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  • How much can I borrow with CreFIT ClearCard Credit? How long is the longest period / tenor can I borrow for?

    CreFIT ClearCard Credit features loans up to HK$200,000 with repayment periods / tenors of 3, 6, 9, 12, 18, or 24 months. The interest rate expressed in Annual Percentage Rate (“APR”) ranges from 1.98% to 47.00%. The maximum loan amount and interest rate are subjected to CreFIT’s assessment on comprehensive individual details and financial status, including but not limited to monthly income, occupation and financial situation.

  • What are the application requirements for CreFIT ClearCard Credit?

    • Hong Kong Permanent Resident aged 18 or above
    • Hong Kong local mobile phone number
    • Average monthly salary of HK$5,000

  • Will my credit reference report be checked / enquired for applying the CreFIT ClearCard Credit?

    No review on credit reference report needed for CreFIT ClearCard Credit, but CreFIT reserves the final right.

  • What documents are required to apply for CreFIT ClearCard Credit?

    • Hong Kong Permanent Identity Card
    • Linking credit card bank account; or uploading the latest credit card statement

  • How to calculate the total interest expense of the loan?

    The Monthly Flat Rate is used to calculate the total interest expense of the installment loan.
    Calculated as follows: Total interest = Loan Amount x Monthly Flat Rate x Number of Repayment Periods (in months).

  • What is Monthly Flat Rate? What is the difference between Monthly Flat Rate and Annual Percentage Rate (APR)?

    Monthly Flat Rate is a method used by finance companies to calculate the monthly repayment amount. The calculation is as follows:

    Total Interest = Loan Amount x Monthly Flat Rate x Number of Repayment Period (in months)

    APR is calculated based on the net present value method established according to the Code of Banking Practice. It shows the basic interest rate, other fees, and charges (if applicable) of products in an annualized rate.

    APR is a reference rate for comparing interest rates, and it only represents the relative cost of borrowing and repayment. For example, if the loan amount is HK$200,000 with repayment period in 24 months, and the calculation is based on 365 or 366 days in a year, the APR and Monthly Flat Rate (calculated using relevant guidelines from the Hong Kong Association of Banks) are 8% and 0.343% respectively. In this case, the monthly repayment amount and the total interest paid over the loan period would be HK$9,019.33 and HK$16,464.00 respectively.

  • Why are the final approval amount and interest rate different from the initial approval result?

    The initial approval result is preliminary review result. The final approved loan amount and interest rate are subjected to the individual circumstances and final approval result.

  • Are there any other fees associated with the application?

    There is no withdrawal fee nor annual fee for this loan product. If the loan instalment is not fully repaid on the due date, a fixed late fee of HK$300 will be charged for each overdue instalment.

  • How can I use the credit limit approved by CreFIT ClearCard Credit?

    The credit limit can only be used to offset the outstanding balance of the credit card.

  • Which credit card issuer does CreFIT ClearCard Credit currently support?

    At this stage, CreFIT ClearCard Credit supports ten Hong Kong credit card issuers, namely: HSBC, Bank of China (Hong Kong), Standard Chartered Bank, Citibank, Hang Seng Bank, Bank of East Asia, DBS Bank, China CITIC Bank International, Dah Sing Bank and China Construction Bank (Asia). This list of cards issuing banks will be updated continuously. For the latest list, please refer to the list of card issuers in the application.

  • How will the funds be credited to my credit card account after the approval of CreFIT ClearCard Credit?

    The borrower selects or adds credit card accounts and fills in the required settlement amount. Upon the acceptance of loan agreement, we will immediately disburse to the designated credit card account(s) via FPS. Please note that the final receiving time of the fund depends on the beneficiary bank designated by the borrower.

  • Do I have to submit application whenever I use my credit limit?

    CreFIT ClearCard Credit is a revolving loan. You only need to apply once, and you can use the funds within your credit limit any time without re-apply.

  • How to repay the loan?

    We only accept repayment via eDDA. You may set up eDDA through CreFIT App. After successful set up the eDDA, the repayment amount will be debited automatically from your specific account on repayment date (include weekends or public holidays).

  • What is an interest-free cooling-off period?

    Upon your withdrawal from CreFIT ClearCard Credit’s credit limit, you are entitled on a “7-day interest-free cooling-off period”. If you decided to settle the loan within 7 days from your loan withdrawal date, the interest payable that accrued from the withdrawal date will be waived. However, if your loan is early repaid during the cooling-off period, you may not be eligible for any promotional offers. For details, please refer to the relevant promotional terms and conditions.

  • How to make early settlement on the loan after the cooling-off period?

    You can call the customer service hotline at 6369 2338 to request amount for early repayment of the loan. Partial repayment is not allowed.

  • Did the banks grant VCREDIT Finance Limited (CreFIT) permission to access my data?

    We have no partnership with any banks in Hong Kong. We use our own data capture technology to ensure data security. Your information will never be disclosed to third parties without your consent.

  • How do we protect your personal data?

    CreFIT is a licensed financial institution in Hong Kong and is bound by regulatory standards. During the process of data transmission and handling, we strictly adhere to Hong Kong laws and industry guidance to ensure the security and confidentiality of customer personal data.

  • Is CreFIT App safe?

    Don’t worry! We've adopted industry-standard encryption to ensure the safety of your personal information and financial assets. We also monitor our system on a 24/7 basis to prevent any potential fraud.

  • How to apply for account closure?

    Please contact customer services: 6369 2338

    Before submitting the account closure request, please ensure that all balance in the account have been fully settled. After submitting your closure request, we will validate the account information to ensure the security of your account.

    Please note: you should download all e-advice, loan agreements (if any) or other documents before submitting the account closure request. These documents will NOT be available on the App, after the account closure. 

    *We will implement appropriate personal data retention policies and destroy or dispose of your personal data securely once it is no longer required for the purpose(s) for which it was collected or for compliance with applicable laws and regulations, and procure that the Transferees do the same.