• Bank Of China Travel Card

    Credit Card BYTES FROM OUR KITCHEN

    Bank of China (BOC) Travel Card is a great credit card to carry if you’re travelling, especially if the destination is China. It rewards your overseas purchases, and comes with travel benefits including dining discounts, golfing offers and shopping rebates.

    Features Of BOC Travel Card

    • The annual fees is waived for a period of 2 years.
    • Pay with your credit card at over 24 million outlets in China and Singapore using the UnionPay payment system.

    Rewards

    • 2 Bonus Reward Points for each S$1 equivalent that you spend abroad.
    • 1 Reward Point for all other local retail purchases.

    You can redeem the rewards by calling the bank’s Customer Service Hotline at 1800 338 5335, or filling out a redemption form and faxing it to (+65) 6532 6318. You can redeem the points and get vouchers for your favourite participating stores or restaurants, as available in the BOC Rewards Catalogue. You can also use the points to pay your card’s annual fees, or convert it into cash rebates for products. The reward vouchers are valid for 3 months from issuance.

    BOC Travel Card Promotions

    • BOC Dream Draw 2017: BOC cardholders stand a chance to win either a brand new Mercedes-Benz C 180 Cabriolet or a 4D3N stay at Banyan Tree Vabbinfaru in Maldives or a 4D3N stay at Banyan Tree Ungasan in Bali trough BOC’s Dream Draw 2017. Cardholders will be awarded one chance for every S$50 charged to their card. Cardholders can also get 3 times the chances earned when the monthly spend charged to the card is S$2,000. For example, if the monthly spend is S$2,000, the cardholder gets 40 chances (1 chance for every S$50) x 3 which is 120 chances. The promotion period is valid till 31 December 2017. New cardholders who have their card approved during the promotional period are awarded 10 chances upon card approval.
    • BOC Apply for BOC Credit Card Purchase Instalment Plan: Cardholders can convert their local and overseas retail purchases into low-interest instalment plans with tenure options ranging from 6 to 24 months. The minimum purchase amount that is eligible for conversion is S$300. Cardholders can convert qualifying purchases into a 6-month instalment plan at an interest rate of 0.50% p.a. or a 9-month instalment plan at an interest rate of 1% p.a. or a 12-month instalment plan at 1.50% p.a. with a processing fee of 3.50%. Cardholders need to call 1800 338 5335 after their purchase to convert it into an instalment plan. The offer is valid until 31 December 2017.
    • Apply for BOC Credit Card Statement Instalment Plan: Cardholders can convert their BOC Credit Card statements of S$500 or more into low-interest instalment plans with tenure options of 12 months or 24 months. Cardholders can convert their statements into a 12-month instalment plan at an interest rate of 2% p.a. or into a 24-month instalment plan at an interest rate of 4% p.a. They are required to call 1800 338 5335 after receiving their statement to convert it into an instalment plan. The offer is valid until 31 December 2017.

    Benefits Of BOC Travel Card

    • Avail a 30% discount on remittance fees to mainland China.
    • Get access to 24x7 concierge services to help you plan your travel, reserve rooms for you at suitable hotels, book your tickets for flights and events, and any other service you may need while travelling anywhere in the world.
    • Take advantage of special discounts on dining, shopping, golfing, air travel, hotel bookings, and entertainment in Singapore, China, Hong Kong and Macau.

    Instalment Payment Plans

    Bank of China’s 0% Instalment Payment Plan (IPP) allows you to pay for your large purchases over a period of 6 to 36 months at no finance charge. This plan can be used at 322 outlets in Singapore, which includes health and beauty clinics, educational institutions, travel planners, departmental stores, watch showrooms, and jewellery stores. Transactions of S$500 or more qualify for this plan. Let’s say you want to buy a S$4,000 Chopard Happy Sport from Cortina Watch, you could swipe your credit card and convert the payment into an IPP for a period of 12 months. This way, you will pay S$334 per month for 12 months instead of paying the whole amount in one go and piling up interest rate on the bill. If you delay your payment of the instalments, or fail to make the payment, the regular credit card late payment charges and interest rates will apply on your purchase.

    Fees And Charges

    Type of fee Amount payable
    Annual fee S$150
    Supplementary card fee S$75
    Interest rate 25.88% p.a.
    Late payment fees S$80 or 5% of the outstanding bill, whichever is greater
    Cash advance fee 6% of the advance amount or S$20, whichever is higher
    Interest on cash advance 28% p.a.
    Interest-free grace period 23 days

    Overseas Transactions And Payments In Foreign Currencies

    Transactions made in foreign currency outside or inside Singapore will attract a cross-border fee of 2.1% of the payment, of which 1.5% will go to the bank and 0.6% to UnionPay. The same UnionPay rate (0.6%) applies to transactions in Singapore dollars outside the country.

    Cash Withdrawals

    You can use your BOC Travel Card for any urgent cash requirements. Simply go to any BOC ATM in Singapore, or UnionPay, Cirrus or PLUS ATMs overseas, and withdraw cash as you would from a debit card. Within Singapore, you can also call the Customer Service Hotline and request for cash to be transferred from your credit card to your bank account. The applicable interest rate is 28% and a one-time cash advance fee of 6% of the amount, subject to a minimum of S$20, will be levied.

    How To Apply For BOC Travel Card

    You can apply for the BOC Travel Card by going to the nearest branch of Bank of China. You will need to take with you all the documents required, so that there is no hitch in the application and processing. Once your card is approved, you will receive the card and PIN by mail to your registered address.

    Eligibility Criteria For BOC Travel Card

    • Minimum age
      • Primary cardholder 21 years
      • Supplementary cardholder 18 years
    • Minimum income
      • Singapore citizens and permanent residents S$30,000 per year
      • Foreigners S$60,000 per year

    Documents Required

    • Salaried individuals
      • Photocopy of NRIC (both sides)
      • Most recent computerised payslips OR
      • Last 12 months’ CPF Contribution History Statement OR
      • Latest Income Tax Notice of Assessment
    • Self-employed individuals
      • Photocopy of NRIC (both sides)
      • Last 2 years’ Income Tax Notice of Assessment OR
      • Latest 12 months’ CPF Contribution History Statement
    • Foreigners
      • Employment Pass with at least 6 months’ validity
      • Photocopy of Passport with at least 6 months validity
      • Most recent computerised payslips OR
      • Last 12 months’ CPF Contribution History Statement OR
      • Latest Income Tax Notice of Assessment

    Repayments

    The minimum payment you are required to make every month is 3% of the billed amount (at least S$50). You can pay your bill in various ways

    • At AXS Machines
    • InterBank GIRO transfers
    • By phone banking
    • Cheque payment
    • Money order drawn on a Singaporean bank
    • Cash payments at BOC branches

    Reporting Lost/Stolen Credit Cards

    If you have lost or misplaced your card, or it has been stolen from you, you have to immediately call the bank’s hotline and report it. You can also inform the bank in writing. A police complaint should be registered in case of theft or forceful disclosure of PIN, and a copy of the report should be given to the bank. You are not liable to pay the bank more than S$100 in such cases, unless it is proved that the card was lost or stolen because of your negligence or that you faked the loss of your card or helped someone steal it in order to cheat the bank. The liability could also be higher if you fail to inform the bank about the loss of the card.

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