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August 26, 2014

China’s ICBC launches new credit card

Industrial and Commercial Bank of China (ICBC) has launched ICBC Global Travel All-currency Chip Credit Card in China.

By Verdict Staff

Industrial and Commercial Bank of China (ICBC) has launched ICBC Global Travel All-currency Chip Credit Card in China.

ICBC stated that the most distinct feature of the new offering is ‘zero currency conversion fee’. The cardholders consuming abroad can be exempted from currency conversion fee unconditionally, which could save 1% card-swiping cost for users on average.

The cardholders can select the repayment currency on their own. The cardholders with no foreign currency can repay by purchasing foreign exchange with RMB. The customers having foreign currency can directly repay with USD, EUR, HKD, GBP, JPY, SGD, CAD, AUD, CHF, and NZD, avoiding the trouble of handling residual cash in foreign currencies back home.

According to the bank, the card adopts the EMV standard chip that is used around the globe, making overseas payment safer and more reassuring.

The cardholders can enjoy a broad range of preferential business trip services offered by 10-plus well-known global airlines and 10-plus global hotel groups across 10-plus countries or regions most frequently visited by the Chinese for shopping and recreation, as well as duty refund facility in 40 countries, emergency rescue in 70 countries and privileged car rental service in 150 countries.

The preferential services from the ten sectors are estimated to save 10% of trip cost for customers.

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