ICBC Singapore launches US$-S$ dual currency credit card

INDUSTRIAL and Commercial Bank of China (ICBC) Singapore has launched a dual currency credit card that combines US dollar and Singapore dollar customer accounts, it said in a press release on Monday,

Cardholders can choose to make payments in US dollars or Sing dollars, and the bank said that the card would come with zero administrative fees for all US dollar transactions.

This would ease "additional costs that customers tend to bear, which can be as high as 2.5 per cent", said the bank's general manager Zhang Weiwu.

ICBC Singapore, designated as the yuan clearing bank here, also came up with Singapore's first yuan and Sing dollar dual currency credit card in 2011.

The bank said that it would offer incentives for new applications of its latest credit card, including cashback rewards.

It has retail branches in Raffles Place, Orchard, Chinatown, Paya Lebar and Jurong East.