ICBC Credit Cards

    ICBC is a popular bank in Singapore and established the Singapore operations in 1993. With over two decades worth of experience in banking and leveraging Singapore’s unique financial and geographical advantage, has managed to become a leading provider of banking services. These services cater to consumer banking and include products such as deposits, investments, loans, remittance and credit cards. The credit cards offered by ICBC are a sought after choice due to its unique offering.

    The two main credit cards it currently offers are the ICBC UnionPay Dual Currency Credit Card and the ICBC Visa Dual Currency Credit Card. As the name suggests, both these cards are dual currency cards and when the cardholder makes any transaction in the currency the card supports, they do not have to pay any foreign currency charges

    Based on the card, the currencies it supports vary. For ICBC UnionPay Dual Currency Credit Card, the currencies supported are SGD and RMB. This means if the cardholders makes any payment in either of these currencies, both inside Singapore or overseas, they are free from foreign currency transaction fees. The ICBC Visa Dual Currency Credit Card is the other card in the staple which provides the cardholder with the option of making transactions in two currencies which are SGD and USD.

    If the cards being devoid of foreign transaction fees weren’t attractive enough, the joining promotions for the ICBC Visa Dual Currency Credit Card include a cashback of up to S$350. The card are also very affordable with annual fee waivers for up to 3 years.

    Best ICBC Credit Cards in Singapore

    Unlike most banks in Singapore, ICBC has two credit cards in its line-up. The ICBC Visa Dual Currency Credit Card and the UnionPay Dual Credit Card are the two credit cards that the bank offers. Let us look at the fee details and other related information on the cards.

    Card Name Joining Fee Annual Fee Suitable For Joining Perks
    The ICBC UnionPay Dual Currency Credit Card S$75 S$250 Shopping, online purchases, travel -
    The ICBC Visa Dual Currency Credit Card S$100 (Waived off if S$100 is charged to the card in 15 days from issue) Nil online shopping, travel, air ticket bookings Up to S$350 cashback on card

    ICBC UnionPay Dual Currency Credit Card

    The ICBC UnionPay Dual Currency Credit Card is one of the two credit cards offered to customers - permanent residents, SIngaporeans and Foreigners. Cardmembers receive a cash bonus of S$200 upon applying for the card and these cashbacks can be earned on both primary and secondary cards. These cashbacks can be availed on both the Primary and the Secondary Cards. Below are the salient features of the ICBC UnionPay Dual Currency Credit Card. Here are some notable features of the UnionPay Dual Currency Credit Card.

    • The card’s annual fee on the card is waived for the first 3 years.
    • Transactions made in RMB and SGD do not carry currency conversion charges.
    • Cardholders can obtain cash advances, subject to handling and interest charges.
    • Customers receive 3X reward points on all purchases made using the card.

    ICBC Visa Dual Currency Credit Card

    This dual currency card is the first credit card in Singapore that can be used to make transactions in USD without attracting a currency exchange cost. Let us look at the key features of the ICBC Visa dual Currency Credit Card.

    • The annual fee for the first 3 years is waived, akin to the ICBC UnionPay Dual Currency Credit Card.
    • Foreign currency transactions taking place in USD usually attract a 2.5% administrative fee levied by the bank and the card association. This fee is waived for the card.
    • Cardmembers can earn 3X reward points for every S$1 they spend using the card. The reward points can be accumulated on a monthly basis.
    • Accumulated reward points can be redeemed for exciting offers, discounts and more.

    Requirement to Apply ICBC Credit Card

    All applicants who wish to apply for the ICBC credit card are required to meet the necessary eligibility criteria in order to get their application processed and approved. Let us take a look at the eligibility criteria for ICBC credit cards:

    • Eligibility criteria for Singaporean citizens and Permanent Residents:
      • The applicant has to be a minimum of 21 years of age.
      • The minimum income to be eligible is S$30,000
    • Eligibility criteria for foreigners:
      • The applicant has to be a minimum of 21 years of age.
      • The minimum annual income in the case of foreigners is S$60,000.

    How to Activate ICBC Credit Card?

    Once you apply for your ICBC Credit Card, you will ideally receive your ICBC credit card in a matter of 7 - 10 working days. In order to use your credit card, you are first required to activate your credit card. This is primarily a security measure aimed at preserving sensitive customer information. There are different ways by which your ICBC credit card can be activated.

    You will never receive your credit card and your credit card PIN number together in the same mail. Once you’ve received your credit card and your security PIN, one way by which you can activate your credit card is by contacting the bank. The bank’s representative will help you with activating your credit card.

    How to Cancel ICBC Credit Card?

    Your ICBC credit card will be cancelled by the bank if it isn’t used for more than 12 months. The bank will send you an intimation regarding the status of your card and subsequently deactivate your card if it remains inactive for a period of 12 months or more. You can also manually deactivate or cancel your credit card if you don’t wish to use it. In that case, you can use ICBC’s mobile banking application and place a request to deactivate your credit card. You can also deactivate your ICBC credit card by visiting your nearest ICBC branch in Singapore and intimating the bank on the same. If there are any reward points on your credit card (outstanding reward points that can be redeemed), they will be converted into cash credits and credited to your bank account.

    ICBC Credit Card Hotline Number

    If you have any queries regarding your ICBC credit card application, cancellation or activation, you can contact ICBC’s Singapore hotline number. You can contact the hotline number even in the case of loss/theft of your credit card. In case of loss/theft, the bank will obtain details including card related information and information on recent transactions performed using your credit card, following which the bank will successfully deactivate your card after verifying your identity. The ICBC hotline for Singapore is (0065) 63278017.

    FAQs on ICBC Bank Credit Card

    1. Can I make payments using Visa payWave?

      ICBC customers can make fast and easy payments using Visa payWave, which provides a secure and contactless mode to perform purchase transactions.

    2. Can supplementary cardholders also earn rewards points on transactions?

      Yes, supplementary card holders can also earn reward points that will be added to the primary card holder’s account.

    3. Where can customers check their rewards points balance?

      ICBC rewards points are given on monthly credit card statements and can also be got from online banking accounts or via mobile banking.

    4. What is the minimum payment required to be made by customers based on their outstanding balance?

      Customers have to make a minimum payment of 3% of the monthly outstanding balance, along with any outstanding minimum payment amount from the previous month. Customers can also make payments worth S$50.00 or RMB ?50.00 or US$50.00, depending on the type of account.

    5. Does ICBC Bank impose any late payment charges on customers?

      Yes, ICBC levies a late payment charge of 5% of the minimum payment amount due or S$40.00 / RMB?40.00 / US$40.00, depending on the type of account.

    6. Who do I contact if I want to find out more information about ICBC bank credit cards?

      To find out information on ICBC bank credit cards, please visit the bank’s website or any branch in Singapore. You can also contact them on their customer care number.

    7. Can I apply for an ICBC credit card online?

      Yes, you can apply for an ICBC bank credit card online. If you apply online, you will be given 1000 reward points by the bank.

    8. Is there a grace period for repaying the credit card bill?

      The repayment grace period is 25 days from the date of your credit card statement.

    9. What is the rate of interest for a SGD account?

      The rate of interest charged for a SGD account is 24%.

    10. What is the fee for replacing a card?

      The bank charges SGD20 for replacing a card.

    News About ICBC Credit Card

    • Capital outflow from China benefits Singapore

      ICBC Bank has signed many deals in order to finance different companies in Singapore. Industrial and Commercial Bank of China will set up a team to offer services required for the infrastructure projects in Singapore. The bank will partner with the internship programme of IE Singapore for offering internships in the infrastructure.

      The bank has also launched a financial centre for Asia-Pacific shipping which will provide the shipping industry in Singapore with adequate finance.

      08th June 2016

    • China Bank signs MOU with IE Singapore to fund Infrastructure

      China Construction Bank and International Enterprise Singapore have signed a MOU (Memorandum of Understanding) on 25th April to provide finance to infrastructure sector. Through this partnership, they will provide $30 Billion to Chinese and Singaporean firms investing in ‘One Belt, One Road’ infrastructure projects. This agreement was signed at the first One Belt, One Road roundtable. To increase fund raising activities from Chinese companies, the bank signed a MOU with Singapore Exchange (SGX) as well. China Construction Bank also plans on setting up a centre in Singapore to provide financial services. The Chief Executive Officer of IE Singapore has said that this partnership will strengthen financing options.

      07th June 2016

    • ICBC International Payment Comes To Life In Singapore

      ICBC has cleared its first international transaction, a yuan transaction under their international payment system on 8th October, 2015. A payment of 35 million yuan or SGD 7.8 million was successfully cleared on Thursday by ICBC Singapore on CIPS (Crossborder Interbank Payment System) when it went live. This payment was for a trade settlement payment between two prominent establishments, from Singapore’s Raffemet Pte Ltd to China’s Baosteel Resources in Shanghai. This will forever remain the first transaction to be cleared by CIPS in Asia.

      Going forward, the CIPS will process a diverse range of cross border transactions including renminbi transactions between renminbi trade and capital projects and the settlement of remittance transactions. CIPS has been particularly launched to facilitate yuan investments and trade settlements. CIPS is a milestone in the internationalization of the yuan as it is one of the most popular world payment currencies today.

      In the first 3 quarters of 2015 alone, 47.1 trillion yuan has been successfully cleared by ICBC Singapore, which has seen an increase of almost 97.1% compared to the same period a year ago. This increase has also instigated the bank to introduce their round the clock renminbi clearing services.

      ICBC Singapore’s participation in the CIPS network, will play a key role to further broaden their transaction channel transcending the appeal to all financial corporations and institutions across the world.

      08th October 2015

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