktp

We had a mortgage with BEA until last year--terrible service and would never recommend them.
Switched to DBS who are much better.
No experience with HSBC, but I guess the most important thing is who can give you the most competitive rate.