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    ICBC Koipy Dual Currency Credit Card Singapore

    This is a dual currency credit card which allows you to pay for your transactions in Singapore Dollars (SGD) as well as Chinese Renminbi (RMB). Additionally, you will also earn cashback on your total spends.

    ICBC Koipy Dual Currency Credit Card Promotions

    ICBC Flight Discount Promotion:

    • China Eastern Airlines:
      • Enjoy 10% discount on Economy Class airfares and 20% discount on Business Class airfares on the China Eastern Airlines website.
      • This promotion is applicable on departures from Singapore to Shenyang, Nanjing, Kunming and Lanzhou.
      • The sale period and travel period for this promotion are valid until December 31, 2017.
    • China Southern Airlines:
      • Book your Business Class and Economy Class airfares through the travel agency, Fairprice Travel Pte Ltd and get 10% discount on your flight bookings.
      • The sale period and travel period for this promotion are valid until December 31, 2017.

    Features of the ICBC Koipy Dual Currency Credit Card

    • There are 2 variants of this credit card namely, Gold Credit Card and Platinum Credit Card.
    • The annual fees on this card is waived for 3 years.
    • You can pay your credit card bills through several channels including Internet Banking, AXS stations, over-the-counters at sub-branches or via cheque.
    • Transactions made in Mainland China will be charged on Renminbi but you can make the credit card payment is SGD or RMB. Transactions made outside Mainland China will be charged in SGD.
    • ICBC offers an Instalment Payment Plan to convert your large purchases into low interest instalment payments.

    Rewards

    • What you get - Up to 3% cashback on your totals spends made on this credit card.
    • How to redeem:
      • Spend a minimum of S$1,000 on this card to earn 3% cashback.
      • You will earn 1% cashback if your total monthly spend is below S$1,000.
    • Charges and details – The maximum cashback awarded per month is S$60.

    Benefits of the ICBC Koipy Dual Currency Credit Card

    • Administrative fees are waived on transactions made across Mainland China.
    • Preferential cash advance fees when using your credit card to make cash withdrawals across ATMS in Mainland China.

    Fees and charges of ICBC Koipy Dual Currency Credit Card

    Type of fee

    Amount payable

    ICBC Koipy Dual Currency Credit Card (Gold) Annual Fee

      • Principal Card - S$120

      • Supplementary Card - Not Applicable

    Fourth year onwards

    ICBC Koipy Dual Currency Credit Card (Platinum) Annual Fee

      • Principal Card - S$150

      • Supplementary Card - S$75

    Fourth year onwards

    Interest rate

      • SGD Account - 24% p.a.

      • RMB Account - 18.25% p.a.

    Late payment charges

    5% of the minimum amount due or S$40 for SGD account or RMB40 for the RMB Account

    Cash advance fee

      • SGD Account - 5% of the withdrawn amount with a minimum charge of S$15

      • RMB Account - 3% of the withdrawn amount with a minimum charge of S$9

    Interest on cash advance

      • SGD Account - 24% p.a.

      • RMB Account - 18.25% p.a.

    Overlimit fee

      • SGD Account - S$40

      • RMB Account - RMB40

    Transactions in foreign currencies

    • Transactions made in currencies other than SGD and RMB will be subject to 1.5% administrative fee on the converted amount. Foreign currency transactions made in non-SGD/RMB currencies will be converted to SGD at an exchange rate which will be determined by China UnionPay.
    • Transactions made in SGD and RMB will not be charged an administrative fee.

    Cash withdrawals (domestic and overseas)

    • You can use this credit card to make cash withdrawals across Mainland China ATMs at a preferential rate on your cash advance fee. The cash advance fee per transaction will be charged at 3% of the withdrawn amount with a minimum charge of RMB9.
    • For cash withdrawals made in SGD, you will be charged 5% of the withdrawn amount with a minimum charge of S$15.

    How to apply for the ICBC Koipy Dual Currency Credit Card

    There are 3 ways through which you can apply for this credit card:

    • Apply online through your mobile.
    • Apply online through your desktop.
    • Download the “ICBC Koipy Dual Currency Gold Credit Card Application Form” available on the bank’s official Singapore website and email the form/post the form with the requested documents.
    • Visit your nearest ICBC sub-branch and apply for this credit card, directly in person.

    Eligibility criteria for ICBC Koipy Dual Currency Credit Card

    • Minimum age:
      • Principal cardholders - 21 years.
      • Supplementary cardholders - 18 years.
    • Minimum income - S$30,000 p.a. for a Platinum Credit Card applicants. In the event that you cannot meet the minimum income requirement, you can apply for a secured credit card for which you will have to provide a fixed deposit collateral of at least S$10,000.
    • Applicants applying for the Gold Credit Card should be students from any of the following institutions:
      • National University of Singapore (NUS).
      • Nanyang Technological University, Singapore (NTU).
      • Singapore Management University (SMU).

    Documents required

    • Salaried employees:
      • NRIC AND
      • Computerised or electronic payslips for the last 3 months OR
      • CPF Contribution Statements for the last 12 months OR
      • Most recent IRAS Notice of Assessment + most recent electronic payslip.
    • Self-employed/commission based employees:
      • NRIC AND
      • CPF Contribution Statements for the last 12 months OR
      • Income Tax NOA (Notice of Assessment) for the last 2 years.
    • Foreigners:
      • Passport AND
      • A valid pass such as Work Permit, S Pass, Employment Pass, Long Term Visit Pass with a minimum validity period of 9 months, Dependent’s Pass, etc.
      • Address proof such as a recent utility/telephone bill, bank statement, etc.

    Note for Singapore Citizens and Permanent Residents - If the address on your NRIC is different than your current billing address, then you must additionally provide an address proof document. This can include a recent utility/telephone bill, bank statement, etc. The address on this document must match your billing address provided on your credit card application.

    Interest on the ICBC Koipy Dual Currency Credit Card

    As this is a Dual Currency Card, it comprises of 2 accounts and hence, 2 different interest rate structures. The interest rate for the SGD Account of your card is 24% p.a. and the interest rate for the RMB Account of your card is 18% p.a.

    No interest will be charged if you make the full payment on your outstanding balance by your payment due date every month. In the event that you do not make the full payment on your statement balance, interest will be computed per annum on a daily basis from the transaction date until you make the full payment.

    Repayments

    The minimum repayment on this credit card is calculated in the following way:

    • 3% of your current month’s outstanding balance +
    • Any minimum outstanding due from the previous month +
    • Excess amount of your credit limit (if applicable)

    OR

    S$50 or RMB50, depending on whichever is higher.

    The repayment grace period offered on this credit card is 25 days from your statement date.

    You can make repayments on your credit card bills in the following ways:

    • Internet Banking
    • Over-the-counter at sub-branches
    • AXS stations
    • Cheque

    Lost/stolen card liability

    In case your credit card has been lost, stolen or your credit card PIN has been disclosed to an unauthorized party, you must immediately inform ICBC regarding the same. Furthermore, you must assist the bank to recover any unauthorised or fraudulent charges that may have incurred on your credit card.

    Additionally, you must provide the bank with a police report of the incident of loss, theft or disclosure or any other information or documents requested by ICBC.

    Your maximum liability for unauthorised charges on your credit card is S$100 if ICBC is convinced that the loss, theft or disclosure was not due to your negligence.

    Reporting lost/stolen credit cards

    In the event that your credit card has been stolen or your credit card PIN has been disclosed to an unauthorized party, call ICBC immediately on the Card Centre’s Hotline available 24 hours to report the same.

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