Dual-currency cards can be consumed in UnionPay and international organizations, while full-currency cards can only be consumed in VISA, which is inconvenient to use in China.
Full-currency cards are permanently and unconditionally exempt from annual fees, and dual-currency cards have a limit on the number of swipes. Only when they meet the standards can they be exempted from annual fees, but they are more convenient to use in China.
All-currency cards are free of currency exchange fees, and dual-currency cards will be settled in US dollars through international routes in consumption abroad. If the consumption amount is not USD, there will be an exchange fee between the two currencies, that is, 65438+ 0.5% of the transaction amount. If the consumption amount is USD, no settlement fee will be charged.
1, Introduction of Dual-currency Credit Card of China Merchants Bank
Dual currency, as the name implies, means that there are two currencies on the card, usually RMB plus USD, EUR or JPY. Dual-currency card refers to a credit card with both RMB account and foreign currency account. Generally, the "UnionPay" logo is affixed to the upper right corner of the front of the card, and the logo of VISA, JCB or MasterCard is affixed to the lower right corner. Now VISA or MasterCard dual-currency credit cards can be used in more than 200 countries, making it more convenient to find consumer merchants.
Dual-currency credit cards are settled in RMB in China. If you swipe your card abroad, you will automatically enter the foreign currency settlement system. Depending on the type of card, it will be converted into US dollars or euros first, and then converted into local currency when it is not spent in US dollars or euros. When they are repaid, they will be converted again and again. Because of the currency conversion, they will be charged 65,438+0% to 2%. When you come back to repay, you need to change money first, and there will be a currency conversion fee.
2. Brief introduction of China Merchants Bank's all-currency card
The main function of all currencies is to exempt currency conversion fees and handle the transaction needs of all currencies. No matter where you spend money, you can repay it directly in RMB after returning home, and you can also avoid the formalities of purchasing foreign exchange. In addition, banks' all-currency international cards generally give away high travel accident insurance.
The advantage of China Merchants Bank's all-currency card is that it can waive the currency conversion fee of 1.5%. For example, when a dual-currency card using RMB and USD is paid with Thai baht in Thailand, a currency conversion fee of 1.5% will be incurred (of course, this fee will not be incurred when it is paid with USD or RMB), while a full-currency card will not incur this fee.
All-currency card not only combines the advantages of single-currency card and dual-currency card, but also avoids their disadvantages. Moreover, at present, multi-currency cards issued by various banks are free of annual fees. The only fly in the ointment is that the all-currency card does not support the UnionPay channel for the time being.
The disadvantage of China Merchants Bank's all-currency card is that it is a single-label card (visa card) and cannot use UnionPay line, which means that this card cannot be used in China and can only be used for Haitao; Dual-currency cards are generally dual-label cards, which can be used normally in China.