Taiwan Credit Card

 

 

Credit cards are highly popular among the Taiwanese people. With the presence of all major financial brands, individuals can choose from a wide range of Taiwan credit card products and rewards programs. MasterCard, Visa, American Express and JCB offer their services in Taiwan.[br]

Taiwan Credit Card Industry

Taiwan credit card industry peaked in 2004. Evaluating the strength of this emerging market, several international brands, such as Citibank, Deutsche Bank and Wells Fargo, stepped in. However, the credit card industry fell into a severe debt crisis in the financial year 2006-07. The large number of credit card payment defaults had a severe impact on the national economy.

 

To overcome the crisis situation, the government strengthened the financial card legislations. Credit card issuers were instructed to develop a consumer-friendly, but stable, operating environment.

Taiwan Credit Card: Major Issuers

With the tagline ‘we are family,’ Chinatrust Commercial Bank is the largest Taiwan credit card issuer as per 2009 financial reports. The bank also enjoys dominance in terms of annual transaction value from credit cards. Fubon Taipei Bank is another emerging player in the Taiwanese credit card industry. With good understanding of the consumer financial needs, innovative products and responsive consumer services, both the banks have been able to seize top positions in the highly competitive market.

 

Other leading credit cards issuers are:

 

• ABN AMRO

• American Express

• Barclays Bank

• BNP Paribas

• Bank of America

• Cathay United Bank

• China Development Industrial Bank

• Citibank

• DBS Bank

• Deutsche Bank

• HSBC

• JP Morgan Chase

• Land Bank of Taiwan

• Shanghai Commercial and Savings Bank

• Standard Chartered Bank

• Taishin International Bank

• Wells Fargo Bank[br]

Taiwan Credit Card: Products

 

Premium Taiwan credit cards, such as signature or platinum range, are targeted towards businessmen and higher earning group. Owing to a huge middle class group, often referred to as Taiwan’s M-shaped society, banks have standard and gold range cards as well. Co-branded cards are a big hit in Taiwan, especially petrol and supermarket co-branded cards. Pre-paid cards are also highly popular after the debt crisis of 2006-07.

 

The Taiwanese credit card industry is characterized by several hidden costs, which boost annual interest rate beyond proportions. Thus, individuals should do proper market research before applying for a credit card.