Wealthy Hong Kong Consumers Favor Credit Cards with Major Perks: Mastercard Reveals Trends in the Quest for the ‘Perfect Wallet

Mastercard reports that well-off consumers in Hong Kong prefer credit cards with significant advantages. Mastercard indicates that these high-end spenders are exploring various strategies to build an 'ideal wallet.'

Wealthy consumers are exploring various methods to create an "ideal wallet," according to the report. It further noted that consumers in the Asia-Pacific region, in particular, are meticulous in determining how their payment choices can garner them points, rewards, and discounts.

"Wealthy consumers are often quite shrewd in their approach to choosing and using the payment methods they have, planning carefully when and how to use each one to maximize their benefits," stated Sandeep Malhotra, the Executive Vice President of Products and Innovation for Mastercard in the Asia-Pacific region.

"This practical, deliberate method mirrors the progressive mentality and dedication to personal development that wealthy customers demonstrate in every area of their lives, encompassing work, health and well-being, interests, and education."

Globally, rich customers, including those in Hong Kong, prefer credit cards for several significant reasons. Almost 50% of the wealthy respondents worldwide stated that they use cards for benefits such as cashback, air miles, and shopping rewards, while 31% claimed it gave them a sense of value.

Approximately 27% of individuals prefer using credit cards due to the purchase protection they provide. The survey indicated that wealthy customers in the Asia-Pacific area utilize a greater variety of payment options compared to their counterparts worldwide.