Published on June 28th, 2016 | by William Charles17
Largest Bank In The World (ICBC) Launching New Credit Cards In July (Including UnionPay) In The U.S.
ICBC is a Chinese Bank and the largest bank in the world when sorting by total assets or market capitalization. They recently launched a bank account bonus for the U.S. arm of their business. Reader JR Smooth also let us know that they will be releasing and issuing credit cards starting on July 2nd.
There are basically two levels of cards: Premier & Preferred. There are also two different payment networks these cards will be issued on: UnionPay & Visa. UnionPay has a strangle hold on the Chinese market, so it’s clear that these cards will be targeted towards business travelers to the region and Chinese ex-pats. I wouldn’t be surprised to see ICBC issue the two payment network cards simultaneously (e.g apply for the Premier & receive both Visa & Union Pay cards), as part of this partnership is about the 2016 China-US tourism year.
There is little detail about these cards currently, but here is what we do know:
- Preferred: 1% cash back on all purchases
- Premier: VIP Benefits & accelerated cash back
That doesn’t sound too exciting, but we’ll wait and see the full details of both cards before casting judgement.