According to international practice, a card can only belong to one bank card organization, and the card organization is responsible for transfer and settlement. Dual-currency credit card is the product of the transitional period before the opening of RMB transfer and clearing market. Once visa or MasterCard has obtained relevant qualifications, it can require commercial banks to transfer and clear RMB through their own channels.
In other words, in the future, 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 data
1. At present, there are two accounting methods for dual-currency credit cards. One is that foreign currency and RMB are accounted for separately, and two bills are issued, and cardholders need to repay in RMB and foreign currency respectively.
The other is foreign currency consumption, which is accounted for in RMB. Usually, at the time of settlement, the card issuer converts the local currency consumed by the cardholder into US dollars, and then directly credits it to the RMB account. The exchange rate generally adopts the exchange rate of RMB against the US dollar on the day of consumption, and the cardholder only needs to pay back RMB.
If it is recorded in RMB, the repayment is more convenient, but if it is recorded in US dollars, it is necessary 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 using dual-currency credit cards in consumption abroad, you should also pay attention to the currency conversion fee. If you spend money in the euro zone with a US dollar card, you will get this so-called currency conversion fee, which is usually 1.5% or 1.75%.
Baidu Encyclopedia-Dual Currency Credit Card