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    ICBC Visa Dual Currency Card for Cashback

    Credit Card Application

    The ICBC Visa Dual Currency Credit Card is Singapore’s first credit card that allows you to make your payments in Singapore Dollars (SGD) or United States Dollars (USD).

    • Earn cashback up to 8% on purchases.
    • Administrative fee of 2.5% is waived for all transactions made in USD.

    Best suited to: Those who frequently makes transactions overseas as payments can be made in SGD or USD.

    Key Features

    Feature Description
    Annual Fee S$150 (waived for the first 3 years)
    Cashback on all qualifying spends
    • 0.5% for every S$1 on spends up to S$500
    • 2% for every S$1 on spends above S$500 in the first month
    • 5% for every S$1 on spends above S$500 in the next consecutive month
    • 8% on every S$1 above S$500 for 3 consecutive months
    Complimentary travel insurance N.A.

    Additional Benefits

    • Enjoy flexible payment options since you can pay with USD or SGD.
    • Convenience of contactless transactions with Visa payWave.
    • Earn cashback up to S$130 per quarter on spends above S$500 every month.
    • The administrative fee of 2.5% for conversion of USD transactions to SGD is perpetually waived.
    • Enjoy promotional offers from ICBC on travel, dining, and shopping. Each offer has a validity period and is subject to terms and conditions.

    Earning Rewards

    • Earn 0.5% cashback on all spends up to S$500, including local and overseas spends.
    • All transactions above S$500 earn you cashback of 2%, 5%, and 8% for the first three months of every quarter (quarters follow the calendar year).
    • There is a cap on all cashback earnings per month of the quarter which are as follows:
      • Cashback cap for the first month of each quarter: S$30
      • Cashback cap for the second month of each quarter: S$40
      • Cashback cap for the third month of each quarter: S$60
    • Cashback earned will be credited to your account within 30 working days from the end of each month.
    • The cashback expires in 12 months from the date it is credited to your account. If the amount is not used by that time, ICBC will debit the cashback amount from your account.
    • This amount cannot be exchanged for points and is not refundable. They, however, can be used to offset any other retail purchase that you wish to make.

    Let us illustrate:

    Let’s say that in the third month of a quarter you made transactions worth S$1,200. Of these transactions, your grocery spends were S$220, S$520 was spent on overseas retail transactions, and the remaining S$460 was spent on all other retail purchases.

    Spend Categories Monthly Spend Cashback Rate Cashback Amount
    Grocery S$220 0.5% S$1.10
    Overseas transactions S$520 0.5% on S$280 and 8% on S$240 S$1.40 (on S$280) and S$19.20 (on S$240)
    Other retail spends S$560 8% on S$560 S$44.80
    Total S$1,200 Cashback earned is S$60

    Note: Although the cashback earned is S$66.50, there is a cap of S$60 for the third month of every quarter.

    Interest Rates

    Type of Interest Charge
    Retail Purchases 24% p.a.
    Cash Advance 24% p.a.

    Fee and Charges

    Type of Charge Charge
    Overseas Transaction Fee 2.5% of the amount converted (for non-USD and non-SGD transactions)
    Late Payment Fee 5% of the minimum amount or S$40, whichever is greater
    Over Limit Fee S$40
    Cash Advance Fee 5% of the amount withdrawn, with a minimum of S$15
    Supplementary Card Fee S$75 (waived for the first 3 years)

    Activating the Card for Overseas Expenses

    Even though you can use your ICBC Visa Dual Currency Credit Card for transactions in USD, the magnetic stripe needs to be activated for overseas use in countries where the currency is not USD. You can activate the magnetic stripe on your card via SMS or email.

    You can also deactivate the magnetic stripe for overseas use via SMS or email.

    Instalment Payment Plans Available

    With your Visa Dual Currency Credit Card, you can convert purchases into instalments. The amount that you will be required to pay for the tenure of the instalment will be determined by the bank.

    It is important to remember that the credit limit on your card will be reduced by the amount of the purchase that has been unpaid. Also, keep in mind that any transaction that is converted to instalments will not earn any cashback.

    Eligibility Criteria

    It is not extremely easy to know if you meet the bank’s criteria to apply for this ICBC card. Simply click here to find out.

    Lost/Stolen Cards

    If your card is missing or has been stolen, report the loss immediately by calling ICBC’s 24-hour hotline. You will also have to give the bank a police report that you have filed along with a written confirmation of this loss and any other documents that the bank may require.

    Once the bank is satisfied with the documents furnished, then your liability for any unauthorised transactions made using your card is S$100.

    If you want to find out more on cards in different categories, visit the bank webpage or you comparison websites like Bankbazaar. We not only present information on various cards but also give you an easier way to apply to some of these cards.

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    What Else Do I Need to Know?

    How to Apply for the Card & Check the Application Status

    Through Balance Auto-transfer/Trigger Auto-transfer/Recurring Auto-transfer

    To apply for your card, do one of these:

    • Complete the online form and upload the supporting documents using your mobile or PC.
    • Download relevant form, fill it out, and dispatch it to the Raffles Quay branch along with mandatory documents.
    • Collect an application form from a sub-branch and submit it along with all your supporting documents.

    To check card application status, get in touch with the bank.

    How to Check Balance?

    Through Internet Banking/Phone Banking/Mobile Banking/ATMs

    Checking your card balance is easy with the help of:

    • Internet banking.
    • Phone banking.
    • Mobile banking.
    • At ICBC ATMs

    How Can the Bill Be Paid?

    Through Internet Banking/Auto-debit/Cheque/Cash/AXS

    Your bill payment options are:

    • Internet banking.
    • Automatic payment from your ICBC current account.
    • Payment in SGD or USD through crossed cheques at a sub-branch.
    • Payment in SGD or USD through cash at a sub-branch.
    • AXS terminals.

    How Much Is the Minimum Payment to Be Made on the Card?

    3% of the Outstanding Balance or Min S$50

    Your minimum monthly payment liability is 3% of the outstanding balance, subject to a minimum of S$50. Funds used in excess of approved credit limit on your card and any overdue from previous billing cycles will also have to be paid.

    What Is the Grace Period?

    25 Days

    You’ll get an interest-free period of 25 days from the time of generation of your monthly statement, provided you have settled all your past dues in full.

    How to Block or Unblock the Card?

    To block or unblock your card, contact your bank.

    How to Reset the PIN?

    Fill Form and Submit to Bank

    In order to reset PIN for your card, do the following:

    • Download the credit card instruction form.
    • Fill it up.
    • Send it to the bank.

    Don’t forget to select the service(s) you’re looking for and add the mandatory details.

    What Is the Billing Cycle and Bill Due Date?

    1 Month

    The billing cycle may vary from customer to customer and card to card. Generally, it would depend on the number of business days within the period considered. You’ll find it on your statement along with the bill due date.

    How to Get a Replacement Card?

    Fill the card instruction form and send it to the bank for card replacement. You’ll have to select the reason for replacement.

    • The bank may replace your card, at its discretion, following expiry.
    • The bank may replace a lost or damaged card after you bring it to their notice.
    • The bank may impose a handling charge for replacing your card.

    How to Temporarily Increase the Limit of the Card?

    Fill Form and Submit to Email/Fax/Mail

    To increase or decrease the credit limit on your card temporarily, you’ll have to download limit adjustment application form, fill it up, provide a reason for temporary credit review request in the form, and submit it to the bank through one of the following modes:

    • Send an email.
    • Fax it to the bank.
    • Mail it to the Raffles Quay branch of the bank.
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