Core Insights - The credit card industry in China is experiencing a significant downturn, with the issuance of credit cards declining for ten consecutive quarters, leading to a total of 721 million cards by Q1 2025, down from a peak of 807 million in 2022 [1][2][3] - The competitive landscape has intensified, with banks resorting to promotional tactics such as offering bicycles for credit card sign-ups, indicating a desperate attempt to attract customers despite the overall decline in card issuance [1][2] - The industry is facing increasing delinquency rates, with the credit card delinquency rate reaching 2.33% by the end of 2024, and overdue credit card loans totaling 123.96 billion yuan, marking a 26.31% year-on-year increase [3][4] Industry Trends - The credit card market has shifted from a growth phase to a phase of stock competition, where traditional customer acquisition strategies are failing, and banks are struggling to maintain cardholder interest [3][4] - Many banks are closing credit card centers, with over 40 centers shutting down since 2025, reflecting the contraction of the credit card business [4][5] - High-end credit card benefits are being reduced, with banks announcing cuts to various perks, including airport lounge access and mileage redemption rates, as they seek to manage costs amid declining card usage [4][5] Market Dynamics - The popularity of co-branded credit cards is waning, with many banks discontinuing nearly a hundred co-branded cards in 2024 due to low activity and the expiration of partnerships [5][6] - The industry is witnessing a significant increase in "sleeping cards," which are credit cards that have not been used for over 18 months, leading to a focus on cleaning up the cardholder base [12][14] - The introduction of digital payment solutions and alternative credit products is reshaping consumer behavior, with younger generations increasingly favoring mobile payment options over traditional credit cards [15][16] Future Outlook - The credit card industry is at a crossroads, needing to adapt to changing consumer preferences and technological advancements to remain relevant [20][21] - There is potential for innovation in credit card offerings, with banks exploring new technologies and personalized services to enhance customer experience and engagement [20][21] - The emphasis is shifting from sheer volume of card issuance to the quality of service and customer experience, indicating a need for banks to refine their strategies in the evolving financial landscape [20][21]
消失的信用卡:从 “跑马圈地” 到“潜行”创新
Hua Xia Shi Bao·2025-08-19 05:26