ICBC launches its first US credit card

Industrial and Commercial Bank of China Ltd launched its first credit card in the United States on Tuesday, hoping to target Chinese people living and working in the country and to promote tourism between the two nations.

The new card will be offered by two networks, UnionPay and Visa. The purpose of working with Visa Inc is to offer newcomers to the US with limited credit history to be able to get a credit card and "acclimate to the culture of the US", a statement released by the bank said.

ICBC will offer two card levels for both network brands, with the "Preferred" customers earning 1 percent cash back on their spending and "Premier" customers getting VIP benefits and accelerated cash back.