Best ICBC Credit Cards 2021

Our credit card experts have handpicked the best rewards cards from ICBC, each having distinct benefits ideal for different people. Read below to find out which one might be the best fit for you.

ICBC credit cards can be highly valuable to Singaporeans who want to earn rewards or make payments in either US dollars or Renminbi while avoiding high transaction fees. All cards have a 3-year annual fee waiver, which will save you up to S$450, but their cashback terms and conditions differ. Here, we have reviewed and compared ICBC's credit cards that have distinct features and the ability to appeal to different individuals, depending on their spending habits.

ICBC Horoscope Credit Card: Maximize Cashback at Home and Abroad

ICBC Horoscope Credit Card
ICBC Horoscope Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 3% cashback on all spend in foreign currency
  • Unlimited 2% cashback on select shopping and dining spend in local currency
  • Unlimited 1% cashback on all other spend in local currency

The ICBC Horoscope credit card is great for people who want to earn 3% cashback on payments made overseas while also maximizing the cashback they earn at home. In Singapore you can also earn up to 2% cashback at a select group of partners and 1% on all other payments in Singapore. The great feature of this card is that cashback is uncapped and does not have any minimum spending requirements. This means you earn rewards with every dollar you spend.

Unlike other cards that offer you a flat cashback rate regardless of how and where you spend, the ICBC Horoscope Credit Card offers you the opportunity to maximize the cashback rate by using the credit card either overseas or at selected partners. This way you are able to achieve average unlimited cashback rates beyond 2%, which is above the usual 1.4% to 1.6% cashback most other credit cards offer.

Thanks to a current promotion you also will receive 6 DragonPass points that qualify you for up to 6 free VIP airport lounge or 12 free VIP railway lounge visits.

ICBC Horoscope Credit Card
ICBC Horoscope Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 3% cashback on all spend in foreign currency
  • Unlimited 2% cashback on select shopping and dining spend in local currency
  • Unlimited 1% cashback on all other spend in local currency

The ICBC Horoscope credit card is great for people who want to earn 3% cashback on payments made overseas while also maximizing the cashback they earn at home. In Singapore you can also earn up to 2% cashback at a select group of partners and 1% on all other payments in Singapore. The great feature of this card is that cashback is uncapped and does not have any minimum spending requirements. This means you earn rewards with every dollar you spend.

Unlike other cards that offer you a flat cashback rate regardless of how and where you spend, the ICBC Horoscope Credit Card offers you the opportunity to maximize the cashback rate by using the credit card either overseas or at selected partners. This way you are able to achieve average unlimited cashback rates beyond 2%, which is above the usual 1.4% to 1.6% cashback most other credit cards offer.

ICBC Chinese Zodiac Credit Card: Flat Cashback Rate Regardless of Where You Pay

ICBC Chinese Zodiac Credit Card
ICBC Chinese Zodiac Credit Card
Key Feature
  • 1.6% unlimited cashback
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 1.6% cashback on local and overseas spend
  • No cap and no minimum spend

The ICBC Chinese Zodiac Credit Card is an amazing option for those who do not often go abroad and want to earn a comparably high cashback rate on all local transactions. You earn 1.6% cashback on unlimited transactions without any minimum spending requirements. This means you earn with every S$1 you spend without any restrictions or limitations.

With the ICBC Chinese Zodiac Credit Card you don't need to watch out for specific vendors or partners to earn at higher rates. This card has a convenient and simple cashback rate that never changes, regardless of where you spend. This card may be the right option for people who rarely go overseas but tend to spend a lot. While other cards may have higher cashback rates, they often have monthly caps or other restrictions.

The current DragonPass promotion also applies to the ICBC Chinese Zodiac Credit Card, which means that if you apply for this card you will also receive 6 DragonPass points that qualify you for up to 6 free VIP airport lounge or 12 free VIP railway lounge visits.

ICBC Chinese Zodiac Credit Card
ICBC Chinese Zodiac Credit Card
Key Feature
  • 1.6% unlimited cashback
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 1.6% cashback on local and overseas spend
  • No cap and no minimum spend

The ICBC Chinese Zodiac Credit Card is an amazing option for those who do not often go abroad and want to earn a comparably high cashback rate on all local transactions. You earn 1.6% cashback on unlimited transactions without any minimum spending requirements. This means you earn with every S$1 you spend without any restrictions or limitations.

With the ICBC Chinese Zodiac Credit Card you don't need to watch out for specific vendors or partners to earn at higher rates. This card has a convenient and simple cashback rate that never changes, regardless of where you spend. This card may be the right option for people who rarely go overseas but tend to spend a lot. While other cards may have higher cashback rates, they often have monthly caps or other restrictions.

ICBC Global Travel Mastercard Credit Card: Travel and Earn Cashback

ICBC Global Travel Mastercard Credit Card
ICBC Global Travel Mastercard Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 3% cashback on overseas spend
  • Unlimited 1.5% cashback on local spend
  • No minimum spend

The ICBC Global Travel Mastercard Credit Card is perfect for people who spend a lot of time abroad. With this credit card you earn 3% cashback on payments made overseas. While the 3% cashback rate only applies to transactions abroad or in foreign currencies, you still earn 1.5% on all local transactions made in Singapore dollars. Unlike many other credit cards, ICBC Global Travel Mastercard gives you unlimited cashback with no minimum spend requirements. This means you earn with every transaction.

If a significant portion of your spending happens abroad, with this credit card you might be able to maximize your cashback and earn at an average rate of close to 3%, therefore, if you are a traveller then this card may be a great choice for you.

If you apply for the ICBC Global Travel Mastercard Credit Card you also will receive 6 DragonPass points. The points can be used for up to 6 free VIP airport lounge or 12 free VIP railway lounge visits.

ICBC Global Travel Mastercard Credit Card
ICBC Global Travel Mastercard Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • Unlimited 3% cashback on overseas spend
  • Unlimited 1.5% cashback on local spend
  • No minimum spend

The ICBC Global Travel Mastercard Credit Card is perfect for people who spend a lot of time abroad. With this credit card you earn 3% cashback on payments made overseas. While the 3% cashback rate only applies to transactions abroad or in foreign currencies, you still earn 1.5% on all local transactions made in Singapore dollars. Unlike many other credit cards, ICBC Global Travel Mastercard gives you unlimited cashback with no minimum spend requirements. This means you earn with every transaction.

If a significant portion of your spending happens abroad, with this credit card you might be able to maximize your cashback and earn at an average rate of close to 3%, therefore, if you are a traveller and this card may be a great choice for you.

ICBC UnionPay Dual Currency Credit Card: No-Fee Payments in SGD and RMB

ICBC Unionpay Dual Currency Platinum Card
ICBC Unionpay Dual Currency Platinum Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • No additional fees for transactions made in S$ or RMB
  • 3% fees for RMB withdrawal in Mainland China
  • Up to 8% cashback
  • 0.5% cashback on the first S$500 and up to 8% on spending beyond that
  • Each quarter the maximum cashback is limited to S$50 in the 1st month, S$60 in the 2nd month, and up to S$80 in the 3rd month

The ICBC Unionpay Dual Currency Credit Card is an amazing option for consumers who spend a lot of time in Mainland China, with zero foreign exchange fees if you make payments in RMB.

On top of that, you can earn up to S$80 per month cashback. While the first S$500 you spend only earns 0.5%, the cashback rate increases to up to 8% for every S$ of spend beyond that.This card's complicated cashback structure is best for people who spend between S$1600 and S$3000 per month.

The table below illustrates how much you need to spend each month to earn the maximum of S$190 cashback. It's important to note though that you only qualify for the higher cashback rates in the second and third month. Also, you must spend at least S$500 in the preceding months.

MonthCashback on spend up to S$500Cashback on spend over S$500Cashback capSpend to reach cap
1st Month0.5%2%S$50S$1,094
2nd Month0.5%5%S$60S$1,219
3rd Month0.5%8%S$80S$1,469
Maximum Cashback per Quarter--S$190S$3,782

Thanks to the higher cashback rates in the second and third consecutive month of spending more than S$500, you can earn as much as S$80 while spending less than S$1,500. For comparison, at a flat cashback rate of 1.5% you would need to spend more than S$5,300 to earn the same amount. Hence, this card is best for consumers who spend between S$1,600 and S$3,000 per month.

ICBC Unionpay Dual Currency Platinum Card
ICBC Unionpay Dual Currency Platinum Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • No additional fees for transactions made in S$ or RMB
  • 3% fees for RMB withdrawal in Mainland China
  • Up to 8% cashback
  • 0.5% cashback on the first S$500 and up to 8% on spending beyond that
  • Each quarter the maximum cashback is limited to S$50 in the 1st month, S$60 in the 2nd month, and up to S$80 in the 3rd month

The ICBC Unionpay Dual Currency Credit Card is an amazing option for consumers who spend a lot of time in Mainland China, with zero foreign exchange fees if you make payments in RMB.

On top of that, you can earn up to S$80 per month cashback. While the first S$500 you spend only earns 0.5%, the cashback rate increases to up to 8% for every S$ of spend beyond that. This card's complicated cashback structure is best for people who spend between S$1600 and S$3000 per month.

The table below illustrates how much you need to spend each month to earn the maximum of S$190 cashback. It's important to note though that you only qualify for the higher cashback rates in the second and third month. Also, you must spend at least S$500 in the preceding months.

MonthCashback on spend up to S$500Cashback on spend over S$500Cashback capSpend to reach cap
1st Month0.5%2%S$50S$1,094
2nd Month0.5%5%S$60S$1,219
3rd Month0.5%8%S$80S$1,469
Maximum Cashback per Quarter--S$190S$3,782

Thanks to the higher cashback rates in the second and third consecutive month of spending more than S$500, you can earn as much as S$80 while spending less than S$1,500. For comparison, at a flat cashback rate of 1.5% you would need to spend more than S$5,300 to earn the same amount. Hence, this card is best for consumers who spend between S$1,600 and S$3,000 per month.

ICBC VISA Dual Currency Credit Card: No-Fee Payments in SGD and USD

ICBC Visa Dual Currency Platinum Card
ICBC Visa Dual Currency Platinum Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • No additional fees for transactions made in S$ or USD
  • 5% fees for USD withdrawals
  • Up to 8% cashback
  • 0.5% cashback on the first S$500 and up to 8% on spending beyond that
  • Maximum cashback is limited to S$30 in the 1st month, S$40 in the 2nd month, and up to S$60 in the 3rd month

You should consider the ICBC Visa Dual Currency Credit Card if you spend a lot of time in the United States or make many USD denominated payments. This credit card will never charge you any foreign exchange fees if you make payments in USD, saving you up to 3% in transaction fees on those payments compared to other credit cards.

On top of that, you can earn up to S$60 cashback per month. While you only earn 0.5% on the first S$500 you spend, the cashback rate increases to up to 8% for any additional spending until the monthly cashback cap is reached. Like the UnionPay Dual Currency Credit Card, there are different monthly rates and caps, which reset each quarter. Cashback is limited to S$30 in the first month of the quarter, to S$40 in the second consecutive month of spending more than S$500 and to S$60 as of the third consecutive month of spending more than S$500.

MonthCashback on spend up to S$500Cashback on spend over S$500Cashback capSpending to reach cap
1st Month0.5%2%S$30S$1,375
2nd Month0.5%5%S$40S$750
3rd Month0.5%8%S$60S$719
Maximum Cashback per Quarter--S$130S$2,904

In order to qualify for the higher cashback rates on the ICBC Visa Dual Currency card, you have to spend at least S$500 in the first months of each quarter. The advantage of this card is that due to the higher rates you can earn up to S$130 per quarter while spending as little as S$2,904. With other credit cards that offer a flat cashback rate at around 1.5% this amount of spending would only result in around S$65 cashback. Therefore, this card maximizes your cashback if you spend consistently between S$1,300 and S$1,900 per month.

ICBC Visa Dual Currency Platinum Card
ICBC Visa Dual Currency Platinum Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • No additional fees for transactions made in S$ or USD
  • 5% fees for USD withdrawals
  • Up to 8% cashback
  • 0.5% cashback on the first S$500 and up to 8% on spending beyond that
  • Maximum cashback is limited to S$30 in the 1st month, S$40 in the 2nd month, and up to S$60 in the 3rd month

You should consider the ICBC Visa Dual Currency Credit Card if you spend a lot of time in the United States or make many USD denominated payments. This credit card will never charge you any foreign exchange fees if you make payments in USD, saving you up to 3% in transaction fees on those payments compared to other credit cards.

On top of that, you can earn up to S$60 cashback per month. While you only earn 0.5% on the first S$500 you spend, the cashback rate increases to up to 8% for any additional spending until the monthly cashback cap is reached. Like the UnionPay Dual Currency Credit Card, there are different monthly rates and caps, which reset each quarter. Cashback is limited to S$30 in the first month of the quarter, to S$40 in the second consecutive month of spending more than S$500 and to S$60 as of the third consecutive month of spending more than S$500.

MonthCashback on spend up to S$500Cashback on spend over S$500Cashback capSpending to reach cap
1st Month0.5%2%S$30S$1,375
2nd Month0.5%5%S$40S$750
3rd Month0.5%8%S$60S$719
Maximum Cashback per Quarter--S$130S$2,904

In order to qualify for the higher cashback rates on the ICBC Visa Dual Currency card, you have to spend at least S$500 in the first months of each quarter. The advantage of this card is that due to the higher rates you can earn up to S$130 per quarter while spending as little as S$2,904. With other credit cards that offer a flat cashback rate at around 1.5% this amount of spending would only result in around S$65 cashback. Therefore, this card maximizes your cashback if you spend consistently between S$1,300 and S$1,900 per month.

ICBC Koipy Dual Currency Credit Card: Great Dining Discounts in Singapore

ICBC Koipy Dual Currency Credit Card
ICBC Koipy Dual Currency Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • 3% cashback on total spend with min S$1,000 capped at S$60/month
  • 1% cashback on spend below S$1,000
  • No additional fees for transactions made in SGD or RMB
  • 3% fees for RMB withdrawal in Mainland China
  • Up to 12% discount at selected restaurants in Singapore

The ICBC Koipy Dual Currency Credit Card is an amazing option for consumers who spend a lot of time in Mainland China as this credit card will never charge you any foreign exchange fees if you make payments in RMB. Additionally you can take advantage of up to 12% discounts on dining at almost 50 participating restaurants in Singapore. On top of that, you can earn up to S$60 per month cashback. While on the first S$1,000 you spend you only earn 1%, the cashback rate increases to 3% for every S$ spend beyond that until you reach the cashback cap. This means you will reach the monthly cap of S$60 by spending almost S$2,670. If your monthly spending lies around that amount, this card may maximize your cashback.

While the gold card is only for students of the three major universities in Singapore (NUS, NTU and SMU), everybody who is older than 21 years and has a minimum annual income of at least S$30,000 can apply for the platinum version.

ICBC Koipy Dual Currency Credit Card
ICBC Koipy Dual Currency Credit Card
Key Feature
  • Annual fee: S$150 (waived for 3 years)
  • 3% cashback on total spend with min S$1,000 capped at S$60/month
  • 1% cashback on spend below S$1,000
  • No additional fees for transactions made in SGD or RMB
  • 3% fees for RMB withdrawal in Mainland China
  • Up to 12% discount at selected restaurants in Singapore

The ICBC Koipy Dual Currency Credit Card is an amazing option for consumers who spend a lot of time in Mainland China as this credit card will never charge you any foreign exchange fees if you make payments in RMB. Additionally you can take advantage of up to 12% discounts on dining at almost 50 participating restaurants in Singapore. On top of that, you can earn up to S$60 per month cashback. While on the first S$1,000 you spend you only earn 1%, the cashback rate increases to 3% for every S$ spend beyond that until you reach the cashback cap. This means you will reach the monthly cap of S$60 by spending almost S$2,670. If your monthly spending lies around that amount, this card may maximize your cashback.

While the gold card is only for students of the three major universities in Singapore (NUS, NTU and SMU), everybody who is older than 21 years and has a minimum annual income of at least S$30,000 can apply for the platinum version.

Learn More About Maximising Your Rewards with ICBC

Maximising the rewards you earn with ICBC credit cards requires you to choose carefully. The terms and conditions of each card's cashback program are very different, and some are only useful for a particular group of consumers.

There are almost no differences in annual fees among the credit cards. All offer a 3-year waiver of the annual fees, and all cards except the gold version of ICBC Koipy Dual Currency credit card have an annual fee of S$150.

However, students of the National University of Singapore, Singapore Management University and Nanyang Technological University are eligible for the Gold ICBC Koipy Dual Currency credit card which has reduced annual fees of only S$120. Non-students will pay S$150 as of the fourth year.

Technically none of these credit cards have a minimum spend requirement to earn cashback. However, some cards have a reduced cashback rate on the first S$500 to S$1,000 you spend.

While the ICBC Horoscope, ICBC Chinese Zodiac and ICBC Travel Mastercard credit cards have no minimum spending requirement to earn the highest rate offered, all dual currency cards have lower rates unless a certain spending threshold is crossed. For instance, the ICBC Unionpay Dual Currency credit card has only 0.5% cashback on the first S$500, and the ICBC Visa Dual Currency credit card offers a reduced 1% cashback on the first S$1,000. Be aware of these differences and consider the minimum requirements carefully when making a decision.

The monthly earnings caps differ widely among all ICBC credit cards. While some are uncapped, others have caps as low as S$30 cashback a month. These caps are the most important factor to keep in mind when picking the card that helps you maximize your reward earnings.

The ICBC cards that have very high cashback rates are all capped between S$30 and S$80 per month. Examples include the dual currency cards, which have 8% cashback but low earnings caps. This means that the cashback cap can already be reached after you spent a comparably little amount. If you usually spend below S$1,000 a month, these cards may be the right choice for you.

On the other hand, consumers who travel a lot and spend more than S$2,500 on those trips should consider the ICBC Global Travel Mastercard Credit Card. This card earns unlimited 3% cashback on transactions overseas, which in this case can easily result in cashback of more than S$100.

Alternatively, if you rarely leave Singapore but often spend more than S$3,000 per month, the ICBC Chinese Zodiac Credit Card is the right choice for you since it offers the highest uncapped domestic cashback rate of 1.6%. As you can see the uncapped rates tend to be lower, but if your spending is high enough there are no limits as to what you can earn.

Potential Cashback

The following table compares the cashback potential of each card for a given spending amount:

CardS$1,000S$2,000S$3,000S$5,000
ICBC Horoscope Credit CardS$10S$20S$30S$50
ICBC Chinese Zodiac Credit CardS$16S$32S$48S$80
ICBC Global Travel Mastercard Credit CardS$15S$30S$45S$75
ICBC UnionPay Dual Currency Credit Card**S$12.5 - S$42.5S$32.5 - S$80S$50 - S$80S$50 - S$80
ICBC VISA Dual Currency Credit Card**S$12.5 - S$42.5S$32.5 - S$60S$30 - S$60S$30 - S$60
ICBC Koipy Dual Currency Credit CardS$10S$40S$60S$60

As a rule of thumb, if you don't spend much, go for the higher capped rates. Otherwise, lower, but uncapped rates are a better option.

The only ICBC credit card that offers additional rewards other than cashback is the ICBC Koipy Dual Currency credit card, which gets you up to an impressive 12% discount at a select group of nearly 50 restaurants in Singapore.

There are almost no differences in annual fees among the credit cards. All offer a 3-year waiver of the annual fees, and all cards except the gold version of ICBC Koipy Dual Currency credit card have an annual fee of S$150.

However, students of the National University of Singapore, Singapore Management University and Nanyang Technological University are eligible for the Gold ICBC Koipy Dual Currency credit card which has reduced annual fees of only S$120. Non-students will pay S$150 as of the fourth year.

Technically none of these credit cards have a minimum spend requirement to earn cashback. However, some cards have a reduced cashback rate on the first S$500 to S$1,000 you spend.

While the ICBC Horoscope, ICBC Chinese Zodiac and ICBC Travel Mastercard credit cards have no minimum spending requirement to earn the highest rate offered, all dual currency cards have lower rates unless a certain spending threshold is crossed. For instance, the ICBC Unionpay Dual Currency credit card has only 0.5% cashback on the first S$500, and the ICBC Visa Dual Currency credit card offers a reduced 1% cashback on the first S$1,000. Be aware of these differences and consider the minimum requirements carefully when making a decision.

The monthly earnings caps differ widely among all ICBC credit cards. While some are uncapped, others have caps as low as S$30 cashback a month. These caps are the most important factor to keep in mind when picking the card that helps you maximize your reward earnings.

The ICBC cards that have very high cashback rates are all capped between S$30 and S$80 per month. Examples include the dual currency cards, which have 8% cashback but low earnings caps. This means that the cashback cap can already be reached after you spent a comparably little amount. If you usually spend below S$1,000 a month, these cards may be the right choice for you.

On the other hand, consumers who travel a lot and spend more than S$2,500 on those trips should consider the ICBC Global Travel Mastercard Credit Card. This card earns unlimited 3% cashback on transactions overseas, which in this case can easily result in cashback of more than S$100.

Alternatively, if you rarely leave Singapore but often spend more than S$3,000 per month, the ICBC Chinese Zodiac Credit Card is the right choice for you since it offers the highest uncapped domestic cashback rate of 1.6%. As you can see the uncapped rates tend to be lower, but if your spending is high enough there are no limits as to what you can earn.

Potential Cashback Compared

The following table compares the cashback potential of each card for a given spending amount:

CardS$1,000S$2,000S$3,000S$5,000
ICBC Horoscope Credit CardS$10S$20S$30S$50
ICBC Chinese Zodiac Credit CardS$16S$32S$48S$80
ICBC Global Travel Mastercard Credit CardS$15S$30S$45S$75
ICBC UnionPay Dual Currency Credit Card**S$12.5 - S$42.5S$32.5 - S$80S$50 - S$80S$50 - S$80
ICBC VISA Dual Currency Credit Card**S$12.5 - S$42.5S$32.5 - S$60S$30 - S$60S$30 - S$60
ICBC Koipy Dual Currency Credit CardS$10S$40S$60S$60

As a rule of thumb, if you don't spend much, go for the higher capped rates. Otherwise, lower, but uncapped rates are a better option.

The only ICBC credit card that offers additional rewards other than cashback is the ICBC Koipy Dual Currency credit card, which gets you up to an impressive 12% discount at a select group of nearly 50 restaurants in Singapore.

Zoryana Melesh

Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.

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