The Industrial and Commercial Bank of China (ICBC) USA has launched its first US credit cards in New York to target people who travel frequently between the two countries.
The new card will be offered by two networks, UnionPay and Visa.
ICBC will offer two levels of cards, namely preferred and premier, for both network brands. First level will give clients 1% cash back on their spending with no annual fee, while ‘Premier’ clients will get VIP benefits and accelerated cash back.
ICBC USA president and CEO Luo Xintao said: "We see a tremendous opportunity to serve these groups of consumers for their particular needs and serve them well."
Last year, nearly 2.7 million Chinese traveled to the US, and about two million Americans made trips to China for business.