• ICBC Unionpay Dual Currency Credit Card

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    ICBC UnionPay Dual Currency Credit Card

    Promotions

    • Candidates who apply for a principal ICBC Visa Dual Currency card or/and a principal ICBC UnionPay Dual Currency credit card online within 31st December 2016 will receive 1000 reward points upon successful approval. The reward points are credited in a period of 50 days from date of approval.
    • Cardholders can avail a 10% discount on a-la-carte items at the Singapore Flyer Sky View Restaurant when they use their ICBC credit cards. The offer is valid till 31st August 2017 and requires an advance reservation to be made. Cardholders can also get complimentary dining when they make a minimum charge of S$100 in a single receipt.
    • Cardholders can avail a complimentary house pour bottle of wine at La Brasserie at The Fullerton Bay Hotel for every 4 paying guests on a 3 course meal when they use their ICBC UnionPay card. The offer is valid till 30th December 2016.
    • Cardholders can avail a 10% discount on total bill at Premium Sky Dining at Singapore Flyer when they use their ICBC credit cards. The offer is valid till 31st August 2017 and requires an advance reservation to be made.
    • Cardholders can avail exciting overseas perks such as S$3 off on Madame Tussaud’s Hong Kong, S$2 off on Korea Lotte World Theme Park tickets and more when they pay with their ICBC credit cards at Changi Recommends. Cardholders can also avail attractive prices on internet access overseas. The offer is valid till 31st December 2017.

    ICBC UnionPay Dual Currency Credit Card

    The card is a dual currency card which allows it to carry out transactions in SGD or RMB. Transactions carried out in these currencies carry no administrative fee. The card also is a rewards card and earns reward points on every expense charged to it which can be redeemed for exciting gifts. Cardholders can enjoy the widest acceptance of this card all throughout China.

    Features of ICBC UnionPay Dual Currency Credit Card

    • Currency Exchange fees are waived for SGD/RMB exchanges.
    • The card is widely accepted across China.
    • Payments can be made in either of the currencies.
    • The annual fee of the card is waived for three years.

    Rewards

    • The card earns 3 reward points for the equivalent of every S$1 charged to the card.
    • Cardholders can redeem these points for offers such as a one night weekend staycation at Shangri-La Hotel, Singapore worth S$700. This can be redeemed for a total of 150,000 points.

    Benefits

    • Making payments on this card across Mainland China in either RMB or in SGD are free from exchange fees.
    • The cardholder has the option to make payments towards the card in either RMB or SGD, whichever they prefer.
    • Cash withdrawals over ATMs in Mainland China in RMB attract a much lower cash withdrawal fee of 3% of the amount withdrawn or RMB 9.
    • The card is the most widely accepted card in China for RMB settlements. The cooperation between ICBC and UnionPay has resulted in a wide network with enhanced RMB settlement amenities provided for cardholders.

    Fee and charges

    Type of fee Amount payable
    Annual fee The annual fee of the card is S$30 for Classic, S$120 for Gold and S$150 for Platinum cards. The annual fees are waived for first three years.
    Supplementary card fee The annual fee of the card is waived for the first three years. Subsequent annual fees are S$15 for Classic, S$30 for Gold and S$75 for Platinum cards.
    Interest rate Interest rate charged on card transactions is 24% per annum on SGD accounts and 18.5% per annum on RMB accounts.
    Late payment charges Late payment attracts a penalty of S$40 or 5% of the minimum monthly payment due.
    Cash advance fee Cash advance fee is 5% of the amount withdrawn and is subject to a minimum fee of S$15. For RMB cash advances, the fee charged is 3% of the amount withdrawn or RMB 9, whichever is higher.
    Over limit fee S$40 is charged if cardholder exceeds credit limit.

    Transactions in foreign currencies

    Transactions carried out in RMB and SGD will not carry any administrative fee. If the transaction is carried out in any other region, the transaction will be charged in the official currency of the country and then converted into Singaporean Dollars. The rate of exchange applied for such conversions will be the prevailing rate determined by China UnionPay. The administrative fee for such transactions is 1.5% of the transaction amount. Any cash withdrawals made over the counter from the RMB card account will carry a cash transactional fee which amounts to 1% of the withdrawal amount.

    How to apply for ICBC UnionPay Dual Currency Credit Card

    Candidates who wish to avail the ICBC UnionPay Dual Currency Credit Card can download the application form from the website, complete it and submit the form along with supporting income documents or alternatively, one can visit their nearest ICBC branch and request for the application forms.

    Eligibility Criteria for ICBC UnionPay Dual Currency Credit Card

    • The minimum age for Primary cardholders must be 21 years at the time of application.
    • The minimum age for Supplementary cardholder must be 18 years at the time of application.
    • The minimum annual income required to avail this card is S$30,000.

    Documents required:

    Applicants wishing to avail this card should provide the following documents during the time of application

    • For Salaried Applicants:
      • Photocopy of Applicant’s NRIC (both Front and Back).
      • Latest computerised payslips dating back 3 months.
      • Latest CPF contribution statement dating back 12 months or
      • Latest Income Tax Notice of Assessment dating back 12 months.
    • For Self-employed Applicants:
      • Photocopy of Applicant’s NRIC (both Front and Back).
      • Latest CPF contribution statement dating back 12 months.
      • Latest Income Tax Notice of Assessment dating back 2 years.
    • For High Net worth Applicants:
      • Copy of bank account statement dating back 6 months or
      • Copy of valuation report of property located in Singapore or
      • Copy of valuation report of securities owned by applicant.
    • For Foreign Applicants:
      • Photocopy of Applicant’s passport.
      • Copy of employment pass with at least 9 months validity remaining on it.
      • Copy of utility bill to serve as proof of residence.

    Interest on ICBC UnionPay Dual Currency Credit Card

    The SGD account interest rate is 24% per annum and the RMB Account interest rate is 18.5% per annum. The interest rates are calculated on a daily basis and is charged when the cardholder does not make the full payment of outstanding dues by the specified due date. Cash advances carry an interest rate of 24% per annum calculated on a daily basis from the date of cash withdrawal till it has been fully repaid. Interest charges are subject to change and cardholders must check with ICBC for prevailing interest rates.

    Repayments

    The cardholder is required to make a minimum monthly payment of S$50 or 3% of the outstanding balance, whichever is higher. If credit limit has been exceeded, then the exceeding amount has to be paid in addition to the minimum monthly payment. Exceeding the credit limit results in an over limit fee of S$40 being charged.

    Reporting lost/stolen credit cards

    If the cardholder has lost or misplaced their credit card, they have to notify ICBC immediately or as soon as they discover the loss or theft of the card. Doing so in a timely fashion will limit the liability of the cardholder against any unauthorised transactions to S$100 provided ICBC is satisfied with the speed of notification and the fact that the loss or theft did not occur due to sheer negligence on part of the cardholder.

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