China Credit Cards

By: EconomyWatch   Date: 20 September 2009

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In China, credit cards are available to a significant portion of the population. The credit card industry is flourishing and is expected to reach the billion mark in the coming years. In China, credit cards are available through MasterCard, Visa, American Express and JCB.

China Credit Cards: Market Watch

The China credit cards industry is emerging after a slow start since the Bank of China issued the first credit card in the country in 1985. By 2003, there were only three million China credit cards in the market. The lag resulted from the absence of a credible credit rating system in the country, which forms the basis of the credit industry. Economic growth has made the Chinese people more credit-card friendly and the number of card soared to 160 million by November 2008, according to Euromontior International. However, the Chinese prefer to use debit cards, with approximately 1.9 billion debit cards in circulation.

China Credit Cards: Providers

The leading China credit card service providers are:

  • Agricultural Bank of China (ABC): The bank offers China credit card services under the name Kinscard or Kin credit card. Bank provides standard, gold and platinum credit cards to businesses and individuals. Quasi credit cards are a unique product category available with ABC. These cards offer limited credit limits and restricted usage. It can be used only for cash deposits, withdrawals and purchases.

  • Bank of China (BOC): The bank has several China credit card products with a range of benefits, such as balance transfer services, cash installment, value-added services and online transactions. The bank offers specialty cards in association with the leading marketing brands of the country. Bank of China also has special promotions, such as introductory offers, gift awards and special spending privileges for the cardholders.

  • Industrial and Commercial Bank of China (ICBC): The bank has personal and business credit cards from MasterCard and Visa. Affinity cards are also available from Caritas Hong Kong, Yan Oi Tong, Dragon Centre and Zurich Insurance Group.

  • JCB: JCB provides card services (both credit and debit) to domestic and international financial institutions or card issuers. JCB also offers standard China credit cards with cashback programs and travel benefits.

China Credit Cards: Precautions

In China, credit card crimes attract severe penalty under domestic laws. However, organized credit crime syndicates are fairly rampant in China. These groups doctor credit card chips and pins to benefit from personal details of the cardholder.


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