What does multi-currency credit card mean? Multi-currency credit cards mean credit lines in multiple currencies. For example, if you swipe the 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.
The main function of multi-currency 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.
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.
Comparison of multi-currency credit cards of various banks
1. ICBC - Multi-currency Credit Card
ICBC Multi-Currency Credit Card can be described as the "veteran" among similar cards. In addition to the RMB account, the card also has accounts in 10 other currencies, including US dollars, euros, Hong Kong dollars, British pounds, Japanese yen, Singapore dollars, Canadian dollars, Australian dollars, Swiss francs and New Zealand dollars. When the cardholder pays using the UnionPay line, the money will go directly into the RMB account. If the cardholder uses the MasterCard line, the money will go into the corresponding account according to the local currency. For example, when spending money in New Zealand, you can directly record it in New Zealand dollars, and when you spend money in Euros, you can directly record it in Euros. This way, there are no currency conversion fees during the entire process.
It is also very convenient to repay the outstanding balance of the card. According to ICBC staff, as long as you have an ICBC debit card and bind it to your credit card, you do not need to queue up at the counter to exchange currency, let alone By making an appointment for currency exchange, you can directly use your RMB deposit to purchase foreign exchange for repayment. The conversion will be based on the exchange rate on the repayment date, saving time and effort. Of course, this automatic foreign exchange purchase function requires cardholders to check the relevant options when applying for a card and ensure sufficient deposits in their RMB accounts.
2. Agricultural Bank of China - Golden Harvest World Credit Card
The biggest feature of the World Credit Card launched by Agricultural Bank of China is that you can spend and withdraw cash in any currency and through any channel around the world. Currency conversion fee waived. In other words, no matter where you are in the world, no matter what the local currency is, as long as you use this card to make purchases, there will be no additional handling fees, which makes the discount more widespread.
However, it is worth noting that, unlike the ICBC multi-currency credit card, the Golden Harvest World Card only has two accounts, RMB and Euro. When the cardholder uses UnionPay channels to swipe the card outside, the money will be directly converted into RMB is deducted into the RMB account, and when taking the MasterCard route, the local currency will be converted into euros. This means that there is actually a conversion process in the currency itself, rather than being directly entered into the account. It is just that the Agricultural Bank of China implements a fee-free policy for cardholders. Because of this, cardholders should pay special attention to the validity period of this policy. The current information on the official website of the Agricultural Bank of China shows that it ends on December 31, 2015.
Cardholders do not have to worry about repayment. It is reported that the card will display the amount owed in the RMB account, the amount owed in the Euro account, and the total amount owed after converting Euros into RMB when issuing bills ( (in RMB), if the cardholder holds euros, he or she can repay directly at the counter. If he does not hold euros, he only needs to repay the total amount owed in RMB. The system will automatically purchase the card on the last repayment day. Send repayment, no action required.
3. Bank of China - All-Currency International Chip Card
Just hearing the name of this credit card, it is not difficult to discover its two major features. First, by using the card to make purchases or withdraw cash at any time, in any place, and in any transaction currency, cardholders can enjoy discounts on currency conversion fees. Second, the card adopts the internationally accepted EMV chip standard and uses a chip and magnetic stripe composite card, which can effectively reduce the risk of counterfeiting and fraud.
In fact, the reason why this card can waive currency conversion fees is because the card has only one US dollar account, and all currency transactions of the cardholder will enter this account, and when the cardholder opens the card You can freely choose whether to automatically settle the arrears into RMB and enter your account. Once selected, the amount owed will automatically be converted into RMB when credited into the account. In other words, there is a conversion process from currency transaction to account entry, but according to the information on the official website of Bank of China, free discounts will be implemented from now until June 30, 2014. If there is no selection, all accounts will be recorded in US dollars.
It is worth mentioning that this card combines the dual functions of a savings card and a credit card. Cardholders can enjoy current interest by depositing their spare money into the card. However, since the card does not have the UnionPay logo, when making domestic purchases, transactions can only be made through Visa.
4. China Construction Bank - Dragon Card Global Payment Card
Dragon Card Global Payment Card has two accounts, RMB and USD. However, according to the staff, when the cardholder conducts foreign currency transactions, Including card swiping purchases, online purchases, cash withdrawals, etc., all foreign exchange purchases will be automatically realized, converted into RMB and included in the card's RMB account. For cardholders, they only need to repay in RMB when repaying. In other words, even though the card has dual accounts, the outstanding balance will be automatically transferred to the RMB account (whether through the UnionPay channel, Visa, or MasterCard channel). Although there is currency conversion in this process, CCB currently exempts foreign currency exchange procedures. Fee discount. Likewise, we remind cardholders to pay attention to the validity period of relevant policies.
5. China Merchants Bank - All-Currency International Credit Card
China Merchants Bank’s all-currency international credit card is a credit card with a single Visa logo. All transactions on the card will automatically purchase foreign exchange in RMB. Enter the account. As for the conversion fee between currencies, the card enjoys exclusive exemptions. That is to say, at present, cardholders are exempt from paying the 1.5% handling fee (you should pay attention to the information of China Merchants Bank for subsequent preferential policies).
Moreover, after the account is denominated in RMB, the bill received by the cardholder will also show the amount in RMB. When repaying, you do not need to calculate how much foreign currency you spent, you only need to repay the RMB directly according to the bill amount. That’s it.
According to the information on the official website of China Merchants Bank, the card can enjoy no annual fee without any additional consumption conditions during the validity period, which can greatly reduce the stress of card holders. Even if you haven’t made any overseas purchases for a while (since the card only has a Visa logo, you can only use Visa channels for purchases, which is more common overseas, and domestic purchases cannot be made through UnionPay channels), you don’t have to worry about incurring annual fees.
6. Postal Savings Bank - Dual-label Full-Currency Credit Card
Postal Savings Bank Dual-label Full-Currency Credit Card is a dual-label full-currency credit card launched by Postal Savings Bank of China UnionPay and MasterCard. This kind of credit card can be used in UnionPay offline and online networks, and can also be used at more than 300,000 online and offline MasterCard merchants to accept card payments. The credit card has the dual network of UnionPay and MasterCard for convenient switching at home and abroad. It is the first specially launched by Postal Savings Bank of China. Dual-label cards with the UnionPay and MasterCard logos, whether at home or abroad, you can worry-free swiping purchases with just one card in hand. UnionPay and MasterCard double global preferential merchant privileges; currently, most full-currency credit cards are not suitable for use in China Domestic consumption, but the Postal Savings Bank dual-label full-currency credit card can still be used for consumption in China. It also has special functions such as tax refund for overseas shopping, discounts for online shopping online, etc.
7. Minsheng - Visa All-Currency Credit Card
Minsheng Visa All-Currency Credit Card is an international EMV standard chip credit card. It features not only the traditional magnetic stripe identification system, but also the use of It uses a highly integrated chip as an information carrier and uses advanced chip encryption technology to effectively reduce the risk of financial fraud such as bank card being copied, making cardholders safer and more secure when using their cards. The composite card using "chip + magnetic stripe" gives priority to transactions through the chip. When the machine does not support chip transactions or the chip transaction fails, the transaction can also be completed through the magnetic stripe to ensure smooth transactions for cardholders.
Old customers who already hold Minsheng credit cards can receive 10,000 credit card points before the end of the next month after applying for Visa full-currency credit card activation. Now if you hold Minsheng Visa all-currency credit card, Minsheng will bear the maximum 1.5% foreign currency transaction fee for you. For global Visa channel card payments, there is 0 foreign currency transaction fee.
As long as you hold a Visa full-currency credit card and withdraw cash from overseas ATMs, the 3% overseas cash withdrawal fee is waived, allowing you to withdraw cash without any worries.