ICBC Global Travel Mastercard: Travel and Earn Cashback
ICBC Global Travel Mastercard: Travel and Earn Cashback
ValueChampion Rating 
Pros
- Up to 3% unlimited cashback abroad
- 1.5% cashback on local transactions
- No minimum spend for rewards
Cons
- Cashback expires after 12 months
- Specialized cards offer higher rewards in some categories
- No extra benefits or perks
ICBC Global Travel Mastercard is ideal for high spenders and travelers who don't want to be constrained by spending caps and minimum spend requirements. With this card you can earn 3% on overseas spend and 1.5% cashback on local spend. In order to take full advantage of this card, you should ideally spend either a min of S$2,666 on foreign purchases only or a combination of min S$1,666 in foreign and S$2,666 in domestic purchases.
ICBC Global Travel Mastercard Credit Card Features and Benefits
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Key Features:
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What Makes the ICBC Global Travel MasterCard Credit Card Stand Out?
ICBC Global Travel Mastercard offers unlimited 1.5% cashback on all transactions made in SGD and 3% unlimited cashback on all transactions in foreign currency. The cashback has no monthly caps and no minimum spend is required. You can also enjoy earning cashback on all spend categories without exceptions.
If a significant portion of your spending happens abroad, this credit card might help you 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 by December 31, 2020 you will also receive 6 DragonPass points. The points can be used for up to 6 free VIP airport lounge or 12 free VIP railway lounge visits. You can also bring guests along, however you will be charged 0.5 point per person for the railway visit, and 1 point per person for the VIP airport lounge visit.
How Does ICBC Global Travel MasterCard Credit Card Cashback Program Work?
ICBC Global Travel Mastercard Credit Card Cashback Program allows you to earn a cashback rate of 3% on foreign transactions and 1.5% on local transactions. There are certain transactions which are not part of the qualifying transactions and do not qualify for cashback.
Cashback Not Available on...
- Cash advances, fees and charges
- Annual fees, interest and late payment fees
- Insurance payments
- Any securities payments
- Real estate related transactions
In case you have an ICBC Global Travel MasterCard supplementary credit card, the qualifying transactions on that card will be calculated as a qualifying cashback transaction for the principal credit card cardmember. When calculating cashback, all qualifying transactions will be rounded to the nearest dollar, and credited once per calendar month within 30 business days from the end of each month.
The cashback awarded will be in SGD and must be used within 12 months from the credit date, otherwise it will expire. Overseas transactions will be converted to Singapore dollars at the foreign exchange rate determined by ICBC for cashback calculation. Cashback is not transferable or exchangeable for credits or other gifts.
How Does ICBC Global Travel Mastercard Credit Card Compare to Other Options?
In order to help you understand the ICBC Global Travel Mastercard's value in the context of your other choices, we've provided a head-to-head analysis comparing it to several other popular credit cards below.
ICBC Global Travel Mastercard Credit Card v. OCBC 365 Card
- Pros
- 6% rebate on dining, 3% on groceries, transport, utilities, online travel
- Fee waiver with S$10,000 annual spend
- Up to 22.1% fuel savings at Caltex, 20.2% at Esso
- Cons
- 0.3% rebate on general spend
- High S$800 minimum spend requirement
OCBC 365 Credit Card is the best fit for moderate spenders who are looking for great cashback rates, which varies by category. With this card you can earn 6% on dining and food delivery, 5% on petrol, 3% on groceries, utilities and online travel. All other expenses will earn 0.3% cashback.
However, ICBC Global Travel Mastercard offers unlimited cashback with no minimum spend and no monthly cashback caps while OCBC 365 Credit Card caps your reward at S$80 per calendar month. In addition, spending less than S$800 in a calendar month will lead to your cashback rate on the OCBC card dropping to just 0.3%.
Ultimately, while OCBC 365 Credit Card offers varied cashback rates, it costs S$43 more per year than the ICBC Global Travel Mastercard Credit Card (S$192 v. S$150) a year to maintain, and its rewards are limited and capped. While the OCBC 365 is a great option if your budgets fit these criteria, ICBC Global Travel Mastercard Credit Card's universal fixed cashback makes it a better choice for users whose spending varies from month to month.
ICBC Global Travel Mastercard Credit Card v. Maybank Family & Friends MasterCard
- Pros
- Good for budgets of S$800/month
- Awards 8% cashback on 5 categories of your choice
- 3 year annual fee waiver
- Great to use in Singapore, Malaysia, Indonesia and the Philippines
- Cons
- Merchant restrictions
- Lacks miles & travel perks
Similar to the OCBC 365 Credit Card, Maybank Family & Friends Card maximum cashback per calendar month is capped at S$80. However, it offers strong 8% cash rebates on a long list of common expenses: groceries, fast food and food delivery, transport and petrol, data communication and online streaming, and learning and retail. All other categories will earn 0.3% cashback.
Unlike the ICBC Global Travel Mastercard, Maybank Family & Friends Card offers different cashback rates for different spend minimums. If you spend less than S$500, you earn 0.3%. Monthly spend of S$500 to S$799 earns 5% and spend above S$800 will earn 8% cash rebates. After reaching the monthly rebates cap, the rate of further spending drops to 0.3%.
While Maybank Family & Friends Mastercard offers higher cashback for spend between S$500 and S$799 than the OCBC 365 Credit Card, its monthly caps mean that it lacks the flexibility offered by ICBC Global Travel Mastercard. The key to remember in choosing the best cashback card for you is calculate how much you spend every month. If you spend more than S$3,000 per month, then ICBC Global Travel Mastercard is the best choice for you, especially if you travel often.
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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.