BOC has long been a champion of facilitating and promoting economic trade between China and Singapore. The SCCCI which stands for Singapore Chinese Chamber of Commerce and Industry was established in 1906 and is the forerunner of the Chinese business community and their economic operations in Singapore. This credit card is designed to ease economic activities between the two regions and also assist in travelling between the two regions
The instalment plans from BOC allow cardholders to convert their retail purchases into 0% instalments with tenures ranging from 3 months to 18 months. The processing fee of 2% and minimum S$20 is charged on the amount converted and the amount needs to be S$500 or more in a single receipt to be eligible for conversion. Premature termination of the instalment plan attracts a penalty of S$100.
Fee and charges
|Type of fee||Amount payable|
|Annual fee||The annual fee of the card is waived for life|
|Supplementary card fee||The annual fee of the card is waived for life|
|Interest rate||The card charges an interest rate of 25.88% per annum on transactions and 28% per annum on cash advances|
|Late payment charges||Late payments attract a fee of S$80 or 5% of the minimum payment sum, whichever is higher|
|Cash advance fee||6% of the amount withdrawn or S$20, whichever is higher.|
Transactions undertaken in foreign currencies attract an administrative fee of 1.5% and an additional cross border fee of 1% for Visa or MasterCard transactions and 0.6% for UnionPay transactions.
For all transactions processed overseas but effected in Singaporean Dollars carry a processing fee of 0.8% for Visa transactions and 1% for MasterCard transactions.
Those who wish to apply for this card can do so by downloading the application forms and submitting the completed forms along with the required documents on the BOC website or can visit their nearest BOC branch and requesting for application.
The following documents are required to be submitted during the time of application.
The interest charged on card transactions is 25.88% per annum. The interest is not levied if the outstanding dues are paid in full by the due date. Cash advances attract an interest rate of 28% per annum calculated on a daily basis from date of advance till it is fully repaid. Interest rates are subject to change and cardholders should consult with BOC to check the prevailing interest rates.
The cardholder must make a minimum monthly payment of 3% of the outstanding balance plus any previous minimum payments due and any amount exceeding the credit limit or S$50, whichever is higher.
Cardholders are required to take utmost care of their credit card. If the card is lost or stolen, cardholders need to notify BOC immediately or upon discovery of loss or theft of the card. They can do so by calling to BOC credit card hotline number 1800 338 5335. Notifying BOC and providing a written letter confirming the loss or theft of the card, BOC will limit the liability of the cardholder against unauthorised transactions to S$100.