Dual-currency credit card
Definition
A dual-currency card refers to a credit card that has both a RMB account and an account. Generally, the "UnionPay" logo is affixed to the upper right of the front of the card, and the logo of VISA, JCB or MasterCard is affixed to the lower right.
At present, VISA or MasterCard dual-currency credit cards can be used in more than 2 countries, so it is more convenient to find consumer merchants.
Advantages
Currency exchange fee/In the case that foreign exchange has not been fully liberalized, the dual-currency card has brought convenience to people's consumption settlement for outbound tourism. Make RMB and RMB freely convertible within a certain amount.
Disadvantages
Dual-currency credit cards are settled in RMB when they are swiped in China. If they are swiped abroad, they will automatically enter the settlement system. Depending on the types of cards, they will be converted into US dollars or euros first, and then converted into local currency for settlement when they are spent in non-US dollars or euros, and they will be converted again and again when they repay. Because of the currency conversion, 1% to 2% fees will be charged.
when you come back for repayment, you need to exchange money first, and there will be a currency conversion fee.
what does a dual-currency credit card mean?
a dual-currency credit card is a credit card with the UnionPay logo, which can be used to pay by swiping through the UnionPay channel, and with the logo of other card organizations, which can be used to pay through other card organizations. Usually, it corresponds to RMB+two accounts. The common dual-currency credit cards include UnionPay +Visa, UnionPay +Mastercard and UnionPay +JCB.
according to international practice, a card can only belong to one bank card organization, and the card organization is responsible for the transfer and clearing. Dual-currency credit card is the product of the transitional period before the opening of RMB transfer clearing market. Once visa or MasterCard has obtained relevant qualifications, it can require commercial banks to go through their own channels for RMB transfer and clearing.
in other words, visa or MasterCard single-label cards issued by foreign-funded clearing institutions with corresponding clearing qualifications, such as visa or MasterCard, can also be directly swiped in RMB in China.
Extended information
1. At present, dual-currency credit cards have two bookkeeping methods, one is to enter the account separately with RMB, and two bills are issued, and the cardholder needs to repay separately in RMB and separately.
the other is consumption, which is recorded in RMB. Usually, at the time of settlement, the card issuing organization converts the local currency consumed by the cardholder into US dollars, and then directly records it into RMB account. The exchange rate generally uses the exchange rate of RMB against US dollars on the day of consumption, and the cardholder only needs to pay back RMB.
it is more convenient to repay if it is recorded in RMB, but if it is recorded in USD, you need to purchase foreign exchange for repayment. Cardholders can deposit US dollars directly before the repayment date, and those without US dollars need to purchase foreign exchange manually.
2. When you use a dual-currency credit card in consumption abroad, you should also pay attention to the currency conversion fee. If you use a US dollar card to spend money in the euro area, this so-called currency conversion fee will be generated, usually 1.5% or 1.75%.
Baidu Encyclopedia-Dual-currency Credit Card
What does a dual-currency credit card mean?
A dual-currency credit card is a credit card with RMB and USD (Euro) settlement accounts, and its function is basically the same as that of a single-currency credit card. Dual-currency card is a kind of bank card that has only appeared in recent years. With the continuous development of economy and the continuous improvement of people's living standards, traveling and shopping abroad has become a very common thing, thus forming people's extensive demand for bank cards with settlement. Dual-currency credit cards came into being.
Many domestic banks have successively cooperated with international bank card organizations such as VISA (VISA) and MasterCard (MasterCard) to launch bank cards with RMB and USD settlement functions. In China, RMB settlement can be realized through UnionPay. After going abroad, they can spend and withdraw cash at merchants and bank ATMs that support Visa or MasterCard, and settle in USD.
There are two kinds of dual-currency credit cards: RMB-USD and RMB-EUR. The former is more common, because many countries in the world still settle accounts in USD, so it is more convenient. However, if you are spending money in Europe, you need to convert it once more with a RMB-US dollar credit card, and you will have to pay the conversion fee once more. The RMB-Euro credit card can be directly converted from Euro to RMB.
At present, the foreign exchange has not been fully liberalized, and the dual-currency card has brought convenience to people's consumption settlement for outbound travel. Make RMB and RMB freely convertible within a certain amount.
how to apply for a dual-currency credit card
users who want to apply for a dual-currency credit card must bring their ID card and the information needed for the application and go to the offline application outlets or business halls to handle business. Users only need to ask the bank staff to apply for a dual-currency credit card, then fill in the application form and submit the application materials. In addition, applicants can log in to the credit card official website of the issuing bank, find the credit card application-dual-currency credit card and click it in turn, then fill in personal information online and submit the application.
Conditions for handling dual-currency credit cards
1. The applicant is between 18 and 6 years old;
2. The applicant has a stable job and income;
3. There is no bad record in the credit investigation;
4. Have the ability to repay the overdraft limit on time;
5. Fill in the application form for dual-currency credit card and sign it personally at the "Applicant's Signature".
dual-currency credit card processing flow
1. Obtaining the application form
The applicant goes to the bank to obtain the application form for dual-currency credit card from the staff.
2. Understand the application conditions of dual-currency credit card
The applicant understands the relevant application conditions of dual-currency credit card from the bank staff.
3. Fill in the application form
Fill in the application form after you understand the application related to dual-currency credit card.
4. Prepare application materials
After the applicant submits the application, prepare relevant credit card certification materials.
5. Submit the application form and application materials
Submit the completed application form and prepared relevant materials to the bank staff.
6. Approval
The bank staff will approve the submitted materials, and then contact the applicant's credit card for approval.
7. Receiving a credit card
The bank sends the credit card according to the specific address submitted by the applicant.
8. Opening
9. After receiving the credit card, the applicant will open the credit card by himself.
dual-currency credit card processing materials
1. Work certificate: work card, labor and employment contract, etc.
2. identification: domestic resident identity card, household registration book, home visit card, military card, passport, etc.
3. Income certificate: the original work certificate stamped with the official seal of the financial department of the unit. If the salary is paid by the bank, you can directly provide the bank account number or provide a copy of the designated statement or passbook as required by the bank;
4. proof of financial resources: deposit certificate, current deposit certificate, fixed deposit certificate or passbook, deposit certificate, real estate license, automobile driving license, etc.
Legal basis:
Measures for the Supervision and Administration of Commercial Bank Card Business
Article 3 Commercial banks shall protect the legitimate rights and interests of customers and the security of relevant information in accordance with the law when operating credit card business. Without the authorization of the customer, the relevant information shall not be used for other purposes than the bank's credit card business.
article 4 commercial banks should establish and improve the risk management and internal control system of credit card business, strictly implement authorization management, and effectively identify, evaluate, monitor and control business risks.
article 5 when operating credit card business, commercial banks should fully disclose relevant information to cardholders, reveal business risks, and establish and improve corresponding complaint handling mechanisms.
what is a dual-currency credit card? What's the difference with ordinary credit cards?
More and more people travel and shop abroad, and many people will choose to apply for dual-currency credit cards, which can save a lot of handling fees when we spend, and it is more convenient to spend abroad. Dual-currency credit cards usually correspond to RMB+two accounts. There are several common dual-currency credit cards, such as UnionPay +Visa, UnionPay +Mastercard and UnionPay +JCB. When applying for a dual-currency credit card, you need to show the applicant's ID card, proof of wage flow income, proof of stable residence, etc.
Dual-currency credit card refers to a bank card issued by many domestic banks with RMB and two-currency settlement accounts, and with the logo of UnionPay and another international bank card institution. Dual-currency cards usually use RMB as the settlement currency in China UnionPay settlement network, and can be used as the settlement currency in international bank card organizations designated by the dual-currency card logo. From this point of view, the dual-currency credit card is still a better credit card.
The differences between ordinary credit cards and dual-currency credit cards are roughly as follows: different settlement methods, ordinary credit cards are the settlement method, which can only settle one currency, while dual-currency cards are the settlement method, which can settle two currencies, which are not arbitrary and subject to conditions; Payment methods are different. Single-currency cards, that is, RMB cards, are purchased in shopping centers, settled in RMB, and settled in RMB. When repayment is made, RMB must be returned to the bank, and repayment is not accepted. Dual currency card refers to RMB+USD card. When using consumption, when using RMB POS machine or UnionPay payment platform, it will be accounted for in RMB, and when repaying, it will be accounted for in RMB. The consumption of POS or international online shopping platform is settled in US dollars, and the US dollars are finally returned to the bank.
ordinary credit card is not RMB, but dual currency is RMB+USD. Single-currency cards are issued in China, and multi-currency cards such as RMB+Hong Kong dollar and RMB+British pound are issued. In domestic use, both ordinary credit cards and dual-currency cards are settled in RMB. Usually don't expect to spend money at home.
so much for the introduction of dual-currency credit cards.