Xin Lang Cai Jing·2025-07-22 03:00Core Viewpoint - The new rule from China Merchants Bank regarding its classic platinum credit card requires a minimum annual spending of 180,000 yuan to redeem 3,600 yuan in annual fees with 10,000 points, which has attracted significant attention [1] Group 1: Changes in Credit Card Policy - Starting from September 1, 2025, China Merchants Bank will replace its high-end magnetic stripe card products with chip versions, including the classic platinum credit card [1] - The new requirement for the classic platinum credit card is that the primary cardholder must spend at least 180,000 yuan annually to qualify for the fee redemption [1] - Previously, cardholders could redeem the annual fee with just 10,000 points, which was relatively easy to accumulate [1] Group 2: Market Context and Challenges - The credit card business is facing significant challenges due to competition from internet consumer loans and a shrinking market [2][4] - Several banks, including China Merchants Bank, have reported declines in credit card issuance and transaction volumes, indicating a broader trend in the industry [4] - As of the end of 2024, China Merchants Bank's credit card transaction volume decreased by 8.23% year-on-year, with credit card income also declining [4] Group 3: Customer Base and Growth - As of the end of 2024, China Merchants Bank had 210 million retail customers, a 6.60% increase from the previous year, indicating a growing customer base despite challenges in the credit card segment [5] - The number of high-net-worth clients (those with average total assets of 500,000 yuan or more) increased by 12.82% year-on-year, reflecting a potential area of growth for the bank [5]