ICBC Koipy Dual Currency Credit Card: Great Dining Discounts in Singapore
ICBC Koipy Dual Currency Credit Card: Great Dining Discounts in Singapore
ValueChampion Rating 
Pros
- Frequent travelers, especially to Mainland China
- People with budgets of S$2,000
Cons
- People with budgets below S$2,000
- Consumers looking for a no-fee credit card
ICBC Koipy Dual Currency Credit Card is ideal for moderate spenders with monthly budgets of at least S$1,000. This card offers 3% cashback on total spend, at home and abroad on all purchases. Frequent travelers to Mainland China can also benefit from the dual currency privileges offered for RMB transactions. In addition, you can enjoy 12% discounts at select restaurants.
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What Makes the ICBC Koipy Dual Currency Credit Card Stand Out?
What makes the ICBC Koipy Dual Currency Credit Card so unique is that it offers up to 3% cashback on all purchases, regardless of the category, both at home and abroad. This cashback rate is, however, only applicable on minimum spend of S$1,000 per month and capped at S$60. If monthly spend is below S$1,000, then the cashback rate of 1% will be awarded. In order to take full advantage of the card's cashback, you need to spend S$2,000 per month, earning you an annual cashback of S$720.
For more details on how cashback is awarded, please refer to the table below:
Maximum Cashback Awarded per Monthly Spend
| Monthly spend | Cashback rate | Cashback amount |
|---|---|---|
| S$500 | 1% | S$5 |
| S$999 | 1% | S$9.99 |
| S$1,500 | 3% | S$45 |
| S$2,000 | 3% | S$60 |
Another unique feature of the card is that it offers 12% discounts on select restaurants in Singapore, thanks to ICBC's collaboration with Koipy, an online rewards platform for retail and food and beverage outlets. Other ICBC Koipy Dual Currency Credit Card privileges include:
- 10% off Singapore Flight
- 15% off Singapore Slight Flight
- 10% off Premium Sky Dining Flights
- 12% off a la carte menu at Sky View Pavilion
In addition, for those who frequently travel to Mainland China, you have the option of paying in RMB and SGD, and all administrative fees will be waived on RMB transactions. You will also qualify for preferential cash advance fees with the ICBC ATM network in Mainland China.
Cashback Program Details and Exclusions
All transactions made by ICBC Koipy Dual Currency Credit Card supplementary cardholders will be included in the calculation of the principal cardmember's spend. The qualifying spend will be calculated on a monthly basis.
Overseas transactions also earn cashback, and will be converted to Singapore dollars at the foreign exchange rate determined by ICBC for cashback calculation, and will count towards that given month's qualifying spend. Awarded cashback earned can only be used for transactions made in Singapore dollars.
Cashback Not Available On...
There are certain transactions which are not part of the qualifying transactions and do not qualify for cashback.
- Cash advances, fees and charges
- Annual fees, interest and late payment fees
- Insurance payments
- Any securities payments
- Real estate related transactions
- Any tax payments
ICBC Koipy Dual Currency Credit Card's Features and Benefits
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How Does ICBC Koipy Dual Currency Credit Card Compare to Other Options?
In order to help you understand the ICBC Koipy Dual Currency Credit Card'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 Koipy Dual Currency Credit Card v. CIMB Platinum MasterCard
- Pros
- Awards cashback for global transport
- Cashback for medical expenses and travel spend in foreign currency
- No annual fee credit card
- Cons
- Doesn't award cashback on everyday essentials
- No cashback on online spend
CIMB Platinum MasterCard is a good option if your spending is limited to dining, medical, transport, electronics and travel categories, all of which earn 10% cashback. To qualify for these rates, you need to spend at least S$800 per month, and each categories' cashback is limited to S$20 per month. This adds up to a maximum cashback of S$100 per month.
ICBC Koipy Dual Currency Credit Card is a much better option if you don't want to be limited to those five spend categories, if your spending is more varied and you would like to earn cashback regardless of where you make your purchases. While CIMB Platinum MasterCard charges no annual fee for life, ICBC Koipy S$150 annual fee is waived for 3 years, and with the lack of limitation on earning categories, ICBC Koipy is an easier option for those looking for flexible cashback.
ICBC Koipy Dual Currency Credit Card v. CIMB Visa Infinite Credit Card
- Pros
- Best fit for monthly budgets above S$2,000
- Unlimited 2% cashback on travel, overseas and online
- No annual fee credit card
- Cons
- Not suitable for spenders with local budgets
- Doesn't fit specialised budgets (ie dining, shopping) and infrequent travellers
CIMB Visa Infinite Credit Card is a good option for affluent travellers who prefer cashback to miles, and who spend locally and overseas. With this card you can earn 2% cashback on overseas and foreign currency spend and 1% cashback on all other spend. The main downside is that in order to qualify for these rates, you need to spend at least S$2,000.
While CIMB Visa Infinite Credit Card offers no caps on cashback, it does offer a lower cashback rate than ICBC Koipy Dual Currency Credit Card. If your monthly spend is S$2,000 and limited to overseas, with CIMB Visa Infinite you will earn S$40, and if only S$1,000 is spent overseas and S$1,000 locally, then your cashback will be S$30. With the same monthly spend of S$2,000, regardless of whether it is spent at home or abroad, with ICBC Koipy Dual Currency Credit Card you can earn S$60 cashback. So if you do like to travel and your monthly budget is around S$2,000 then you should consider ICBC Koipy Dual Currency Credit Card.
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.