• ICBC Visa Dual Currency Credit Card

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    ICBC Visa 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 will receive 1000 reward points upon successful approval. The offer is valid till 31st December 2016. The reward points are credited in a period of 50 days from date of approval.
    • 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 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 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 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.

    Features of ICBC Visa Dual Currency Card

    • It is the first card of its kind that allows USD/SGD transactions.
    • It is widely accepted across China through extensive Visa network.
    • The annual fee is waived for three years.
    • It does not charge conversion fee for transactions made in USD.

    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

    • Whenever the cardholder carries out transactions in USD, the conversion fee is waived.
    • Cardholders can make payments towards the card in either USD or SGD through a variety of payment modes.

    Fee and charges

    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 in foreign currencies

    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.

    How to apply for ICBC Visa Dual Currency Credit Card

    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.

    Eligibility Criteria for ICBC Visa Dual Currency Credit Card

    • Primary cardholder must have attained the age of 21 years at the time of application.
    • Supplementary cardholder must have attained the age of 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 Visa Dual Currency Credit Card

    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.

    Repayments

    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.

    Reporting lost/stolen credit cards

    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.

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