Affluent consumers in Hong Kong are opting for credit cards with maximum benefits, according to a recent survey by global payment company Mastercard.

Affluent spenders are looking at a number of ways to construct a "perfect wallet," the report said, adding that Asia-Pacific consumers in particular carefully consider how payment decisions can earn them points, rewards, and discounts.

Top-end spenders are highly engaged with payment choices and that informs how they seek to benefit from their financial institutions, according to Mastercard's study, which surveyed 29,536 consumers in 23 markets globally.

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"Affluent consumers tend to be very astute in how they select and utilise the payment tools in their wallets, strategising how and when to use each payment method to capture the greatest returns," said Sandeep Malhotra, the Asia-Pacific executive vice-president of products and innovation at Mastercard.

"This hands-on, intentional approach reflects the growth mindset and commitment to self-improvement that affluent consumers exhibit in all aspects of their lives, including career, health and wellness, hobbies and learning."

Credit cards remained the top choice for Hong Kong's affluent consumers for a few key reasons. Nearly half of the respondents said they used cards because of perks like cashback, air miles, and shopping points, while 31 per cent said it made them feel valued.

Around 27 per cent of people favour credit cards because they offer purchase protection. Affluent consumers in the Asia-Pacific region use more payment methods than their global peers, the survey showed.

Debit cards are the preferred payment tools for mass consumers, especially when buying daily necessities, the survey showed. Mass consumers are defined as those in the 10 per cent to 95 per cent range of household incomes domestically. The preference for debit cards is especially strong in Australia and India.

Reflecting their higher tolerance for risk, affluent consumers are early adopters of fintech products and services when compared with lower-income consumers.

"The affluent embrace and use fintech innovations before they become mainstream, and enthusiastically explore new solutions that fintechs offer, including alternative payment methods like mobile payments and digital wallets," the survey found. On the flip side, mass consumers often wait longer to use fintech innovations.

Affluent consumers also expect onboarding processes to be seamless. New cards need to be set up quickly, digitally and should link easily to their other bank accounts, the survey revealed.

Because of this, 45 per cent of affluent consumers globally would rather pay a little more to save time, where only 37 per cent of mass consumers would be willing to do so.

Meanwhile, the study looked at consumer aspirations - 30 per cent of the affluent respondents identified career advancement as a key goal, though not the most important pursuit. The survey showed that 52 per cent of affluent respondents said their top personal goal for the next five years was to travel abroad more.

Around 30 per cent of Hongkongers said they concentrated on their careers, while 40 per cent prioritised travel. In comparison, more than half of Australia's affluent prioritised travel and only 19 per cent selected career advancement. India's affluent have an almost even split between those pursuits.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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