France Credit Cards

By: EconomyWatch   Date: 20 September 2009

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 In France, credit cards are locally known as 'cartes bancaires'. France was the first country to launch chip-and-pin technology to secure credit card transactions. French banks have associations with all major credit card service providers, such as MasterCard, Diners, Visa and American Express. Although most people in France own credit cards, debit cards ('cartes bleus') are more popular for making purchases.

France Credit Cards

There were almost 5.9 million France credit cards in circulation by November 2008, according to data available through Euromonitor International, a market research firm.

The privilege to use a standard France credit card is available only to qualified residents. However, with credit cards being a favorite mode of payment, banks have alternative arrangements for unqualified citizens. They have students' card, secured cards, prepaid cards and multi-user credit cards in circulation for people with no or poor credit ratings. Affinity credit cards are highly popular in France. Most France credit card issuers have business tie ups with major brands to provide affinity card services with discount benefits or reward points.

French banks issue a personal identification number (PIN) to secure credit card transactions. At retail outlets, an individual has to type the PIN in the transaction processing terminal to approve payment.

France Credit Card Service Providers

Players in the France credit card industry have a strong foothold in all of Europe. Société Générale group, the first private bank in France, is one of the leading credit card issuers in Europe. The bank offers classic, gold, platinum and affiliate credit cards, with a diverse range of offers. Other major credit card issuers in France are:

  • BNP Net
  • Banque Paribas
  • Cetelem
  • Crédit Lyonnais
  • Société Marseillaise de Crédit

France Credit Card Issues

France credit card issuers follow stringent policies for approving credit card applications. Only an eligible citizen with sound credit ratings will be issued a standard credit card. BBC defines the France credit card industry as 'cautious'. Adherence to such strict laws slows down the credit card acquisition process. However, this cannot protect the France credit card industry from frauds. Although chip-and-pin technology is a success, online frauds are on the rise in the country.

 


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