ICBC Visa Dual Currency Credit Card
The ICBC card is not just a rewards card but also serves as a dual currency card allowing the cardholder to make transactions in both currencies of USD or SGD without having to pay any administrative fees. It is the first card of its kind in Singapore and earns points on every expense charged to it. The points earned can be redeemed for a wide variety of exciting gifts and offers.
|Type of fee||Amount payable|
|Annual fee||The annual fee of the card is S$150. 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 of the supplementary card is S$75.|
|Interest rate||Interest rate charged on card transactions is 24% per annum on SGD accounts and 24% per annum on USD 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|Cash advance fee||Cash advance fee is 5% of the amount withdrawn and is subject to a minimum fee of S$15.|
|Over limit fee||S$40 is charged if cardholder exceeds credit limit.|
Transactions carried out in USD or SGD do not carry any administrative fee. Transactions carried out in any other currency will be at the prevailing rate of exchange determined by Visa into US Dollars and then into Singaporean Dollars. The fee charged is an administrative fee of 2.5% on the converted Singaporean Dollar amount. Cash withdrawals made over the counter from the USD account carry a cash transaction fee of 1% of the amount withdrawn. Transactions made in other currencies and converted into US Dollars or Singaporean Dollars through Dynamic Currency Conversion carry a charge of 0.8% imposed by Visa on the converted US Dollar/Singaporean Dollar amount. Presently, the 0.8% charge imposed is absorbed by ICBC. ICBC will notify the cardholders in case of any changes in fee structure.
Candidates can apply for the ICBC Visa Dual Currency credit card through two channels. They can either apply for the card online on the ICBC website or visit their nearest ICBC branch and request for application. The completed applications should be submitted along with the required supporting documents.
Applicants wishing to avail this card should provide the following documents during the time of application
The SGD account interest rate and the USD account interest rate is 24% per annum. The interest rates are applied only when the cardholder does not make the full payment of outstanding dues by the specified due date and is calculated on a daily basis. Cash withdrawals carry an interest rate of 24% per annum calculated on a daily basis from the date of cash withdrawal until it has been repaid in full. Interest charges are subject to change and cardholders must check with ICBC for prevailing interest rates.
Cardholders are required to make a minimum monthly payment on the card. This payment amounts to 3% of the outstanding balance or S$50, whichever is higher. If the cardholder has exceeded the credit limit, then they have to pay the amount that exceeds the credit limit in addition to the minimum monthly payment. Exceeding the credit limit results in an over limit fee of S$40 being imposed on the cardholder.
Cardholders are required to keep their ICBC credit card safe at all times. In the event of loss or theft of the card, cardholders are required to notify ICBC immediately or as early as possible. Doing so will limit the liability of the cardholder against unauthorised transactions made on lost or stolen credit cards to S$100 provided they have notified ICBC in a reasonable amount of time and that the loss or theft did not occur due to sheer negligence on part of the cardholder.