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Consumers in Hong Kong with credit cards issued by the local arm of United Kingdom-based HSBC will face higher card costs, a change the financial institution blames on the bad economy. Starting 1 Feb., the issuer will increase the annual percentage rate on purchases to 31.86% from 26.81%, the bank says in a statement. The rate for cash advances will increase to 33.07% from 28.11%. A platinum credit card holder will pay an annual fee of HK$1,500 (US$193 or 142 euros), up from HK$1,000, the bank says. The annual fee for the air miles program will increase to HK$300 from HK$150. The rate for overseas transactions will increase to 1.95% of the sale from 1.75%.
