Dual-currency card usually refers to a credit card that can support settlement in two currencies at the same time, which are usually domestic currency and another major international currency, such as US dollar. This design makes it more convenient for cardholders to make payments in domestic and international transactions.
For example, in China, a dual-currency card may support both RMB settlement and US dollar settlement. Such a card is very convenient when traveling abroad or doing international transactions, because the cardholder does not need to exchange money or worry about the exchange rate every time.
In contrast, a single-currency card only supports one currency settlement, usually the domestic currency. This card has no problem in domestic transactions, but it may need currency conversion in international transactions, which may bring additional expenses and exchange rate risks.
For example, if you hold a single-currency RMB credit card in China, you make a purchase in the United States, which needs to be denominated in US dollars and then converted into RMB for settlement. In this process, exchange rate conversion fees may be incurred. And if you hold a dual-currency credit card, then this consumption can be settled directly in US dollars, without additional conversion fee.
Generally speaking, the main difference between a dual-currency card and a single-currency card lies in the types and scope of use of currency settlement. Dual currency cards are more convenient in international transactions, while single currency cards are more common in domestic transactions.