Is it worth applying for a Bank of East Asia credit card? Are the fees outrageous or are the benefit

In today’s society, credit cards not only provide convenience for consumption, but also bring various additional benefits. As a long-established Financial Institution, Bank of East Asia offers a variety of credit card products to meet the needs of different customers. This article will delve into Bank of East Asia credit cards, analyze their fee structure and benefits, and help you determine whether it is worth applying for.

Cost details

Understanding the fee structure of the Bank of East Asia credit card can not only help us judge whether the bank’s fees are reasonable, but also help us evaluate whether its credit card is worth applying for.

Annual fee policy

• Standard card: The annual fee is relatively low, usually around a few hundred Hong Kong dollars. In some cases, the annual fee can be waived by reaching a certain amount of consumption.
• Gold Card: The annual fee is slightly higher than the standard card, usually ranging from a few hundred to thousands of Hong Kong dollars. There is also a chance to waive the annual fee through high consumption or point redemption.
• Platinum Card: The annual fee is relatively high, usually between a few thousand to a few thousand Hong Kong dollars, but it also provides more ways to waive the annual fee, such as reaching a certain consumption limit or through specific bank activities.

Other related costs

• Cash withdrawal fee: The cash withdrawal fee for most Bank of East Asia credit cards is between 1% -3% of the withdrawal amount, and there will be a minimum fee limit, usually starting from HKD 50 per transaction.
• Deferred repayment fee: If full repayment is not made on time, a certain percentage of interest will be charged, usually around 30% per year, calculated daily.
• Cross-border transaction fees: When using credit cards across borders, a foreign exchange handling fee of 1% -2% will be charged.

If you often have cross-border transaction needs, you can consider binding BiyaPay to enjoy more convenient services after opening an account, its digital currency services are more convenient, and it also provides currency exchange services, which can be remitted locally to most countries or regions in the world. Low fees, no limit on the amount, same-day remittance, same-day arrival.

After the above fee introduction, it can be seen that the fees of the Bank of East Asia credit card are reasonable. If you can make good use of the various benefits and discounts provided by the credit card and follow good repayment habits, you can also get super value returns.

Benefits and benefits

Bank of East Asia is committed to providing customers with a variety of discounts and benefits to enhance cardholders’ consumption experience.

Regular benefits

• Points Rewards: Points can be accumulated when making purchases. Points can be redeemed for various gifts, airline miles, or used to offset bills.
• Travel Insurance: Some high-level credit cards (such as Platinum and Infinite) provide travel insurance, including accident insurance, luggage delay insurance, and travel cancellation insurance, providing comprehensive protection for cardholders’ travel.
• Airport VIP Lounge Service: Customers holding high-level credit cards can use VIP lounges at major airports around the world for free or at a discounted price, enjoying a comfortable waiting environment and high-quality service.

Special offers

• Holiday promotions: During the holiday season, various promotional activities are often launched, such as double points, cashback on consumption, or discounts for specific merchants.
• Cooperative merchant discount: Cooperate with many merchants, cardholders can enjoy exclusive discounts when consuming at these merchants, including various fields such as catering, shopping, entertainment, etc.
• Limited-time activities: Regularly hold limited-time promotional activities, such as cashback for consumption within specific time periods, discounted purchases of designated products, etc., to attract cardholders to actively participate.

Application process

The process of applying for a Bank of East Asia credit card is relatively simple, with clear steps and requirements for both online and offline applications. The following is the detailed application process.

Application conditions

• Applicants must be at least 18 years old.
• Different levels of credit cards have different requirements for applicants’ income. For example, standard cards usually have lower income requirements, while platinum and unlimited cards require higher income levels.
• Applicants need to have a good credit record and no serious overdue repayment records in the past.

Documents required

• Identity documents: including ID card or passport.
• Proof of income: such as payslips, tax receipts, or bank statements.
• Proof of address: such as utility bills or lease contracts.

Online application steps

• Log in to the official website of Bank of East Asia and enter the credit card application page.
• Choose the appropriate credit card type according to your own needs.
• Fill out the application form online and submit electronic versions of personal information and required documents.
• Submit the application after confirming that it is filled in correctly and wait for the bank to review it.

Offline application steps

• Bring the required documents to any branch of Bank of East Asia. It is recommended to make an online appointment in advance.
• Fill out the paper application form under the guidance of bank staff.
• Submit the completed form and required documents to the bank staff for review.

Review time and activation

• Usually, the bank will complete the review within 5-10 working days after receiving the complete application materials. The specific time may vary depending on the applicant’s situation.
• After approval, the bank will send the credit card to the address provided by the applicant.
• After receiving the credit card, the applicant needs to activate it according to the instructions attached to the card. Usually, the credit card can be activated by phone or online banking.

Overall, the fees and benefits of East Asia Bank credit cards are reasonable and worth applying for. By making reasonable use of the benefits and discounts of these credit cards, you can not only enjoy a convenient consumption experience, but also gain additional value.