A credit card account corresponds to one account per currency. If it is a dual-currency card, there will be two accounts, one RMB account and one foreign currency account. With multi-currency credit cards, there will be multiple accounts. The number of credit card accounts will be reflected in the credit report. Too many accounts or too many outstanding loans will affect your application for a loan or credit card and affect your personal credit report.

Multi-currency credit cards mean credit lines in multiple currencies. For example, if you swipe a card while traveling abroad in the United States, you can settle the payment in U.S. dollars at the time, and then settle the repayment in RMB based on the exchange rate after returning home. So what are the benefits of such a domineering multi-currency credit card?

For multi-currency credit cards, the current VISA channels are basically single-label cards, while M and AE have dual labels. Here is a list of all-currency credit cards issued by China Merchants Bank and VISA, which can settle all currencies covered by VISA, almost ALL. It should be noted that this kind of single-label card cannot be swiped through the UnionPay channel, and the repayment method is a bit tight. You can choose to bind the UnionPay card of the same bank.

Introduction to multi-currency cards

1. The main function of multi-currency cards is to waive currency conversion fees and handle transaction needs in all currencies. No matter which country or place you spend, you can repay directly in RMB after returning home, eliminating the need to purchase foreign exchange. In addition, China Merchants Bank's all-currency international cards also come with high-value travel accident insurance.

2. Multi-currency cards not only combine the advantages of the above two cards, but also avoid their disadvantages. Moreover, the multi-currency cards currently issued by various banks are free of annual fees. The only fly in the ointment is that all currency cards do not support the UnionPay channel for the time being.

3. Nowadays, UnionPay is becoming more and more popular around the world. Although there is still a gap between UnionPay and VISA and MasterCard, this convenience has great limitations. Since UnionPay cards are settled in RMB, there is no currency conversion fee for card purchases at overseas POS machines and domestic repayments. From the perspective of reducing the cost of outbound travel, it is still a good choice. Moreover, after swiping a card overseas for consumption, you can repay the payment directly in RMB when you return.

4. There is no such thing as dual currency in the world. It only exists in China. Dual currency credit cards use RMB settlement when swiping the card domestically. If the card is swiped abroad, it will automatically enter the foreign currency settlement system. , depending on the type of card, it is first converted into U.S. dollars or Euros. When spending in places other than U.S. dollars or Euros, it will be converted into local currency for settlement. It will be converted again when repaying, and it will be transferred back and forth because currency conversion has occurred. A fee of 1% to 2% will be charged. When you come back to repay, you still need to perform an exchange first, and another currency conversion fee will be incurred.