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Editor’s Note: All content and information in this article are accurate as of published time.
Having a prepaid credit card is more convenient for people who don’t plan on falling into debt. They are pre-loaded with cash that you have deposited yourself in banks or ATMS, and you can use them to buy stuff online. You do not have to worry about borrowing funds from banks because they have already been paid hence the word “prepaid”. They are widely accepted by retailers so they can be deemed okay to use for everyday transactions such as dining and eating out at restaurants. Although they are not really credit cards, they are more of a debit card in function.
If you are a tourist in Hong Kong, or anywhere abroad, having a limited amount of money in your prepaid card can be a safe countermeasure against unforeseen circumstances such as losing or getting your card stolen. Your bank account won’t damage your credit score and you may even be able to recover most if not, some of your funds. In general, if you have are not uncomfortable with having cash at hand, then having a prepaid card is right for you.
Compiled in this article are the most popular prepaid cards tourists and residents of Hong Kong.
| Card | Information | Where to buy |
|---|---|---|
| Octopus Card | Two options available: 1) "Sold" Octopus Card: No value included, and top-ups are required 2) "On-load" Octopus Card: Comes with an initial value of HK$50-HK$150 and a deposit of HK$50 | Available at MTR stations |
| Mastercard Prepaid Card | Added benefit of “Globale Emergency Assistance” where Mastercard can provide help when necessary when passports or cards are lost | Available from any Mastercard prepaid card issuers |
| Visa TravelMoney | Can be used to withdraw local currency from Visa ATMS | Available from Travelex branches in HK |
| Tap & Go | AndroidPay friendly and can be used wherever MasterCard or UnionPay are accepted | Available from tapngo.com.hk/eng/apply |
Octopus Card
Although not technically a prepaid card in spirit of a debit card, it is a reloadable card widely used by visitors and people living there. It is accepted by most retail stores, food outlets and convenience stores.
If you are arriving at the Hong Kong Airport, you can purchase a card already at the Airport Express station. It is available at all MTR stations both in “sold” and “on-load” forms. The sold variant priced at $39, does not include any value and you must top it up yourself as it is essentially a souvenir card. The on-load version includes the initial stored value of HK$50-HK$150, depending on the card type and a deposit of HK$50.
You can top up your Octopus with cash at thousands of locations, from transportation providers to retailers. You can also top up Octopus on iPhone or Apple Watch using your non-Hong Kong issued Mastercard, UnionPay or Visa credit / debit card with Octopus App for Tourists.
A friendly reminder, if you request to refund of an On-Loan Octopus or Octopus within 90 days from the date of issue; and/or has only been used for five payment transactions or less from the date of issue, you will be charged for HK$11 or 1% of any remaining value, whichever is higher as a handling fee.
>> Learn more here.
Mastercard Prepaid Card
Using a Mastercard prepaid card is more convenient and safer than cash, there’s no credit check and no bank account required. You can use these at restaurants, shops, or even online shops that MasterCard is accepted.
Another benefit of this card is that it has “Globale Emergency Assistance”, in which the people from MasterCard can provide emergency funding when necessary, and replace cards for free as well as helping out people whose passports have been lost. You can buy it at any Mastercard prepaid card issuers.
>> Learn more here.
Visa TravelMoney
Besides Mastercard prepaid card, Visa TravelMoney is another prepaid travel card that you can choose. You can get your travel funds in local currency from Visa ATMs to to pay for cash expenses.
There is no fixed amount on the card, you may purchase any amount that you need. Visa TravelMoney is protected by your personally-selected pin and its value is stored on the Visa TravelMoney system, not on the card.
Therefore, even though you accidentally lose your card, you don’t lose any money. If your Visa TravelMoney is lost or stolen, make a toll-free Customer Assistance hotline from anywhere and anytime to have the card deactivated. The Assistance Services Center will assist you in your native language.
You can purchase Visa TravelMoney at any Travelex in HK, if you arrive Hong Kong by flight, might look for the branch at the Hong Kong International Airport (HKIA).
>> Learn more here.
Tap & Go
Tap & Go is Hong Kong’s first mobile wallet to incorporate both Mastercard and UnionPay card schemes. It is another innovative form of payment that is also popularly used by many people.
It uses contactless technology using AndroidPay where you can use your smartphone as the “prepaid card”. Requirements for using the service is an iPhone with an iOS 10.3 or above, or an Android device with Android 5.0 or above.
Just like the MasterCard Prepaid Card, it can be used anywhere MasterCard or UnionPay are accepted. As it is a prepaid card in essence, it can also be used for online shopping as well! It features high security such as password protection and gives you a notification for every transaction it is used so you can monitor all the funds in your account.
You can “buy” the card via online here. You may also opt to activate it in any HKT, 1010, or csl. shops. You will need to show a valid ID if you are a resident (Hong Kong or Macau), passport, or exit-entry permit for travelling to and from Hong Kong and Macau.
>> Learn more here.