信用卡业务大洗牌： 超40家分中心关停 联名卡密集停发

Core Insights - The credit card business in China is undergoing significant contraction, with over 40 credit card centers approved for closure this year, and banks like China Bank and Citic Bank halting the issuance of co-branded cards [1][2][3] - The industry is shifting from a model of aggressive expansion to a more refined approach, focusing on risk management and digital capabilities [3][7] Group 1: Business Adjustments - Major banks are closing credit card centers and discontinuing co-branded card products, indicating a top-down reduction in credit card operations [1][2] - The People's Bank of China reported a decline in the total number of credit cards issued, with 727 million cards in circulation by the end of 2024, a year-on-year decrease of 5.14% [2] - Banks are also raising the thresholds and adjusting the benefits of high-end credit card products to reduce costs [2][5] Group 2: Asset Quality and Recovery Challenges - The quality of credit card assets is deteriorating, with overdue balances increasing significantly from 3.377 billion yuan in 2008 to 123.964 billion yuan by the end of 2024, marking a 36-fold increase over 16 years [4] - The average recovery rate for bad credit card debts has dropped to 5.8%, the lowest among various personal loan assets, while litigation costs are rising [4][6] Group 3: Strategic Shifts and Future Outlook - The credit card industry is entering a "bottoming out" phase, with a focus on improving risk control and digital capabilities as competition intensifies [7][8] - The future competition will center on customer value rather than card issuance volume, with banks leveraging big data for real-time credit risk monitoring [7][8] - Digital transformation is accelerating, with banks enhancing their service channels and risk management through technology [8]