Home > Frequently Asked Questions

Frequently Asked Questions

FAQs - eCosway Xpress Finance MasterCard Platinum Card

1. What's the difference between the eCosway Xpress Finance Co-Branded Platinum MasterCard and other banks' Platinum credit cards?
   
   In general, there are no major differences as the eCosway Xpress Finance Platinum MasterCard provides the same basic platinum card features based on MasterCard Worldwide's requirements, which include high credit limit; dedicated customer service hotline, in addition to MasterCard platinum benefits like Platinum MasterCard Moments, Concierge Services, MasterCard Global Services and more. However, the eCosway Xpress Finance Platinum MasterCard offers additional benefits to cardmembers including the opportunity to earn eVolume (eV) that translates into income based on the eCosway Profit Plan, and receive Card Value Points (CVPs) - 1 CVP for every HK$ 200 charged. CVPs allow cardmembers to bid for exciting prizes in an online CVP Auction and enjoy huge discounts on a wide variety of popular household, beauty and slimming, personal care, and food & beverage products.
    
2. Can the card be used at all terminals?
   
   All credit cards issued by Xpress Finance can be used at all Automatic Teller Machines (ATMs) and POS terminals that display the MasterCard logo.
   
   The card can also be used for mail order / telephone order (also known as 'MOTO') transactions up to a certain maximum amount determined by Xpress Finance. Please enquire with Xpress Finance for further details.
    
3. Can the card be used for shopping on the Internet?
   
   Yes, the card can be used for online transactions including payments for purchases done through the Internet.
    
4. What are the incentives given for card transactions?
   
   For the first HK$ 5,000 or the first 4 months (whichever comes first) of your card spending, you will earn Boosted Initial eV based on the 2.0% rate that is given by Xpress Finance.
   
   

   Transaction amount x 2.0% / 7.8 / 0.6 = Boosted Initial eV Example: If you charge HK$ 1,000 to your card, you will earn: HK$ 1,000 x 2.0% / 7.8 / 0.6 = 4.3 eV

   
   After that, you will earn Regular eV for your card spending, based on 0.6% instead of 2.0%.
   
   

   Transaction amount x 0.6% / 7.8 / 0.6 = Regular eV Example : If you charge HK$ 1,000 to your card, you will earn: HK$ 1,000 x 0.6% / 7.8 / 0.6 = 1.3 eV

   
   Please Note: Cash advances, balance transfers, bank charges and fees levied on the eCosway Xpress Finance MasterCard will not earn eV or CVPs.
    
5. What's the exchange rate for HK$ and RMB that is used by Xpress Finance to calculate transaction conversions?
   
   The exchange rate is determined by MasterCard Worldwide based on the date the transaction is posted.
    
6. If I do not qualify for a Credit Card, can Xpress Finance issue me a Prepaid Card instead? What is the minimum deposit requirement for the Credit Card?
   
   Xpress Finance will only consider issuing applicants a credit card with low credit limit, based on Xpress Finance's sole discretion.
   
   For the credit card with low credit limit, the cardholder needs to deposit an adequate amount into the card account BEFORE the cardholder can use the card to make transactions.
   
   Xpress Finance is able to offer a credit limit as low as HK$ 1 and does not impose a minimum deposit requirement for its low credit limit Credit Card. However, cardholders are advised to deposit more to cover their expected card expenses, so that their card transactions are more likely to go through.
   
   Please note that Xpress Finance sets a maximum deposit limit of HK$ 200,000 per deposit i.e. cardholders can only bank-in a maximum of HK$ 200,000 each time they make a deposit into the card account.
    
7. If I have proof of income, will the credit limit offered by Xpress Finance match it? If not, what is the ratio used?
   
   Normally, Xpress Finance will offer cardholders that have proof of income a maximum of 2 times their monthly income. At times, Xpress Finance might offer a higher or lower limit depending on various factors, but ultimately, the credit limit assigned is determined at the sole and absolute discretion of Xpress Finance.
    
8. Will Xpress Finance match the credit limit of my other credit cards?
   
   Xpress Finance assigns the credit limit for each cardholder based on several factors which include and are are not limited to, income, credit and financial status, assets, etc. Hence, Xpress Finance will not necessarily match the credit limit of your other credit cards.
    
9. How do I qualify for a Credit Card? What are the card application requirements?
   
   Application Requirements:
   
   Minimum age qualification for application (as a general guideline):
   
   18 - 60 years old.
   
   Minimum annual income:
   
   At least HK$ 50,000 per annum or proof of assets equivalent to that amount.
   
   Documentation required for Credit Card application:
   
   

   1.	Copy of Hong Kong ID card / passport.
   2.	Copy of evidence of HK residential address (mandatory) e.g. electricity bills, utility bills or bank statements, etc. (Note: Please indicate address in both English & Chinese)
   3.	Copy of latest 3 month's evidence of - financial or income statements / eCosway bonus or income statement (latest tax returns / bank statement / bank account passbook or fixed / time deposit or property ownership documents).
   4.	For housewives - Evidence of asset ownership or financial status e.g. bank account passbook, fixed deposit, property ownership documents, spouse's financial status records, etc.

   
   
   Note: The issuance of credit card is at the sole and absolute discretion of Xpress Finance.
    
10. If I already have an active Xpress Finance Credit Card, and I want to reapply for the eCosway Xpress Finance Platinum MasterCard, do I still need to submit the full set of documents mentioned above?
    
    This depends on how long ago the required documentation was submitted and whether an updated version of the information is required. In most cases, Xpress Finance will need updated information from you in order to assign a new credit limit for your new card. If you require a higher credit limit for the new card, you will need to provide additional / latest proof of income to support your request.
     
11. What are the documents required for civil servants, government officers, police, or army personnel who wish to apply for the card?
    
    The required documents are the same as for normal applicants, with the exception that they are only required to submit the latest month's income / asset evidence instead of latest 3 months.
     
12. How about document requirements for:
    
    (i) Self-employed proprietors:
    
    Documents required generally the same as for usual applicants, except for additional required documents: evidence of asset ownership, profit and tax return statements, and bank account statements.
    
    (ii) Retired:
    
    Documents required generally the same, but since no proof of income is available, just evidence of asset ownership will suffice.
    
    (iii) Foreigners / Expatriates Staying in HK:
    
    Documents required generally the same, except for additional information required: work permit and proof of residence in HK for more than 5 years.
     
13. What is the Joining / Annual fee per card?
    
    The card is free for the first 3 years (for Principal and up to 2 Supplementary cardholders). If you have more than 2 supplementary cards, you will need to pay HK$ 800 per card for the 3^rd card onwards.
    
    For the 4^th year onwards (after the 3-year free card period), the annual fee is HK$ 1,500 for Principal card and HK$ 800 for each Supplementary card.
     

Application

1. How many supplementary cards can each Principal Cardholder have?
   
   In general, Xpress Finance will issue up to 2 supplementary cards for each principal cardholder. However, Xpress Finance can issue up to 9 supplementary cards per principal cardholder based on its discretion. Please note that the 3-year annual fee waiver only applies to the principal and first 2 supplementary cards, so there will be annual fee charges for the 3^rd and subsequent supplementary cards.
    
2. Can I apply for supplementary cards for non-immediate family members?
   
   Yes.
    
3. Where can I get card application forms?
   
   Forms are available at all Cosway Sales Centres and designated locations in Hong Kong, and downloadable from www.ecosway.biz and Xpress Finance's website www.xpressfinance.com.hk. For more information, please call Xpress Finance's 24-hour dedicated Platinum Customer Service hotline at (852) 2583 3600.
    
4. How long does it take for my application to be processed and how will Xpress Finance inform me on whether my application is successful / unsuccessful?
   
   If the required documents are in order, Xpress Finance normally takes 14 working days to issue a credit card. The card will normally be mailed to the applicant's residential / correspondence address, or Xpress Finance will inform the applicant to collect the card from Xpress Finance's card centre or Cosway Hong Kong office.
    
5. Can I use the card immediately upon receipt?
   
   You can use your card for retail transactions immediately after activating your card. The contact number you should call for activation will be printed on your card: Tel: (852) 2583 3600 or 2583 3633. Activation consists of 2 parts:
   
   

   1)	telephone activation; and
   2)	signing and returning the acknowledgement form (i.e. the card carrier form) to us either by mail or by fax at (852) 2918 0760.

   
   For security purposes, Xpress Finance will suspend the card account if they do not receive any telephone activation and card receipt acknowledgement form within 2 months from the date of card issuance. Upon cardholder's request, Xpress Finance will mail out the PIN (Personal Identification Number) directly to the cardholder. The PIN is for cash withdrawal / advance purposes.
    
6. Can I hold two Xpress Finance MasterCard Cards, one being an eCosway Xpress Finance MasterCard Platinum Card and the other being a different MasterCard issued by Xpress Finance?
   
   Yes.
    
7. Can foreigners apply for the card? If I am a foreign student studying in Hong Kong, can I apply? What are the requirements?
   
   Xpress Finance will consider the application based on a credit card with a low credit limit. Application procedure and card usage is the same as that of other general applicants.
    
8. Do card applications undergo background checks by a credit bureau and / or a credit evaluation process? Are all applicants guaranteed the card?
   
   All card issuing banks or institutions are required to adhere to a set of rules by the Hong Kong Monetary Authority (HKMA) for card application processing and approvals. Therefore, all applications for cards issued by Xpress Finance or any other banks or institutions must undergo credit evaluation and credit checking by the relevant credit bureaus.
   
   Applicants are not guaranteed the eCosway Xpress Finance MasterCard as Xpress Finance reserves the right to approve or reject card applications at its sole discretion.
    
9. If Xpress Finance rejected my credit card application before, am I still eligible to apply for the eCosway Xpress Finance Platinum MasterCard?
   
   This depends on the reason for the previous rejection. Xpress Finance may consider issuing applicants whose previous applications were rejected, a credit card with low credit limit instead. For the time being, Xpress Finance will not issue credit cards to undischarged bankrupts.
    
10. If the card applicant was previously / is blacklisted by other Banks (due to inaccurate / documents submitted before, etc.) can the member still be issued the Xpress Finance MasterCard?
    
    Yes, Xpress Finance may consider issuing that applicant a credit card with lower credit limit. This is on a case-by-case basis and all final decisions on application are at Xpress Finance's sole discretion.
     
11. If I am currently a credit cardholder based on a Fixed Deposit (FD) pledge, can I cancel my FD account and apply for the new card again?
    
    In this case, Xpress Finance will determine whether it will issue a credit card to that applicant without a pledged deposit based on the applicant's credit evaluation.
     
12. When submitting the application forms, can a few applicants assign a person to submit their card application forms on behalf and later, collect their cards on their behalf?
    
    The card application form must be signed by the applicant him or herself. The applicant can assign a person to submit the card application form on his or her behalf. For security purpose, the credit cards must be collected by the individual applicants, otherwise, Xpress Finance will mail the cards to the respective principal cardholder's correspondence address.
     
13. Can I request to have the cards sent to different addresses?
    
    Xpress Finance will normally send the card to the applicant's residential / correspondence address as stated in the application form. If required, the applicant can request for the card to be sent to Cosway HK office for a separate collection / delivery arrangement, with proper authorization, procedures & documents. See FAQ No. 4
     
14. When I charge my card overseas or make any purchases in Hong Kong using other currency, what is the exchange rate? If my card is a prepaid card, will you block my card?
    
    The exchange rate is determined by MasterCard Worldwide at the date of posting. The total amount charged indicated on your statement may be different from your actual transaction amount due to the exchange rate.
    
    As long as there is sufficient credit balance in your credit card account, your transactions should go through. Xpress Finance has several security / preventive measures for abnormal transactions to protect the interests of cardholders. These measures are reviewed and updated on a periodical basis and on a 'need-to' basis.
    
    Xpress Finance advises all cardholders to always retain a minimum balance in their card account instead of swiping the exact amount as the balance in their account.
     

Card Balance Checking, Banking-In Money

1. How do I make payments to the card account?
   
   Payments can be made at:
   
   

   a.	Xpress Finance Customer Service counters.
   b.	Through crossed cheque in HK$ currency (please make cheque out to "Xpress Finance Limited") When planning payments, please take into account that cheques will take 3 working days to clear.
   c.	Payment by Phone Service (PPS). This is a 24-hour service that allows you to pay either via phone or website. You will need to register through a PPS Terminal, and then you can settle your bill anytime by dialing 18031 via a tone phone or via PPS website at http://www.ppshk.com.
   d.	Auto-debit and Bank Bill Payment (BBP) - subject to the bank's terms & conditions.
   e.	Cash payment facility in Circle K convenience stores in Hong Kong will be available soon.

   
    
2. How do I pay if I am OVERSEAS or if the branches are too far from my location?
   
   You can pay by cheque, PPS or BBP, or have an auto-debit arrangement with Xpress Finance. Please note that cheques should be made out to "Xpress Finance Limited".
    
3. How do I make ONLINE payments through the Xpress Finance website?
   
   If you have a Hong Kong bank account, you can make payments via PPS, auto-debit or BBP. To facilitate online payments, you may want to consider opening a bank account in Bank of China, Industrial & Commercial Bank of China or any other bank that offers PPS payment facilities.
    
4. Will I get a receipt / slip for payments made into my card account?
   
   Official payment receipts are only given out for payments via our Customer Service counter. If you pay online, you can print out payment details with the payment reference code for your record.
    
5. Is there a penalty fee if my cheque is returned?
   
   Yes, you will be charged HK$ 150 per returned cheque, in accordance with Xpress Finance's Fee Schedule. Please note that the Fee Schedule may change from time to time and Xpress Finance will give prior notification to the cardholders.
    
6. Will I be charged any fee for using my card to spend more than my credit limit?
   
   Yes, for charges over your credit limit, you will be charged HK$ 100 per statement cycle in accordance with Xpress Finance's Fee Schedule.
    
7. How do I check my card balance or credit limit?
   
   Call Xpress Finance 24-hour Customer Service hotline at (852) 2583 3600 or through Xpress Finance's online transaction enquiry service at www.xpressfinance.com.hk .
    
8. Can I enjoy eV when I use the card at Cosway Sales Centres in Hong Kong or other countries?
   
   Yes.
    
9. Can the card be used for installment payments or for auto-debit / billing?
   
   Yes.
    
10. Can the card be used for ONLINE shopping?
    
    Yes. The card can be used on any online shopping site that accepts credit card payments.
     
11. What are Xpress Finance's criteria for a card member to qualify for an installment plan?
    
    The plan is typically open to cardholders who have sufficient credit limit balance for the installment plan. Please enquire through Xpress Finance directly.
     
12. Can I use my eCosway Xpress Finance Platinum MasterCard to perform cash withdrawals from ATM machines?
    
    Yes. You can withdraw cash from your credit balance at a fee of HK$ 50 per transaction.
    
    If you are withdrawing a cash amount of above your available credit balance, Xpress Finance will consider it as a 'cash advance' and a cash advance fee and all cash advance terms and conditions will apply.
     
13. Will I be sent a monthly card statement?
    
    Yes.
     
14. Who should I call if I have any questions about my account or if I lose my card?
    
    Please call Xpress Finance's 24-hour Customer Service hotline at (852) 2583 3600 for information. If your card is stolen or lost, please call the Lost / Stolen Card Emergency hotline at (852) 2583 3666.
     

Scenarios & Fraud Prevention

1. Will the eCosway Xpress Finance Platinum MasterCard be protected by fraud prevention measures? How does Xpress Finance verify card transactions? What if I've detected an unauthorized transaction?
   
   To safeguard Xpress Finance cardmembers against card fraud, Xpress Finance has set up a fraud prevention criteria system that is reviewed and updated on both periodical and 'need-to' basis.
   
   If you notice or suspect an unauthorized transaction on your monthly statement, please immediately report this transaction to Xpress Finance card centre (within 14 days) to dispute the transacion. Upon your request, Xpress Finance will investigate the transaction. If it is confirmed that your are not responsible for the transaction, Xpress Finance will credit the relevant amount back into your card account. This arrangement will be done in accordance with the Chargeback Rules of MasterCard International.
    
2. If I want to change the Business Owner ID tagged to my card, what is the procedure?
   
   If you want to change your Business Owner ID or any other particulars that are displayed on the card face, Xpress Finance will need to replace your card. The card replacement fee is HK$ 50, as per Fee Schedule, and Xpress Finance will normally take a few days for card replacements. Xpress Finance may waive the card replacement fee if you are replacing your card because your card's magnetic stripe is faulty magnetic.
    
3. Does the card offer additional benefits / privileges?
   
   Under Xpress Finance, the card offers benefits such as balance transfer program, interest-free installment payment plan, discounts on tour packages, year-round offers by merchants, joint promotions with merchants and free Bon Appetit Club membership. Xpress Finance and merchants' terms and conditions apply.
    
4. Can I arrange for my eCosway profit payment to be credited into my eCosway Xpress Finance card account?
   
   Yes. If you are a Business Owner, you can arrange for this through your Online Office in the ecosway.com website. Once you have selected this profit payment option and typed in your Xpress Finance card account number, eCosway's Management will make the necessary arrangements with Xpress Finance to credit your profit payment by every 15^th of the month.
    
5. As an eCosway Xpress Finance MasterCard Platinum Cardholder, am I also entitled to all standard MasterCard International platinum card benefits?
   
   Yes, Platinum MasterCard cardholders are entitled to all MasterCard platinum card benefits including high credit limit; dedicated customer service hotline, Platinum MasterCard Moments, Concierge Services, and MasterCard Global Services.