The ICBC Global Travel MasterCard is a new travel credit card by ICBC, one of China’s premier banks that is fully functional in Singapore. This travel card comes with unlimited cashback benefits and easier payments for your bus and train rides.
The first 1,000 new successful applicants of this card get a unique Rewards Lounge Card worth USD$54, and can enjoy VIP-style treatment at Changi airport lounges. This gives you access to the lounges, free food and drinks, and high-speed Wi-Fi access.
Here are some of the key features of this card:
You get a cashback of 1.5% – unlimited – on transactions made in Singapore, and 3% cashback on foreign currency/overseas payments. There is no minimum spend requirement, nor any restriction on the number of transactions to be made, and there is no cap on the cashback you can receive as well. This means that you can earn cashback on every single spend you make through the card. However, the cashback will remain in your account only for a period of 1 year. You need to use it for bill offsets before the end of this period or you will lose the money you saved.
Please note that payments such as top-ups to prepaid cards and prepaid accounts such as EZ-Link, insurance premium payments, school, real estate and tax payments are not eligible to give you any cashback. Any cashback earned by a supplementary card member is credited to the primary card account. All eligible transactions will be rounded to the nearest dollar when cashback is calculated, which means that if you made a transaction of S$1.2, it will be rounded off to S$1, and a transaction of S$12.7 will be rounded off to S$13.
The table below details the fees that are charged by the ICBC Global Travel MasterCard:
|Type of fee||Amount payable|
|Supplementary card fee||S$75|
|Interest rate||24% p.a.|
|Minimum monthly payment||S$50 or 3% of the outstanding balance, whichever is higher|
|Late payment charges||5% of the amount or S$40, whichever is greater|
|Cash advance fee||S$15 or 5% of the withdrawn amount, whichever is higher|
|Interest on cash advance||24% p.a.|
|Foreign currency transaction charge||2.5%|
Transactions made in a currency other than Singapore or US dollars will be converted by the MasterCard network at the existing exchange rates. The conversion is made first into US Dollar and then into Singapore Dollar. The administrative fee for foreign currency transactions is 2.5% of the transacted amount, out of which 1% is charged by MasterCard and the rest by the bank. In addition to this, if you are paying in Singapore Dollars using dynamic currency conversion, MasterCard charges a 1% fee for this service.
If you are in dire need of cash, you can withdraw money from the ICBC Global Travel MasterCard. However, this amount comes at a cost of 5% cash advance fee and an interest of 24% p.a. Withdrawals can be made from any ICBC ATM, MasterCard or Maestro ATM, and other affiliated ATMS both in Singapore and abroad. The amount you can withdraw depends on your credit limit – for example, if your credit limit is S$10,000 and you have used the card for S$4,000, you may be able to withdraw up to S$6,000.
You can apply for this card in three ways:
You need to ensure that you are filling up the form fully and correctly, and submitting the required documents along with it.
The interest rate for this credit card is 24% per year for an SGD account and 18.25% for an RMB account. If you pay your monthly bill in full, you will not have to pay any interest charges. If there is any outstanding amount after the bill payment due date, then you will have to pay the interest charges on the balance.
You need to pay your credit card bills by the due date specified in your monthly statement. If you do not do so, you will be charged a late payment fee. If you forget to make payments for a few months, the account will be considered in default and a higher interest rate will be charged. Though it is not advisable, if you cannot pay the full bill, you have to at least pay the minimum monthly payment required by the bank.
If you lose or misplace your credit card or it is stolen from you, you need to report the loss of the card as soon as possible. You can let the bank know by calling the ICBC 24x7 Customer Care Hotline on +65 6369 5588. If you are able to notify the bank promptly, then your lost card liability is limited to S$100. If the card is stolen, you should also report the incident to the police and file a report, which needs to be submitted to the bank. But if you are unable to report the loss on time or are found to have been behaving malevolently or carelessly, then you are likely to bear the full liability of fraudulent transactions made on the card after it left your person.