ICBC Introduces New 1.5% Local/3.0% Overseas Rebate MasterCard

[BBCWatcher]

ICBC has introduced an interesting new credit card this month (June, 2017): the ICBC Global Travel MasterCard. Here are the basic details:

* unlimited flat 1.5% rebate on Singapore dollar spending with no minimum
* unlimited flat 3.0% rebate on foreign currency spending (less a 2.5% foreign transaction fee) with no minimum
* annual fee waiver for 3 years (primary and supplemental cards)
* one-time free lounge access at Changi Airport for first 1,000 sign-ups
* 10% rebate on MasterCard Tap & Go bus/train rides through August 31, 2017

It's a Platinum MasterCard (ordinarily, unless approved with a low credit limit) with MasterCard PayPass contactless payment technology. Minimum annual income to qualify is $30,000. Alternatively, a secured card is obtainable if you place a fixed deposit of $10,000.

ICBC describes the 1.5% and 3.0% rebates as "promotions" but also says there is no expiration date for them at present. Rebates are credited directly to your account. Any rebate must be spent, via additional card spending, within 12 months otherwise the rebate is forfeited.

This card is broadly similar to the American Express True Cashback Card and the Standard Chartered Unlimited Cashback Credit Card. However, ICBC's higher overseas rebate (with no announced expiration) and 3 year annual fee waiver are significant improvements. This is a very good overseas card, actually, since you should still come out ahead by about 0.5% on overseas and cross-border transactions. (The cross-border fee is 1%.)

 

[sgdividends]

3% ,3-1=2%,

2%>>> 0.5% because of forex?

Thanks for sharing

 

[BBCWatcher]

Foreign currency purchases qualify for a 3% rebate less a 2.5% foreign transaction fee, yielding a net rebate of about 0.5%.

Cross-border purchases qualify for a 1.5% rebate (Singapore dollars) less a 1% cross-border transaction fee, yielding a net rebate of about 0.5%.

Local purchases qualify for a 1.5% rebate (Singapore dollars again) with no transaction fee, yielding a net rebate of exactly 1.5%.

I say "about" in the first two cases because there are currency variations (though MasterCard is typically the best) and double conversions (first to U.S. dollars if not in U.S. dollars, then to Singapore dollars).

On edit: To elaborate, it should be exactly 0.5% net rebate in the second case. For example, your Uber taxi rides in Singapore would yield exactly 0.5% net rebate. The problem is with Dynamic Currency Conversion (DCC), which is a horrible exchange rate and should always be avoided. If you have any DCC transactions then that 0.5% net rebate will be wiped out, and then some.

 

[sgdividends]

Foreign currency purchases qualify for a 3% rebate less a 2.5% foreign transaction fee, yielding a net rebate of about 0.5%.

Cross-border purchases qualify for a 1.5% rebate (Singapore dollars) less a 1% cross-border transaction fee, yielding a net rebate of about 0.5%.

Local purchases qualify for a 1.5% rebate (Singapore dollars again) with no transaction fee, yielding a net rebate of exactly 1.5%.

I say "about" in the first two cases because there are currency variations (though MasterCard is typically the best) and double conversions (first to U.S. dollars if not in U.S. dollars, then to Singapore dollars).

Foreign transaction fee includes the cross border fee already right?

So it's not a 2.5% + 1% , rendering it a -0.5%

 

[OngHuatHuat]

Very good card, going to try it out soon.
Thanks for sharing.

 

[KiraYamatoX]

now 1.5% rebate is the norm!
any sign up promo for this card?

 

[kitkat2]

nice. i love mastercard too. better exchange rates usually. coupled with 3% cashback, it is an ideal card for travel.

 

[Polar Bear King]

good card
applying now with supp too

 

[Allen_C_Sharp]

Good replacement for Amex true cashback card? Since master is more widely accepted..

 

[Polar Bear King]

Good replacement for Amex true cashback card? Since master is more widely accepted..

just convert AMEX TCB to another AMEX card for other rewards lor

 

[opt1m4l]

Hmm... SC Unlimited, HSBC Advance or this card.

 

[the.guru]

StanChart unlimited cashback still gives 1% rebate for EZ-Reload after deducting $0.25 admin fee and 1.5% rebate for all transactions at http://www.axs.com.sg/axsEstation.php.

This ICBC Card does not give rebates for these transactions:
http://v.icbc.com.cn/userfiles/Reso...7/GlobalTravelMasterCardCashbackPromotion.pdf

 

[subprimelive]

StanChart unlimited cashback still gives 1% rebate for EZ-Reload after deducting $0.25 admin fee and 1.5% rebate for all transactions at http://www.axs.com.sg/axsEstation.php.

This ICBC Card does not give rebates for these transactions:
http://v.icbc.com.cn/userfiles/Reso...7/GlobalTravelMasterCardCashbackPromotion.pdf

Any shopping voucher if sign up now?
Or give free luggage?

 

[BBCWatcher]

any sign up promo for this card?

As mentioned in the very first post, the first 1,000 sign-ups for this card get a free one-time pass to a lounge at Changi Airport.

 

[BBCWatcher]

StanChart unlimited cashback still gives 1% rebate for EZ-Reload after deducting $0.25 admin fee and 1.5% rebate for all transactions at http://www.axs.com.sg/axsEstation.php.

This ICBC Card does not give rebates for these transactions:
http://v.icbc.com.cn/userfiles/Reso...7/GlobalTravelMasterCardCashbackPromotion.pdf

That's because the ICBC Global Travel MasterCard actually works as a "Tap & Go" card for public bus and train fares in Singapore. Per the terms and conditions, those transactions are coded beginning with "TL-ABT." Through August 31, 2017, those transactions qualify for a 10% rebate. Thereafter, since "TL-ABT *" is not on the rebate exclusion list, they'll qualify for a 1.5% rebate. All with no administrative fee.

This really is a very good card.

 

[BBCWatcher]

Hmm... SC Unlimited, HSBC Advance or this card.

The HSBC Advance is a good card if you happen to be a HSBC Advance banking customer and stay that way. Then you qualify for an annual fee waiver. Otherwise, the annual fee is not good -- and there doesn't seem to be any waiver at all. Also, the rebates are capped.

 

[BBCWatcher]

Foreign transaction fee includes the cross border fee already right?

Yes, that's correct.

 

[subprimelive]

That's because the ICBC Global Travel MasterCard actually works as a "Tap & Go" card for public cbus and train fares in Singapore. Per the terms and conditions, those transactions are coded beginning with "TL-ABT." Through August 31, 2017, those transactions qualify for a 10% rebate. Thereafter, since "TL-ABT *" is not on the rebate exclusion list, they'll qualify for a 1.5% rebate. All with no administrative fee.

This really is a very good card.

Must sign up for icbc saving account?
Any catch?

 

[Panerex]

This looks like a good replacement card for AMEX TCB and SCB Unlimited card.

 

[BBCWatcher]

Must sign up for icbc saving account?

No.

Any catch?

Not much.

1. I haven't found ICBC's form for automatic GIRO credit card payments, so that's a possible shortcoming if you prefer having automatic monthly credit card payments. (I do.) That said, my understanding is the banking regulations require credit card issuers to offer that service, so I doubt it's a genuine shortcoming. You'd just have to ask for the right form since it's not obviously available from their Web site.

2. Unlike Standard Chartered, American Express, and HSBC there is no Apple Pay support yet. (If that matters.)

3. ICBC could obviously change or discontinue the 1.5%/3.0% rebates. But that's true of every card.

4. ICBC doesn't have the most polished customer service. Their Web site is pretty rough, for example. But Standard Chartered's customer service is really pathetic.

5. ICBC has fewer merchant-specific promotions than AMEX, Standard Chartered, and HSBC do. It has a couple, though, for example some currently running discounts on certain China Eastern and China Southern airline tickets. And in mainland China they'll have more merchant-specific promotions, if you happen to like that particular country.