This is a wacko earn strategy.
It all started with a couple of posts in hongkongcard.com when someone noted we can use CCB Dual Currency to pay tax,
then have HSBC Platinum (Unionpay/Visa) settle the Dual Currency fee-free http://www.hongkongcard.com/forum/fo...p?id=6240&p=13 . Kaka and I looked into it - at least I thought it wasn't a bad little way to earn the welcome offer.
I've been looking into the HSBC-repay-CCB Dual Currency strategy further. Not only is it fee free, but ***normal RewardCash will be rewarded for Platinum cardholders (Unionpay or Visa)***.
I won't earn any CCB bonus points for paying tax with the Dual Currency
http://www.asia.ccb.com/hongkong/doc...ds/CCBA_BP.pdf, but that doesn't make the CCB strategy a bad deal. I just have to create CCB indebtedness with as little opportunity cost as possible, then earn RewardCash when settling CCB Dual Currency with HSBC.
Note HSBC can only settle into the Dual Currency (Unionpay) card, it cannot pay into CCB Mastercards and Visas.
If my understanding is right, we can pay our taxes with CCB first, then have HSBC settle CCB Dual Currency when the CCB bill falls due. It'll be a quite long interest-free credit period (icing on the cake).
And the normal earn rate for bill payment is $16.67/mile. If for tax, this offer beats the 1,000pts per $5,000 paid ($40/mile) offered by Shacom.
Of course this strategy is going to be labour intensive to set up - having to pay bills in duplicate (CCB-->IRD and HSBC--> CCB) and having to apply for a CCB Dual Currency card. Also, this strategy may be expensive for some FTers cos of the $300 HSBC Asia Miles redemption fee. Personally I rather continue earning cash rebate but for the rest of us...
Update 14 Jan: Just found out you need to possess HSBC bank account (savings/current) in order to be able to pay CCB Dual Currency card with HSBC Platinum Visa/Unionapy for the RewardCash
Even if you are paying out of the HSBC Platinum rather than the savings/current:
http://www.hongkongcard.com/forum/fo...hp?id=6349&p=5
Update 14 Jan: Just found out you need to possess HSBC bank account (savings/current) in order to be able to pay CCB Dual Currency card with HSBC Platinum Visa/Unionapy for the RewardCash
Even if you are paying out of the HSBC Platinum rather than the savings/current:
http://www.hongkongcard.com/forum/fo...hp?id=6349&p=5