OREANDA-NEWS.  September 03, 2012. ICBC Beijing Branch has recently launched a new multi-function credit card - ICBC multi-currency credit card, which supports RMB and 10 foreign currencies for customers to use in China and overseas. The 10 foreign currencies are: US dollar, Euro dollar, HK dollar, sterling, Japanese yen, Singapore dollar, Canadian dollar, Australian dollar, Swiss franc and New Zealand dollar, reported the press-centre of ICBC.

When cardholders use the card in the countries/territories respective to the above 10 foreign currencies for payment through MasterCard network, ICBC system will automatically record the transaction currency into respective FX account in the card. To cardholders, this translates into less cost since no currency conversion fee is incurred. When using the card for payment through MasterCard network, in case no foreign currency in the card is matched with the transaction currency, ICBC system will convert the amount into US dollar. Cardholders have to pay the currency conversion fee. Transactions made with the ICBC multi-currency credit card through China UnionPay network will be recorded in RMB account.

An example, a cardholder uses the card to buy goods in Australia and pays AUD 1000. If the cardholder uses the conventional dual-currency (RMB and USD) credit card to pay, first step is to convert AUD into USD. MasterCard will collect 1.1% of the amount as currency conversion fee (AUD/USD exchange rate is 1:1.0704, using exchange rate quoted on the transaction date). Total amount is USD 1082.17. Cardholder needs around RMB 6915.50 to buy USD for the repayment (USD/RMB exchange rate is 1:6.3904, using exchange rate quoted on the transaction date).

If the cardholder uses ICBC multi-currency credit card to pay, the amount will be directly charged to the AUD account in the card. In this case, cardholder needs around RMB 6854.50 to buy AUD for the repayment (AUD/RMB exchange rate is 1:6.8545, using exchange rate quoted on the transaction date). By comparison, it saves around RMB 61 to buy goods worth AUD 1000 if using ICBC multi-currency credit card. This shows the unique benefit of using ICBC multi-currency credit card.

Moreover, ICBC multi-currency credit card allows cardholders to buy FX and repay automatically, set credit line flexibly. Once the auto-repay agreement is signed at ICBC outlet or online, cardholders are free to buy any of the 10 foreign currencies for repayment, either use RMB account to buy FX to repay or use FX to repay directly.

ICBC multi-currency credit card also offers other financial services of ICBC credit card. Cardholders are entitled to a grace period of 56 days longest and the choice to set a payment password if necessary. For extra protection, cardholders can subscribe SMS alert for balance change while SMS alert for due repayment is free of charge. Besides, services are available round the clock in Internet Banking, Telephone Banking. Cardholders can also make fast, convenient installment payments by phone, via POS or at ICBC counter.

An executive with ICBC Beijing Branch said, the ICBC multi-currency credit cards are designed for customers who need to go overseas for study, travel or business. The Branch remains committed to always putting customers first, looking for new markets, launch of new products and set up of new service channels.