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).
Best suited to: Those who frequently makes transactions overseas as payments can be made in SGD or USD.
|Annual Fee||S$150 (waived for the first 3 years)|
|Cashback on all qualifying spends||
|Complimentary travel insurance||N.A.|
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|
|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.
|Type of Interest||Charge|
|Retail Purchases||24% p.a.|
|Cash Advance||24% p.a.|
|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|Cash Advance Fee||5% of the amount withdrawn, with a minimum of S$15|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)|
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.
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.
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.
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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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:
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:
How Can the Bill Be Paid?
Through Internet Banking/Auto-debit/Cheque/Cash/AXS
Your bill payment options are:
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?
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:
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?
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.
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: