Dual-currency credit card

Definition

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.

Advantages

Currency exchange fees/While foreign exchange has not yet been fully liberalized, dual-currency cards bring convenience to people’s consumption settlement when traveling abroad. Let the RMB be freely convertible within a certain amount.

Disadvantages

Dual-currency credit cards use RMB for settlement when swiping the card domestically. If the card is swiped abroad, it will automatically enter the settlement system. Depending on the card type, it will first be converted into U.S. dollars. or euros. If you spend money in a place other than US dollars or euros, it will be converted into the local currency for settlement. It will be converted again when repaying the money. Because of the currency conversion, a fee of 1% to 2% will be charged. .

When you come back to repay, you still need to make an exchange first, and another currency conversion fee will be incurred.

The difference between dual-currency credit cards and full-currency credit cards

The differences between full-currency and dual-currency credit cards are as follows:

Dual-currency cards refer to both RMB account and credit card account. Dual-currency credit cards use RMB settlement when swiping the card domestically. If the card is swiped abroad, it will automatically enter the settlement system. Depending on the type of card, it must be converted into the currencies of different countries, and exchanges must be carried out during repayment, which will cause certain Handling fee.

The main function of all currencies is to waive currency conversion fees and handle transaction needs in all currencies. No matter which country or place you consume, you can repay the money directly in RMB after returning to your country, eliminating the need to purchase foreign exchange.

China Merchants Bank’s all-currency international credit card (also known as all-currency card) is a signature all-currency international credit card launched by China Merchants Bank and VISA. The card supports VISA lines, and no matter what currency, the 1.5% foreign exchange fee will be waived for consumption or cash withdrawal. All transactions are automatically recorded in RMB when purchasing foreign exchange, and only need to be repaid in RMB. At the same time, the card comes with high-value travel insurance.

China Merchants Bank’s all-currency international credit card only issues VISA single-currency cards with only one card face. It is a personal card product issued by China Merchants Bank for customers with overseas travel and online shopping. In order to provide cardholders with more convenient card swiping for overseas consumption, reduce currency exchange fees for customers' overseas consumption, better enhance customer experience, and strengthen the product positioning of China Merchants Bank Credit Card as the "first choice for overseas consumption".

In addition to the basic functions of China Merchants Bank’s credit cards, China Merchants Bank’s all-currency international credit cards also have the following functions:

(1) Card swiping services provided by VISAsignature, and more than 200 overseas Exclusive benefits from tens of thousands of selected preferential merchants (hotels, restaurants, entertainment, shopping, leisure boutiques) in countries and regions.

(2) Consumption in all currencies, repayment in RMB. No matter where in the world you use this card to make transactions, it can be automatically converted into RMB and deposited into your account, and you only need to repay in RMB.

(3) Currency exchange fees are waived for consumption in all currencies. No matter when, where or how you use this card to make purchases or withdraw cash, the 1.5% currency conversion fee is waived.

(4) Complimentary high-value travel insurance. With this card, you can get free travel inconvenience insurance and aviation accident insurance up to 2 million yuan without going through any formalities or paying any fees.

What does dual-currency credit card mean?

Unlike domestic credit cards, dual-currency credit cards are credit cards that can be used outside China. The reason why it is called dual currency card is because it usually supports RMB and non-RMB transactions, among which RMB and US dollars are the most common. So, the thing is, even though the dollar is very common, not all countries use it, like the UK, Japan and Thailand. It’s very troublesome to apply for a credit card in the corresponding currency when traveling. But if you don’t do this, you will be charged an additional currency conversion fee of about 1.5% when using your card in these non-USD countries. It may not seem like much, but it adds up to a lot of extra expense. Therefore, I personally recommend that you choose the China Merchants Bank American Express Blue All-Currency International Credit Card, which is free of foreign exchange fees for all purchases around the world.

Moreover, the benefits of this card are quite good, such as complimentary high-value travel insurance, cash rebates for overseas shopping, and cash rebates for overseas purchases. , and you can get more yarn when traveling.

This concludes the introduction to dual-currency credit cards and how to settle dual-currency credit cards. Have you found the information you need?