73% said they prefer rebates due to convenience and value.
Hong Kong residents prefer cash rebates for credit card rewards, citing convenience and value as the main reasons, Visa revealed.
According to a recent survey, 73% of respondents prefer cash rebates as a credit card reward program. Air miles came in a distant second, with 20% citing them as the best option, followed by lower interest rates on outstanding balances at 7%.
The survey also found that 61% of respondents prefer cash rebate programs because of their ease of use, and 54% said that they based their choice of reward on value proposition.
Cash rebates are also preferred by a majority of millennials aged 18 to 24, with 68% citing them as the best option.
Hong Kongers also said that they prefer retail promotions over travel promotions when they decide to apply for a new credit card, with 35% stating they choose retail promotions, followed by discounts for dining at 26%, and travel at 20%.
"Hong Kong consumers have always been attracted to payment products that have a straightforward and clearly understood value proposition, and it’s clear that cash back programs deliver this," said Caroline Ada, country manager for Visa Hong Kong and Macau.
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