What credit card should I use when traveling abroad? What is the difference between dual currency and full currency?

The summer of 2015 has arrived, and the travel season has become as hot as the hot summer. Modern people’s consumption level is high, and they travel abroad, such as Japan, South Korea, Europe, America, Australia, the United Kingdom, etc. It is inconvenient to carry cash abroad, so it is very important to choose a suitable credit card. Which credit card is suitable for traveling abroad? What is the difference between dual currency and full currency?

For all-currency credit cards, 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 only difference between the two is the number of currencies used for settlement. For example, if the dual-currency card is UnionPay VISA, RMB and US dollars, then when shopping on Amazon in the United States, there is no difference between dual-currency and full-currency (Scenario 1). However, if you shop on Amazon Japan, the dual-currency card will first debit the Japanese yen you consume to your U.S. dollar account according to VISA's exchange rate currency conversion fee on that day (situation 2), and then you will repay in RMB against U.S. dollars.

At first glance, dual currency is good

Dual currency card refers to a credit card with both a RMB account and an account. Generally, there is a "UnionPay" logo on the upper right side of the front of the card, and a VISA, JCB or MasterCard logo on the lower right side. Now, VISA or MasterCard dual-currency credit cards can be used in more than 200 countries, which makes it more convenient to find consumer merchants.

However, it is understood that there is no such thing as dual currency in the world. It only exists in China. Dual currency credit cards use RMB settlement when swiping cards domestically. When swiping cards abroad, they will automatically enter The settlement system, depending on the type of card, first converts it into U.S. dollars or euros. If you spend in a place other than U.S. dollars or euros, it will be converted into the local currency for settlement. It will be converted again when repaying. It goes back and forth because currency conversion occurs. , so a fee of 1 to 2 will be charged. When you come back to repay, you still need to perform an exchange first, and another currency conversion fee will be incurred.

Single-currency cards have limitations but save money

Now, UnionPay is becoming more and more popular around the world, although there is still a gap between it and VISA and MasterCard. This convenience has limitations. Since UnionPay cards are settled in RMB, there is no currency conversion fee for card purchases at overseas POS machines and domestic repayments. From the perspective of reducing the cost of outbound travel, it is still a good choice. Moreover, after swiping a card overseas for consumption, you can repay the money directly in RMB when you return.

In addition, some dual-currency cards require you to pay annual account fees or management fees. If you don’t understand your dual-currency card, you may not even know if it is overdue. If there are two accounts, the possibility of being swiped increases accordingly.

All-currency cards, hassle-free for overseas card swiping

The main function of all-currency cards 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 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.

What kind of credit card is better for traveling abroad?

What kind of credit card is better for traveling abroad?

It is really tricky to choose a credit card when traveling abroad to make overseas consumption more cost-effective. Credit card experts said that there is not much difference in which bank's credit card you choose to use. The most important thing is to distinguish between dual currency cards and credit cards.

Dual-currency cards and UnionPay cards save money. When PK cardholders use dual-currency credit cards for consumption abroad, they have to pay a one-time currency conversion fee of 1-2 of the total transaction amount, and they also bear the exchange rate. risk.

Use the card to feel it.

Generally, credit cards are divided into simple UnionPay cards, UnionPay VISA/MASTER/JCB (which also includes full-currency cards.) I have three cards at a time, a simple UnionPay card, a UnionPay JCB card, and a full-currency card. Card. I feel like they can complement each other. Of course, it also depends on which country you go to and play more.

Generally, the process of swiping a card is to first ask the merchant whether it supports UnionPay cards. UnionPay is the first choice. When checking out, tell the cashier first if there is a UnionPay channel to go through the UnionPay channel. When the card is swiped on the UnionPay line, the payment will be settled directly in RMB; when the card is swiped on the international line, this refers to the master line, the payment will be settled in US dollars. Since overseas consumption by credit card will be settled in U.S. dollars, if the consumption amount is non-U.S. dollars, there will be an exchange fee between the two currencies, which is 1.5 of the transaction amount. The exchange fee is charged by the bank on behalf of the international organization. If the consumption amount is in US dollars, there will be no foreign exchange settlement fee. If you use a full-currency credit card, you can spend anywhere around the world with 0 currency exchange fees. The foreign exchange purchase function is automatically activated, and you can purchase foreign exchange and repay in RMB.

This involves where to go and what card to use. For example, when I go to South Korea, many merchants support UnionPay. It’s no problem for me to just use a separate UnionPay card. Another important reason is that UnionPay channels have many local discounts in South Korea (this is the case in many Asian countries)! There are some exclusive offers for UnionPay cards in the country! Regarding this JCB card, I got it just for the sake of looking good. It is completely equivalent to VISA and Master, which means it is a dual-currency card. It is absolutely no problem to spend in the United States or the US dollar area, which is equivalent to the one you have. master. If you use it in non-U.S. dollars and does not support UnionPay areas, you will have to consider the handling fee. Regarding all-currency cards, it is true that Bank of China, ICBC, China Merchants Bank, China Construction Bank and other banks now have them. In fact, the operation methods of these cards in various banks should be similar, as described above. So it depends on which one is easier to use. I have a CCB all-currency card. It’s very convenient to use and I haven’t received any notice of currency conversion fees. I have tried it in Korea, Vietnam, Thailand, and Taiwan, and the whole process was stress-free. If you go out frequently, you might consider getting a full-currency card.

I hope the above information is helpful to you~