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

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Old 16-06-2017, 11:42 PM   #1
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ICBC Introduces New 1.5% Local/3.0% Overseas Rebate MasterCard

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%.)

Last edited by BBCWatcher; 16-06-2017 at 11:59 PM..
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Old 17-06-2017, 08:06 AM   #2
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3% ,3-1=2%,

2%>>> 0.5% because of forex?

Thanks for sharing
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Old 17-06-2017, 09:44 AM   #3
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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.
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Last edited by BBCWatcher; 17-06-2017 at 04:47 PM..
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Old 17-06-2017, 10:09 AM   #4
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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%
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Old 17-06-2017, 10:18 AM   #5
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Very good card, going to try it out soon.
Thanks for sharing.
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Old 17-06-2017, 10:42 AM   #6
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now 1.5% rebate is the norm!
any sign up promo for this card?
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Last edited by KiraYamatoX; 17-06-2017 at 10:45 AM..
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Old 17-06-2017, 10:56 AM   #7
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nice. i love mastercard too. better exchange rates usually. coupled with 3% cashback, it is an ideal card for travel.
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Old 17-06-2017, 11:55 AM   #8
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good card
applying now with supp too
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Old 17-06-2017, 11:56 AM   #9
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Good replacement for Amex true cashback card? Since master is more widely accepted..
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Old 17-06-2017, 12:15 PM   #10
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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
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Old 17-06-2017, 12:39 PM   #11
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Hmm... SC Unlimited, HSBC Advance or this card.
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Old 17-06-2017, 04:11 PM   #12
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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/Resou...kPromotion.pdf
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Old 17-06-2017, 04:26 PM   #13
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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/Resou...kPromotion.pdf
Any shopping voucher if sign up now?
Or give free luggage?
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Old 17-06-2017, 04:28 PM   #14
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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.
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Old 17-06-2017, 04:31 PM   #15
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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/Resou...kPromotion.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.
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Last edited by BBCWatcher; 21-06-2017 at 05:38 PM..
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