Industrial and Commercial Bank of China has launched its first credit card in the United States. The card launch is targeted at the Chinese people living and working in the US as well as the tourism promotion between the two nations. The credit card offering will be through two networks UnionPay and Visa. According to the bank, the purpose of working with Visa is to offer newcomers to the US with limited credit history to be able to get acredit card and acclimate to the culture of the US. ICBC will offer two card levels for both network brands, with ‘Preffered’ earning 1% cash back on their spending and ‘Premier’ customers getting VIP benefitsand accelerated cash back. ICBC senior executive vice-president Wang Xiquan said the credit card launch is a milestone for ICBC’s internartional expansion , significant to ICBC’s credit cardfootprint and its rising status globally. The issuance of the ICBC credit card in the US is UCBC’s major commitment to boosting China-US economic exchange and to serve local customers, he said.
