The (low) price of credit card loyalty

Credit cards do more than offer credit. They radiate aspiration - the top ones come with names like Ultima, Platinum and Infinite - and they come with perks.

And it is for the perks that people most often think to use one card over another. When presented with a bill, Hong Kong diners will habitually ask the waiter if the restaurant is offering a credit card promotion. They will ask this while flipping open a wallet stuffed with plastic, ensuring they have a card for all plans.

Sadly, on examination, these plans are a bit thin. Discounts typically range in the realm of 10 per cent to 15 per cent - handy but not exciting. Bonus plans often have to be redeemed in the form of goods of modest choice and quality. And any incentive has to be stacked up against the volume of spending that must go with it.

So what do you get?

HSBC's bonus-point plan offered to Visa and MasterCard holders is pretty typical. The bank offers HK$1 "reward cash" for every HK$250 a person spends on the card. The money comes in the form of vouchers that can be used at certain retailers.

Cardholders can also earn an extra HK$1 reward for every HK$20 they spend at certain retailers, including City'super, Broadway and Mannings.