CCB Octopus UnionPay Dual Currency Credit Card: No-Fee Convenience for Commuters and Regional Travellers

CCB Octopus UnionPay Dual Currency Credit Card: No-Fee Convenience for Commuters and Regional Travellers

Commuter & Travel Perks with No Annual Fee

Good for

  • Local commuters seeking 2-in-1 Octopus functionality
  • Regional travellers who often visit mainland China
  • Average consumers looking to avoid annual fees

Bad for

  • Consumer looking for an everyday card
  • Travellers expecting UnionPay luxury perks
  • People who frequently travel outside of China

Editor's Rating

4.0/5.0

Consumers who want to make their commutes and regional travel more convenient should definitely consider CCB Octopus UnionPay Dual Currency Credit Card. Since it doubles as an Octopus Card, CCB Octopus UP DC Card allows cardholders to easily slim down their wallets.

Additionally, consumers can enjoy convenient travel perks like separate billing for HKD & RMB spend and waived foreign currency transactions fees. Cardholders also earn 0.4% cashback on every purchase–including cash advances and AAVS reloads, which is somewhat rare. Finally, as CCB Octopus UP DC Card has no annual fee, it offers consumers a maintenance-free way to enjoy convenient commuter and travel perks.

ProsCons
  • Dual functionality as an Octopus Card
  • Waived foreign currency transaction fees
  • Separate HKD/RMB billing
  • No annual fee
  • Only 0.4% cashback on general spend
  • No boosted rewards for travel & overseas
  • Limited UnionPay travel perks
Promotions:
  • HK$300 Shell Fuel voucher w/ HK$4k spend & 1 fuel spend in 1st 3mo, OR:
  • HK$250 Octopus Cash Rebate w/ HK$4k spend & 1 Octopus Auto Reload in 1st 3mo
  • HK$100 supermarket coupon for online application
Card Overview
Pros:
  • Dual functionality as an Octopus Card
  • Waived foreign currency transaction fees
  • Separate HKD/RMB billing
  • No annual fee
  • Promotions: HK$300 Shell Fuel voucher w/ HK$4k spend & 1 fuel spend in 1st 3mo, OR:
  • HK$250 Octopus Cash Rebate w/ HK$4k spend & 1 Octopus Auto Reload in 1st 3mo
  • HK$100 supermarket coupon for online application
Cons:
  • Only 0.4% cashback on general spend
  • No boosted rewards for travel & overseas
  • Limited UnionPay travel perks

What Makes CCB Octopus UnionPay Dual Currency Card Stand Out

Those seeking maintenance-free convenience during their commutes and regional travels should definitely consider CCB Octopus UnionPay Dual Currency Credit Card. For starters, cardholders can use CCB Octopus UP DC Card as both a credit card and an Octopus Card. This rare feature allows busy consumers to slim down their wallets and save time on their commutes.

Consumers also enjoy convenient travel perks, like frequent discounts on All China Express cross-border bus fares and 50% off an Accidental Emergency Medical Insurance Gold Card from China Taiping Insurance. Even better, cardholders are exempt from paying foreign currency exchange fees and receive separate billing for HKD and RMB spend. These perks make regional travel and overseas spending affordable, safe and convenient.

CCB Octopus UP DC Card also offers cashback on nearly every purchase, although this isn't the card's strongest feature. Cardholders earn 0.4% cashback on retail, cash advance and AAVS reload transactions. Cash rebates are earned in either HK$ or CN¥ (currency selected on application and cannot be changed afterwards). Other travel centric cards like ICBC KMB UP DC Diamond Card or Dah Sing Autotoll E-Serve CUP DC Diamond have cashback rates that are equal to or higher than this benchmark, while also having several luxury travel perks. Many of these cards do have high annual fees, however.

Comparing Rebates, Travel & Transport Perks and Annual Fees

Credit CardRebateTransport PerksTravel PerksFee (Waiver)
CCB Octopus UP DC0.4%
  • Octopus functionality
  • Separate HKD/RMB billing
  • Waived FX fees
None
DS Autotoll E-Serve CUP DC Diamond0.4%
  • Autotoll functionality
  • Autotoll admin fee rebates
  • Separate HKD/RMB billing
  • Waived FX fees
  • 3 lounge visits/yr
  • Flat rate limo transfers
HK$1.8k (3 yrs)
ICBC KMB UP DC Diamond0.5%
  • 15%+ discount on bus fares
  • Separate HKD/RMB billing
  • Waived FX fees
  • 3 lounge visits/yr
  • Flat rate limo transfers
HK$1.9k (3 yrs)
Citi Octopus Platinum0.5%
  • Octopus functionality
  • Discounted bus fare (up to 15%)
  • None
HK$1.8k

Since CCB Octopus UP DC Card has no annual fee, however, consumers can easily complement it with another card that offers higher cashback rates. For example, by pairing it with Hang Seng MPOWER Card, consumers can take advantage of both CCB Octopus's travel and commuting perks and MPOWER's high dining cashback.

As such, it can easily be paired with a traditional, single-function card to make up for the lack of cashback rewards. Even by itself, CCB Octopus UP DC Card is a great way to enjoy commuting and regional travel perks without paying an annual fee.

How Does CCB Octopus UnionPay Dual Currency Card's Rewards Program Work?

Use our quick guide below to learn how you can redeem your credit card rewards.

  • Rewards are earned in Bonus Points
  • Points are earned at a rate of HK$1/CN¥1 spend = 1 Point
  • Points are automatically redeemed for a cash rebate at a rate of 250 Points = 1 HK$1/CNY¥1 on each monthly statement
  • Any remaining & unconverted Points (below 250) in each statement will be forfeited
  • Rebate currency (HK$/CN¥) must be selected on application form & cannot be changed afterwards
  • If the account is closed, all unredeemed points will be automatically forfeited

CCB Octopus UP DC Card's Features and Benefits:

Card Overview
  • Annual Fee: Free
  • Income Requirement: HKD 150,000
Rewards Rate Details
  • Unlimited 0.4% cashback on all transactions, including cash advances & AAVS reloads
Benefits & Perks
  • Dual functionality as an Octopus Card
  • HKD and RMB spend separately billed
  • Foreign currency transaction fees waived
  • Frequent All China Express cross-border bus fare discounts
  • 50% off China Taiping Insurance Accidental Emergency Medical Insurance Gold Card
Promotions:
  • HK$300 Shell Fuel voucher w/ HK$4k spend & 1 fuel spend in 1st 3mo, OR:
  • HK$250 Octopus Cash Rebate w/ HK$4k spend & 1 Octopus Auto Reload in 1st 3mo
  • HK$100 supermarket coupon for online application

CCB Octopus UnionPay Dual Currency Card's Rewards Exclusions

The following credit card expenditures are ineligible for rewards.

"Cash Out" and "FUN Express" instalment programmes; settlement of insurance loan repayment; finance charges; late charges; all account service charges
Tax payment; real estate and automobile sales; wholesale transactions; donations to charitable and social service organisations; donations to political organizations; court costs; bail; fines; government services and embassy and consulate fees

How does CCB Octopus UP DC Compare Against Other Cards?

Read our comparisons of CCB Octopus UnionPay Dual Currency Card with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

Graph showing some of Hong Kong's best credit cards in terms of value-to-consumer after two years, based on an average monthly spend of HK$12,000
CCB Octopus UP DC Card v. Citi Octopus Platinum Card
Consumers who want a dual function card that helps lower their commuting costs should consider Citi Octopus Platinum Credit Card. Cardholders earn a slightly higher 0.5% Octopus Cash rebate on every transaction, plus Octopus Reward$ with popular local merchants like Wellcome and 3hreesixty. Consumers can also earn 15% Octopus Cash rebates on LWB, KMB, CTB and NWFB bus fares.


Unfortunately, rewards earned are quite inflexible. Octopus Cash rebates can only be used to automatically offset Octopus AAVS reload costs and Octopus Reward$ can only be redeemed with the merchants that they're earned with. Citi Octopus Platinum also has an unwaivable HK$1.8k annual fee and no regional travel perks. As a result, CCB Octopus UP DC Card may be a better all-around option as it provides similar commuter perks without charging an annual fee.

CCB Octopus UP DC Card v. ICBC KMB UP DC Diamond Card
  • Annual Fee: HKD 1,900
  • Stand-Out: KMB fare discounts & 3 free lounge visits
ICBC KMB UnionPay Dual Currency Diamond Card is definitely worth considering for high-earning travellers who often commute by bus. Cardholders earn 0.5% cashback on all spend and often receive 15%+ KMB and LWB bus fare discounts. Frequent travellers also enjoy waived foreign exchange fees, separate billing for HKD & RMB spend, discounted limo transfers and up to 3 free lounge visits per year. These perks allow consumers to easily spend abroad, while also making the journey more comfortable and convenient.


Consumers should note that ICBC KMB UP DC Diamond Card has a HK$250k minimum income requirement–HK$100k more than CCB Octopus UP DC Card's–and also has a HK$1.9k annual fee (though it's waived the first 3 years). Although it's less accessible, ICBC KMB UP DC Diamond Card is ultimately a better option for affluent travellers who tend to commute by bus.

CCB Octopus UP DC Card v. Dah Sing Autotoll E-Serve CUP DC Diamond Card
  • Annual Fee: HKD 1,800
  • Stand-Out: Rebates on Autotoll & Unitoll service fees
Cross-border commuters who drive to work should definitely consider Dah Sing Autotoll E-Serve CUP Dual Currency Diamond Card. Cardholders earn 0.4% cashback on every purchase and can also earn up to HK$600 in Autotoll and E-Serve administration fee rebates per year.


While it doesn't have Octopus Card functionality, Dah Sing Autotoll E-Serve CUP DC Diamond Card doubles as a Unitoll sticker, allowing cardholders to drive through all self-service, manual and electronic toll roads in China. Dah Sing Autotoll E-Serve CUP DC Diamond Card also waives all foreign currency transaction fees and provides separate billing for HKD and RMB spend. While consumers must pay a HK$1.9k annual fee, they can also enjoy up to 3 free lounge visits per year as well as discounted limo transfers. Altogether, those who commute by car–especially across the border to mainland China–may want to consider Dah Sing Autotoll E-Serve CUP Dual Currency Diamond Card.

CCB Octopus UP DC Card v. EarnMORE UP Diamond Card
  • Annual Fee: HKD 800
  • Stand-Out: 2% cashback on all spend + 3 free lounge visits
  • Read Our Full Review
EarnMORE UnionPay Diamond Card is great for travellers that want to earn the highest flat cashback rate on the market. Cardholders earn 2% cashback on all local, overseas and online transactions–including Octopus AAVS reloads. These rewards are capped at HK$2k cashback per year after HK$100k spend. Consumers would need to spend HK$500k with CCB Octopus UP DC to reach this same level of rewards.


On top of waived foreign exchange fees, EarnMORE UP Diamond cardholders can also enjoy up to 3 free lounge visits per year and discounted limo transfers. These luxury perks may explain why EarnMORE UP Diamond Card has an annual fee, although it's surprisingly only HK$800 (waived for the first 2 years). Overall, EarnMORE UP Diamond is ideal for travellers who want more competitive cashback on every transaction, even on Octopus AAVS reloads.

CCB Octopus UP DC v. Citi Octopus Platinum
  • Annual Fee: HKD 1,800
  • Stand-Out: Octopus functionality + 15% bus fare rebate
Consumers who want a dual function card that helps lower their commuting costs should consider Citi Octopus Platinum Credit Card. Cardholders earn a slightly higher 0.5% Octopus Cash rebate on every transaction, plus Octopus Reward$ with popular local merchants like Wellcome and 3hreesixty. Consumers can also earn 15% Octopus Cash rebates on LWB, KMB, CTB and NWFB bus fares.


Unfortunately, rewards earned are quite inflexible. Octopus Cash rebates can only be used to automatically offset Octopus AAVS reload costs and Octopus Reward$ can only be redeemed with the merchants that they're earned with. Citi Octopus Platinum also has an unwaivable HK$1.8k annual fee and no regional travel perks. As a result, CCB Octopus UP DC Card may be a better all-around option as it provides similar commuter perks without charging an annual fee.

CCB Octopus UP DC Card v. ICBC KMB UP DC Diamond Card
  • Annual Fee: HKD 1,900
  • Stand-Out: KMB fare discounts & 3 free lounge visits
ICBC KMB UnionPay Dual Currency Diamond Card is definitely worth considering for high-earning travellers who often commute by bus. Cardholders earn 0.5% cashback on all spend and often receive 15%+ KMB and LWB bus fare discounts. Frequent travellers also enjoy waived foreign exchange fees, separate billing for HKD & RMB spend, discounted limo transfers and up to 3 free lounge visits per year. These perks allow consumers to easily spend abroad, while also making the journey more comfortable and convenient.


Consumers should note that ICBC KMB UP DC Diamond Card has a HK$250k minimum income requirement–HK$100k more than CCB Octopus UP DC Card's–and also has a HK$1.9k annual fee (though it's waived the first 3 years). Although it's less accessible, ICBC KMB UP DC Diamond Card is ultimately a better option for affluent travellers who tend to commute by bus.

CCB Octopus UP DC v. Dah Sing Autotoll E-Serve CUP DC Diamond
  • Annual Fee: HKD 1,800
  • Stand-Out: Rebates on Autotoll & Unitoll service fees
Cross-border commuters who drive to work should definitely consider Dah Sing Autotoll E-Serve CUP Dual Currency Diamond Card. Cardholders earn 0.4% cashback on every purchase and can also earn up to HK$600 in Autotoll and E-Serve administration fee rebates per year.


While it doesn't have Octopus Card functionality, Dah Sing Autotoll E-Serve CUP DC Diamond Card doubles as a Unitoll sticker, allowing cardholders to drive through all self-service, manual and electronic toll roads in China. Dah Sing Autotoll E-Serve CUP DC Diamond Card also waives all foreign currency transaction fees and provides separate billing for HKD and RMB spend. While consumers must pay a HK$1.9k annual fee, they can also enjoy up to 3 free lounge visits per year as well as discounted limo transfers. Altogether, those who commute by car–especially across the border to mainland China–may want to consider Dah Sing Autotoll E-Serve CUP Dual Currency Diamond Card.

CCB Octopus UP DC Card v. EarnMORE UP Diamond Card
  • Annual Fee: HKD 800
  • Stand-Out: 2% cashback on all spend + 3 free lounge visits
EarnMORE UnionPay Diamond Card is great for travellers that want to earn the highest flat cashback rate on the market. Cardholders earn 2% cashback on all local, overseas and online transactions–including Octopus AAVS reloads. These rewards are capped at HK$2k cashback per year after HK$100k spend. Consumers would need to spend HK$500k with CCB Octopus UP DC to reach this same level of rewards.


On top of waived foreign exchange fees, EarnMORE UP Diamond cardholders can also enjoy up to 3 free lounge visits per year and discounted limo transfers. These luxury perks may explain why EarnMORE UP Diamond Card has an annual fee, although it's surprisingly only HK$800 (waived for the first 2 years). Overall, EarnMORE UP Diamond is ideal for travellers who want more competitive cashback on every transaction, even on Octopus AAVS reloads.

Jacob Weiss

Jacob is a Junior Research Analyst at ValueChampion, focusing on credit cards and other consumer financial products. Previously, he covered hedge funds and long only products for Cambridge Associates. He holds a B.S. in Finance from the University of Maryland and has passed Level 1 of the CFA exam.