Smart is the only HK-issued V/M that offers a full, ungimmicky waiver on the 1.95%. And lets you earn a basic 180:1 (0.56%) rebate on top of it (but getting the rebate out of the rebate account into your credit card statement is deliberately troublesome https://www.hongkongcard.com/forum/show/33868?page=3 )

I remember Public Bank used to have on the Plat Visa "no added fee" which means they forgo the 0.95% but still pass on the 1.00% from V/M.
Citi Cash Back 2%/SCB Simply Cash 2%/SCB Executive Platinum 2% overseas rebate you the fee but do not add on any earn on top of it.
I do not count CUP "no foreign currency conversion fee" as an apples-to-apples comparison to V/M because a) acceptance and b) Unionpay rates are up to 0.5% higher than V/M before fee.