ICBC Horoscope UnionPay Dual Currency Diamond Card: Is it Right for You?

ICBC Horoscope UnionPay Dual Currency Diamond Card: Is it Right for You?

Unlimited Cashback with UnionPay Perks

Good for

  • High spenders looking for straightforward rebates
  • Frequent regional travellers
  • Consumers seeking an uncapped everyday card

Bad for

  • Consumers with specialised spending habits (i.e. dining, online)
  • People with large overseas budgets
  • Those looking for a no-fee card

Editor's Rating

4.0/5.0

ICBC Horoscope UnionPay Dual Currency Diamond Card is ideal for high-spending regional travellers. Cardholders earn an unlimited 1.5% cashback on every purchase–the highest uncapped flat rate on the market. This is ideal for high spenders who are tired of restrictive rewards limits and complicated category-specific rebates.

Regional travellers can also enjoy convenient perks like waived foreign currency transaction fees, separate HKD and RMB billing, discounted limo transfers and up to 3 free lounge visits per year. ICBC Horoscope UP DC Diamond does have an annual fee, but it's only HK$1k. Altogether, ICBC Horoscope UnionPay Dual Currency Diamond Card is great for high spenders seeking convenient regional travel perks.

ProsCons
  • Unltd. 1.5% cashback on all spend
  • 3 free lounge visits/yr & flat limo transfers
  • Waived foreign transaction fees
  • Lower overseas rates than most unltd. cards
  • No boosted rate for select categories
  • No perpetual fee waiver option

Promotions:
  • With joint application for ICBC Horoscope Visa Signature Card, receive HK$300 free spending limit w/ HK$1.5k spend with each card in 1st 2mo, OR:
  • Receive Starry Luggage w/ HK$1.5k spend w/ each card in 1st 2mo
  • Receive HK$50 free spending limit for each card w/ online application
Card Overview
Pros:
  • Unltd. 1.5% cashback on all spend
  • 3 free lounge visits/yr & flat limo transfers
  • Waived foreign transaction fees
  • Promotions: With joint application for ICBC Horoscope Visa Signature Card, receive HK$300 free spending limit w/ HK$1.5k spend with each card in 1st 2mo, OR:
  • Receive Starry Luggage w/ HK$1.5k spend w/ each card in 1st 2mo
  • Receive HK$50 free spending limit for each card w/ online application
Cons:
  • Lower overseas rates than most unltd. cards
  • No boosted rate for select categories
  • No perpetual fee waiver option

What Makes ICBC Horoscope UP DC Diamond Card Stand Out

High spending regional travellers should definitely consider ICBC Horoscope UnionPay Dual Currency Diamond Card. Cardholders earn an uncapped 1.5% cashback on all spend–the highest unlimited flat rate on the market. This is great for high spenders who don't want to worry about restrictive rebate caps or tracking spend categories. Other uncapped cards may have higher category rates but ICBC Horoscope UP DC Diamond Card offers respectable cashback on every local purchase.

Comparing Unltd Cashback Cards Category Rebate Rates

Credit CardGeneral LocalOverseasDiningOnline
SC Simply Cash1.5%2.0%1.5%1.5%
ICBC Horoscope UP DC Diamond1.5%1.5%1.5%1.5%
Citi Cash Back1.0%2.0%2.0%1.0%
DBS Eminent Visa Sig.1.0%2.0%1.0%1.0%
HSBC Red1.0%1.0%1.0%4.0%

As you might notice in the table above, SC Simply Cash has the same local rate with a boost for overseas spend. SC Simply Cash doesn't, however, offer any regional travel perks. In fact, ICBC Horoscope UP DC Diamond Card is one of the only uncapped cards on the market with convenient UnionPay travel perks. Consumers can enjoy waived foreign currency transaction fees, separate billing for HKD & RMB spend, discounted limo transfers and up to 3 free lounge visits per year (with HK$12k spend across 2 months before each visit). Unlike most unlimited cashback cards, which rarely offer travel perks at all, ICBC Horoscope UP DC Diamond Card allows consumers to travel both comfortably and conveniently.

Comparison of Unltd Card Travel Perks

Credit CardTravel Perks
ICBC Horoscope UP DC Diamond
  • Waived foreign currency transaction fees
  • Separate HKD/RMB billing
  • 3 free lounge visits/yr
  • Discounted limo transfers
DBS Eminent Visa Signature
  • 12 free limo transfers/yr
SC Simply Cash Visa Card
  • N/A
Citi Cash Back Card
  • N/A
HSBC Red Credit Card
  • N/A
DBS Eminent Visa Signature limo transfers only available to DBS Treasures Private Clients
Travel Perks
ICBC Horoscope UP DC Diamond
  • Waived foreign currency transaction fees
  • Separate HKD/RMB billing
  • 3 free lounge visits/yr
  • Discounted limo transfers
DBS Eminent Visa Signature
  • 12 free limo transfers/yr
SC Simply Cash Visa Card
  • N/A
Citi Cash Back Card
  • N/A
HSBC Red Credit Card
  • N/A
DBS Eminent Visa Signature limo transfers only available to DBS Treasures Private Clients

Although ICBC Horoscope UP DC Diamond Card offers such convenient travel perks, other unlimited cashback cards offer higher overseas rewards rates. High spenders with large overseas budgets can therefore earn more cashback overall with several competitors. Additionally, unlimited cards like HSBC Red Credit Card or Citi Cash Back Card offer higher cashback rates in specific categories like online shopping or dining. ICBC Horoscope UP DC Diamond Card may have more competitive everyday rates, but consumers with specialised budgets might want to consider other uncapped options.

Nonetheless, ICBC Horoscope UP DC Diamond Card is still worth considering. High spenders can enjoy a respectable rebate rate on every purchase, without ever having to worry about rewards caps. Even though it might not offer top rates overseas, frequent regional travellers can enjoy convenient UnionPay perks.

While ICBC Horoscope UP DC Diamond Card does have an annual fee, it's fairly low at just HK$1k. Altogether, ICBC Horoscope UnionPay Dual Currency Diamond Card is ideal for high spending regional travellers looking for added convenience and comfort on their trips.

How Does ICBC Horoscope UP DC Diamond Card's Rewards Program Work?

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

  • Cash rebate appears on the monthly statement of the HKD account
  • Cardholders have both HKD and RMB accounts; spend in separate HKD and RMB accounts is combined to calculate the rebate on total accumulated transactions

ICBC Horoscope UP DC Diamond Card's Features and Benefits:

Card Overview
  • Annual Fee: HKD 1,000, 3-Year waiver (may be only if apply to this and something else
  • Income Requirement: HKD 250,000
Rewards Rate Details
  • Unlimited 1.5% cashback on all spend
Benefits & Perks
  • Foreign currency transaction fees waived
  • Separate billing for HKD/RMB spend
  • 3 free lounge visits/year w/ HK$12k+ spend in 2 consecutive months
  • Discounted limousine service (HK$250/ride, HK & China)
  • UnionPay Year-Round Offers
Promotions:
  • With joint application for ICBC Horoscope Visa Signature Card, receive HK$300 free spending limit w/ HK$1.5k spend with each card in 1st 2mo, OR:
  • Receive Starry Luggage w/ HK$1.5k spend w/ each card in 1st 2mo
  • Receive HK$50 free spending limit for each card w/ online application

ICBC Horoscope UP DC Diamond Card's Rewards Exclusions

The following credit card expenditures are ineligible for rewards.

Cash advances; balance transfer; credit card charges; cash installment; any financial charges; overdue charges; all account service charges; settlement through online personal banking service; reload or transfer of e-wallet; utilities; cash instalment, merchant instalment or personal loan repayment amount
Donations; purchase of casino chips; gambling transactions; insurance payment; tax payment; MPF contribution
NOTE: Spend in China on supermarkets, fuel, transportation fees, property, motor vehicle, wholesale, hospital and tuition is ineligible for any rewards

How does ICBC Horoscope UP DC Diamond Card Compare Against Other Cards?

Read our comparisons of ICBC Horoscope UnionPay Dual Currency Diamond Card with other casb back cards and learn what makes each card valuable in its own way. We compare each card to highlight its benefits 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
ICBC Horoscope UP DC Diamond 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 moderate spenders seeking high, flat rebates and convenient travel perks. Cardholders earn a 2% rebate on every purchase–the highest flat rate on the market–for up to HK$2k cashback per year. As such, consumers who spend less than HK$133k per year (about HK$11k/month) will earn more cashback with EarnMORE UnionPay Diamond Card than they would with ICBC Horoscope UP DC Diamond Card.


Frequent regional travellers can also enjoy similar perks with EarnMORE UP Diamond Card as they would with ICBC Horoscope UP DC Diamond Card. Consumers enjoy waived foreign currency transaction fees, discounted limo transfers and up to 3 free lounge visits/year. Although cardholders don't receive separate HKD/RMB billing as they would with ICBC Horoscope UP DC Diamond Card, they pay a lower HK$800 annual fee, which is even waived for the first 2 years.

Altogether, EarnMORE UnionPay Diamond Card is great for moderate spenders who aren't worried about running into rebate caps.

ICBC Horoscope UP DC Diamond Card v. Standard Chartered Simply Cash Card
  • Annual Fee: HKD 2,000 (waiver available)
  • Stand-Out: Unltd. 1.5% rebate w/ boost for overseas
  • Read Our Full Review
Standard Chartered Simply Cash Card is great for high spending travellers who prioritise rapid rewards accrual over travel perks. Cardholders earn the same unlimited 1.5% cashback on local spend that they would earn with ICBC Horoscope UP DC Diamond Card, but earn at an elevated 2.0% overseas. Also, although SC Simply Cash has a higher HK$1.8k annual fee, it's waived for SC Bonus Payroll, Premium or Priority Banking customers.


Overall, while ICBC Horoscope UP DC Diamond Card may have more convenient perks for regional travellers, SC Simply Cash is better for consumers who spend a great deal overseas.

ICBC Horoscope UP DC Diamond Card v. Citi Cash Back Card
  • Annual Fee: HKD 1,800
  • Stand-Out: Unltd. cashback with boost for dining, hotels & overseas
  • Read Our Full Review
Consumers who spend a great deal on travel and dining out should definitely consider Citi Cash Back Card. Cardholders earn an unlimited 1% cashback on general local transactions, boosted to 2% for hotel, dining & overseas spend. Although consumers earn less cashback on everyday local spend, those who often travel and dine out can enjoy higher rewards overall.


Even though Citi Cash Back offers higher rebates overseas, it doesn't have any of the convenient travel perks offered by ICBC Horoscope UP DC Diamond Card. Citi Cash Back also has a high HK$1.8k annual fee, waived for just the first year. Ultimately, even though it has higher fees and lacks travel perks, Citi Cash Back Card may still be a better option for consumers with large dining, travel and overseas budgets.

ICBC Horoscope UP DC Diamond Card v. PrimeCredit EarnMORE UP Diamond Card
  • Annual Fee: HKD 800
  • Stand-Out: 2% cashback on all spend + 3 free lounge visits
PrimeCredit EarnMORE UnionPay Diamond Card is great for moderate spenders seeking high, flat rebates and convenient travel perks. Cardholders earn a 2% rebate on every purchase–the highest flat rate on the market–for up to HK$2k cashback per year. As such, consumers who spend less than HK$133k per year (about HK$11k/month) will earn more cashback with EarnMORE UnionPay Diamond Card than they would with ICBC Horoscope UP DC Diamond Card.


Frequent regional travellers can also enjoy similar perks with EarnMORE UP Diamond Card as they would with ICBC Horoscope UP DC Diamond Card. Consumers enjoy waived foreign currency transaction fees, discounted limo transfers and up to 3 free lounge visits/year. Although cardholders don't receive separate HKD/RMB billing as they would with ICBC Horoscope UP DC Diamond Card, they pay a lower HK$800 annual fee, which is even waived for the first 2 years.

Altogether, PrimeCredit EarnMORE UnionPay Diamond Card is great for moderate spenders who aren't worried about running into rebate caps.

ICBC Horoscope UP DC Diamond Card v. SC Simply Cash Card
  • Annual Fee: HKD 2,000 (waiver available)
  • Stand-Out: Unltd. 1.5% rebate w/ boost for overseas
Standard Chartered Simply Cash Card is great for high spending travellers who prioritise rapid rewards accrual over travel perks. Cardholders earn the same unlimited 1.5% cashback on local spend that they would earn with ICBC Horoscope UP DC Diamond Card, but earn at an elevated 2.0% overseas. Also, although SC Simply Cash has a higher HK$1.8k annual fee, it's waived for SC Bonus Payroll, Premium or Priority Banking customers.


Overall, while ICBC Horoscope UP DC Diamond Card may have more convenient perks for regional travellers, SC Simply Cash is better for consumers who spend a great deal overseas.

ICBC Horoscope UP DC Diamond Card v. Citi Cash Back Card
  • Annual Fee: HKD 1,800
  • Stand-Out: Unltd. cashback with boost for dining, hotels & overseas
Consumers who spend a great deal on travel and dining out should definitely consider Citi Cash Back Card. Cardholders earn an unlimited 1% cashback on general local transactions, boosted to 2% for hotel, dining & overseas spend. Although consumers earn less cashback on everyday local spend, those who often travel and dine out can enjoy higher rewards overall.


Even though Citi Cash Back offers higher rebates overseas, it doesn't have any of the convenient travel perks offered by ICBC Horoscope UP DC Diamond Card. Citi Cash Back also has a high HK$1.8k annual fee, waived for just the first year. Ultimately, even though it has higher fees and lacks travel perks, Citi Cash Back Card may still be a better option for consumers with large dining, travel and overseas budgets.

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.