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Popularity of credit cards increased by 58% in China

The number of credit cards issued in China in 2008 grew by around 58%, according to a new report.

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13 October 2009

Popularity of credit cards increased by 58% in China”

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Leading market research and information analysis company RNCOS also predicted in its study of the credit card market in China that the rate of card issuance is likely to fall due to the global credit crunch, but that there would sill be growth in the industry.

A total of 40 million credit cards were issued in China last year, making the total number of cards in circulation over 150 million.

According to its research report China Credit Card Market Outlook to 2013, the global economic recession has affected consumer spending in the country, which has slowed down in comparison to previous years.

In July this year, banks in China were told by the China Banking Regulatory Commission not to offer gifts to new credit card holders, to set quotas for their sales staff, or to issue cards to those under 18, according to the New York Times.

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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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