ICBC VISA Dual Currency Credit Card: No-Fee Payments in SGD and USD
ICBC VISA Dual Currency Credit Card: No-Fee Payments in SGD and USD
ValueChampion Rating 
Pros
- Those who spend at least S$500 per month and no more than S$1,400
- Those who make frequent transactions in USD
Cons
- Those on a fixed monthly budget
- People who don't make transactions in USD
ICBC Visa Dual Currency Credit Card is ideal for moderate spenders with monthly budgets between S$720 and S$1,375. This card offers up to 8% cashback on total spend. To qualify, you need to spend at least S$500 every month for one quarter, with cashback capped at S$30, S$40 and S$60 for each consecutive month in a given quarter. Frequent travelers who make purchases in USD will also enjoy this card, since it offers flexible payments in both USD and SGD.
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What Makes the ICBC Visa Dual Currency Credit Card Stand Out?
Not only is the ICBC Visa Dual Currency Credit Card the first USD/SGD credit card in Singapore, but it also waives the usual 2.5% administrative fees for USD conversions and offers flexible payment in both USD and SGD. As a VISA customer you can also enjoy fast and easy payments with VISA payWave.
Another good feature of this card is its cashback rate of up to 8% cashback on all retail transactions. The way cashback is awarded is slightly complicated. In order to earn maximum cashback, you need to spend at least S$500 each month for 3 consecutive months. In this time period, in the first month you will earn 2% cashback on all spend above S$500, 5% in the second month and 8% in the third month. All spend below S$500 earns 0.5% cashback.
Monthly cashback breakdown
| Month | Cashback rate <S$500 | Cashback rate >S$500 | Month's Max Cashback |
|---|---|---|---|
| Month 1 | 0.5% | 2% | S$30 |
| Month 2 | 0.5% | 5% | S$40 |
| Month 3 | 0.5% | 8% | S$60 |
Spend required to reach the cashback cap
| Month | Spend to reach the cap | Month's Max Cashback |
|---|---|---|
| Month 1 | S$1,375 | S$30 |
| Month 2 | S$750 | S$40 |
| Month 3 | S$719 | S$60 |
The fact that this is a VISA platinum credit card also opens you up to a lot of benefits offered exclusively by VISA, such as global acceptance, global customer assistance, and a worldwide ATM network as well as exclusive member deals, discounts and privileges.
Cashback Program Details and Exclusions
The ICBC VISA Dual Currency card only offers cashback on retail transactions charged to the card. All transactions charged to the supplementary card will be included in the cashback calculation for the principal cardmember. 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. They 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 Visa Dual Currency Credit Card's Features and Benefits
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How Does ICBC Visa Dual Currency Credit Card Compare to Other Options?
In order to help you understand the ICBC Visa 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 Visa Dual Currency Credit Card v. ICBC UnionPay Dual Currency Credit Card
- Pros
- Frequent travelers to Mainland China
- People who spend at least S$1,100 per month
- Cons
- Low spenders or those on a fixed budget
- Infrequent travelers or those who don't travel to China
ICBC UnionPay Dual Currency Credit Card is a good option if you frequently travel to Mainland China and tend to spend between S$1,100 and S$1,500 per month. This card allows you to take advantage of the waived RMB/SGD exchange rate charges and lets you earn 8% cashback, similar to the ICBC Visa Dual Currency Card. The main difference is that The UnionPay card waives fees for RMB transactions, has higher cashback caps and higher min spend to reach those caps.
ICBC Visa Dual Currency Credit Card allows you to earn cashback of up to 8% on all transactions, and waives fees for transactions made in Singapore in USD. The benefit of this card is that it requires lower monthly spend to reach the cashback cap (which is lower as well).
Monthly cashback comparison
| Category | ICBC Visa Dual Currency | ICBC UnionPay Dual Currency | Difference |
|---|---|---|---|
| Quarterly spend to reach cap | S$2,844 | S$3,782 | S$938 |
| Quarterly cap | S$130 | S$190 | S$60 |
| Fees waived for | USD | RMB |
Overall, ICBC Visa Dual Currency Credit Card is a better option for those who don't travel often to Mainland China and tend to spend between S$720 and S$1,375 each month, as opposed to the range required to reach the cashback cap for ICBC UnionPay credit card which is between S$1,094 and S$1,469.
ICBC Visa 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 frequent travellers who prefer cashback to miles, and who spend locally and overseas. With this card you can earn 2% cashback on travel, 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/month.
While CIMB Visa Infinite Credit Card offers no caps on cashback, it does offer a lower cashback rate than ICBC Visa 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 VIsa Dual Currency Credit Card you can earn between S$30 and S$60 cashback, depending on the month. So if you don't travel often and your monthly budget is between S$720 and S$1375, then ICBC Visa Dual Currency Credit Card is worth considering.
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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.