China Merchants Bank, known as CMB, issues two Visa credit cards built for spending abroad. Their central promise is about money you lose without noticing: the foreign exchange conversion fee that card issuers commonly add to a purchase in another currency. This guide goes through what CMB lists in October 2026, how the yuan booking works and what separates the two cards.
The cards at a glance
- 0%
- Conversion fee
- Yuan
- How you repay
- Visa
- Network
- RMB 0
- Annual fee
CMB waives the usual 1.5% on any foreign currency
Foreign spending is booked in yuan
Visa routes only, and abroad only for the platinum card
No spending condition, with dates for the platinum card
How a foreign purchase is booked
A purchase in a foreign currency goes through three steps, and the card changes the last two:
The merchant charges in a foreign currency
Visa receives the amount. For a currency other than US dollars, Visa converts it to dollars first.
CMB converts to yuan
CMB turns the dollar amount into yuan and records it on your yuan account. CMB says the card waives the 1.5% conversion fee in this process.
You repay in yuan
You only need to repay in yuan. If you do want to repay in foreign currency, CMB says the setting can be changed after the card is issued.
This means the exchange rate comes from the Visa and CMB conversions, not from a rate you chose, and the card removes the fee on top of it. Compare a statement's yuan amount with the foreign amount if you want to see the rate you were given.
Standard card and platinum card
| Standard all-currency card | Platinum all-currency card | |
|---|---|---|
| Network | Visa routes only | Visa, for use abroad only, not on UnionPay terminals |
| 1.5% conversion fee | Waived | Waived |
| Travel cover | Free travel inconvenience insurance, and flight accident cover up to RMB 2 million, for paying your own flight in full or at least 80% of your own tour fee | Flight accident cover up to RMB 5 million and travel inconvenience cover up to RMB 2,000, when CMB's payment conditions are met |
| Lounge and car rental | Not listed | A lounge visit for 3,000 points at over 100 airports, and up to 15% off AVIS car rental abroad |
| Limited-time offer | Not listed | 1% cash back on offline card spending abroad after you sign up, up to the equivalent of RMB 1,000 a month |
| Annual fee | None while the card is valid | None while the card is valid, for applications before 30 June 2027 |
| Who can apply | No restriction stated | Only customers who already hold a CMB premium credit card |
The platinum card's lounge, car rental and cover are listed as valid from 1 July 2026 to 30 June 2027, and CMB says the benefits and partners are updated or changed from time to time. The cash back offer is first come, first served, and its dates and terms are on a campaign page that you register on.
What to check before you apply
The card is meant for spending abroad. CMB suggests another card if you mainly spend in mainland China, where most terminals take UnionPay.
Applying turns on the setting that books foreign spending in yuan (for the platinum card, if it is the first card on your account that can settle foreign currency).
The pages used here list no points rate for ordinary spending on either card, so outside the platinum card's limited-time cash back, do not count on rewards beyond the waived fee.
The platinum card's lounge visits are bought with points, not unlimited, and the cover has payment conditions you need to read.
The cash back offer is limited in time and in amount, so check the dates on its campaign page before counting on it.
Who it suits
The standard card suits someone from mainland China who travels or shops online abroad and wants to pay no conversion fee and repay in yuan, without buying foreign currency themselves. The platinum card suits the same person if they already hold a CMB premium card and want lounge and car rental benefits. Neither is the card to put everyday domestic spending on.
- Conversion fee
- A fee a bank charges for turning a foreign amount into yuan. CMB's pages put it at 1.5% and waive it on these two cards.
- Booked in yuan
- The bank buys the currency for you at the time of the purchase and records the yuan amount, so you repay in yuan.
- Visa routes
- Payments sent through the Visa network. A card that supports only Visa routes does not work at terminals that take only UnionPay.
- Premium customer
- A customer who already holds one of CMB's higher-tier credit cards.
Questions people ask
What does the 1.5% waiver cover?
CMB says that with these cards, spending or cash withdrawal in any currency, anywhere, carries no 1.5% foreign exchange conversion fee. It is the bank's conversion fee that is waived. The pages used here do not describe any other fee for cash withdrawals, so check CMB's fee notice for those.
How does repaying in yuan work?
CMB says applying turns on a setting that books foreign spending in yuan, buying the currency for you, so you repay in yuan. For the platinum card this happens if it is the first card on your account that can settle foreign currency. After the card is issued you can change that setting online if you want to repay in the foreign currency, and CMB says the platinum card's setting can also be changed in its app, in mobile banking or through the VIP hotline.
What is the difference between the standard card and the platinum card?
Both are Visa cards that waive the 1.5% fee and book foreign spending in yuan. The standard card adds travel cover if you pay for your own flight in full or at least 80% of your own tour fee: free travel inconvenience insurance and flight accident cover up to RMB 2 million. The platinum card lists a lounge visit for 3,000 points, car rental discounts, larger cover and a limited-time cash back offer instead, and only people who already hold a CMB premium card can apply.
What does the card cost?
For the standard card, CMB says there is no annual fee while the card is valid, with no spending condition. For the platinum card, CMB says that applications before 30 June 2027 get the same no-condition waiver. The pages used here do not give a fee after those dates.
Who can apply for the platinum card?
CMB's platinum card page says the card is open only to customers who already hold one of its premium credit cards, and points to a branch or its VIP hotline for how to apply. Eligibility can change, so confirm it with CMB.
Can I use it in mainland China?
CMB says the standard card supports Visa routes only and recommends it for travel abroad and overseas online shopping, and that the platinum card is for use abroad only and cannot be used on UnionPay terminals. For mainly domestic use CMB suggests another of its cards, and most terminals in mainland China take UnionPay.
Sources
Written from these pages and checked against them on October 10, 2026. Programs and rules change, so check the provider’s current terms before you decide.
- China Merchants Bank: all-currency international credit card (issuer page, Simplified Chinese)
- China Merchants Bank: all-currency international platinum card (issuer page, Simplified Chinese)
- China Merchants Bank: all-currency international platinum card, eligibility, annual fee and settings (issuer page, Simplified Chinese)
Cards in this guide
General information, not financial, legal or travel advice. Your own card terms and the provider’s current rules always come first.