Wealth Dynamics: Why Ultra Rich Choose Credit Cards for Affluent Spending

Understanding Affluent Spending Choices

Affluent consumers in Hong Kong are increasingly selecting credit cards that provide maximum benefits, according to a recent survey by global payment leader Mastercard.

This report indicates that wealthy spenders are keenly focused on assembling the perfect wallet, prioritizing cashback, air miles, and shopping points. The study surveyed 29,536 consumers in 23 markets globally, revealing that nearly half of participants choose credit cards for these perks.

Financial Tools and Consumer Behavior

• 31% of affluent users feel valued by using credit cards.
• 27% favor cards for purchase protection.
• Affluent Asians use more diverse payment methods compared to global peers.

Sandeep Malhotra, Mastercard's Asia-Pacific executive vice-president of products and innovation, states, “Affluent consumers are strategic about their payment choices, seeking the best returns.” This hands-on approach underscores a commitment to money management and self-improvement across various life aspects.

Adoption of Fintech Products

Compared to lower-income groups, affluent consumers are quick to adopt fintech innovations, aiming for seamless onboarding processes. 45% stated they would pay a premium for convenience, reflecting their financial aspirations. Moreover, 30% seek career advancement, while 52% prioritize travel abroad within the next five years.

Debunking Myths

• Debit cards dominate mass consumer payment choices.
• Australia and India show a strong preference for debit cookies among regular consumers.