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]

Core Insights - The domestic credit card market is undergoing significant changes, including reduced benefits, discontinuation of certain products, and closure of credit card centers, indicating a transformation trend in the industry [2][4]. Group 1: Adjustments in Credit Card Benefits - Several banks, including China Merchants Bank and Everbright Bank, have announced adjustments to high-end credit card benefits, focusing on increasing usage thresholds, modifying point accumulation rules, and reducing high-cost benefits [3][4]. - Specific changes include the adjustment of the annual fee waiver rules for credit cards, with new conditions requiring higher spending to qualify for fee waivers [3]. Group 2: Product Discontinuation - Many banks, such as Agricultural Bank of China and Postal Savings Bank, have stopped issuing certain credit card products, particularly co-branded cards in sectors like aviation and e-commerce, citing business strategy adjustments and service quality improvements [4][5]. Group 3: Shift in Business Strategy - The credit card industry is transitioning from an expansion-focused model to a more refined approach, emphasizing value creation and customer-centric strategies [5][6]. - The market environment and internal banking needs are driving this shift, with banks focusing on optimizing operations and enhancing customer engagement through tailored offerings [6][7]. Group 4: Future Development Directions - Future strategies will focus on deepening customer value, particularly for high-net-worth individuals, by creating tiered benefit systems and integrating various financial services [7]. - The industry is moving towards a model that prioritizes quality over quantity, aiming to enhance customer retention and profitability through comprehensive financial service offerings [7].

Core Viewpoint - The credit card business landscape in China is undergoing significant restructuring, shifting from a customer acquisition focus to a value-driven approach, with banks increasingly prioritizing loan installment services over traditional credit card offerings [1][9][10]. Summary by Sections Credit Card Benefits Adjustment - Many banks, including China Bank and Citic Bank, have announced adjustments to their credit card offerings, particularly high-end cards, by increasing usage thresholds and reducing benefits [3][4]. - The trend of diminishing credit card benefits is evident, with consumers reporting a decrease in redeemable rewards and increased point requirements for benefits, indicating an average devaluation of at least 11% in points [3][4]. Suspension of Co-branded Cards - Several banks, including China Bank, have decided to suspend the issuance of certain co-branded credit cards, citing business strategy adjustments and cost control as primary reasons [6][7]. - The maintenance costs associated with co-branded cards are high, and if the costs outweigh the benefits, banks are less inclined to renew partnerships [7]. Shift Towards Loan Installment Services - Banks are increasingly focusing on loan installment services as the credit card market matures, with a notable rise in marketing for these services compared to traditional credit card offerings [9][10]. - The competitive landscape has shifted, with alternative payment methods like Douyin Pay and Huabei capturing significant market share, prompting banks to reduce credit card marketing expenses [9]. Closure of Credit Card Centers - Over 40 credit card centers have been closed this year, reflecting a broader trend of banks adapting to digital transformation and changing consumer behavior [11]. - The shift towards online channels is becoming more pronounced as banks seek to enhance operational efficiency and respond to the challenges posed by digital payment solutions [11]. Future Directions - The future of credit card services may involve integrating various banking services, such as savings, investments, and loans, to enhance customer retention and profitability [12]. - There is potential for technological advancements to improve digital service experiences and optimize risk management, focusing on high-frequency consumer segments for tailored benefits [12].

【导读】信用卡业务格局重塑！业内表示：砸钱拓客时代已过，以价值贡献重塑业务逻辑 一边是信用卡权益的不断"缩水"，另一边是不断被"打爆"的贷款分期营销电话，这是今年多数消费者对 信用卡使用的普遍感受。 步入7月以来，信用卡市场调整更为频繁。据记者注意，近期，包括中国银行、中信银行等多家银行信 用卡发布公告称，将调整停发部分信用卡，其中多数为联名卡。 同月，招商银行、光大银行、浦发银行等多家银行相继官宣部分高端卡产品权益及活动更新，主要涉及 提高使用门槛、调整积分规则、削减高端权益等。此外，年内获批终止营业的银行信用卡分中心已超40 家，仅7月便有5家银行信用卡分中心关闭。 "以前去吉隆坡机场有六七个休息室可以选，现在竟然只剩下一个。"正值暑假出行之际，张婉（化名） 也诧然发现其持有的信用卡权益再度缩水。"去年能兑换的星巴克饮券也没了。" 在业内看来，信用卡业务格局正在逐渐重塑，在多重因素促使下，信用卡业务正从拓客思维转向以价值 贡献驱动。"目前，发展重心正向贷款分期业务转移并强化。"一位业内人士称。 银行密集下调信用卡权益 近期，多家银行相继宣布对部分高端卡产品权益及活动更新。例如，光大银行信用卡中心于近日发布 ...

Core Viewpoint - The credit card market is undergoing a significant transformation from "scale competition" to "value deepening," with banks actively shedding inefficient products and focusing on enhancing core competitiveness through digital upgrades and self-controlled ecosystems [1][3][4]. Industry Adjustments - Several banks, including Bank of China and Citic Bank, have announced the discontinuation of certain credit card products, particularly co-branded cards, effective from August 31, 2025 [2][3]. - The adjustments are driven by the need to optimize product structures and improve service quality in response to changing market conditions and consumer demands [2][3]. Market Dynamics - Over 80% of credit card features are highly similar, leading to minimal differentiation among products [3]. - The penetration rate of consumer credit through platforms like Alipay and JD.com reached 38% in 2024, indicating a shift in consumer behavior and a diminishing role for banks as mere funding channels [3]. - The credit card delinquency rate rose to 2.1% in 2024, with some banks exceeding 5%, highlighting the imbalance between revenue and risk [3]. Regulatory Influence - New regulations, such as the notice issued in January 2024, require banks to eliminate products with a "sleeping card" rate exceeding 20%, prompting many banks to stop issuing underperforming credit cards [4]. Strategic Focus - Banks are shifting their focus from traditional credit card offerings to creating a comprehensive ecosystem that integrates various consumer needs, such as shopping, travel, and entertainment [6][7]. - The emphasis is on building self-controlled ecosystems and enhancing user engagement through innovative product offerings tailored to younger consumers [6][8]. Future Trends - The industry is expected to evolve towards a multi-dimensional development approach, including ecosystem building, technological empowerment, and segmented customer operations [9]. - The trend indicates a move away from physical cards towards digital financial services, with credit cards becoming integrated into broader financial solutions [10].

Core Viewpoint - The credit card sector is undergoing significant restructuring as 40 credit card centers have ceased operations in 2025, reflecting a shift from an incremental growth phase to a competitive, saturated market [1][3][4] Group 1: Industry Trends - The credit card industry is transitioning from rapid growth to a focus on existing customer bases, necessitating operational efficiency and cost reduction [4][5] - The number of credit cards and combined credit and debit cards in circulation has decreased for ten consecutive quarters, indicating market saturation [6] - The industry is expected to evolve towards digitalization and ecosystem integration, enhancing service quality and customer experience [9][10] Group 2: Bank Actions - Major banks, including Bank of Communications, Minsheng Bank, and Guangfa Bank, have closed multiple credit card centers to optimize resources and reduce operational costs [3][4] - The restructuring aims to consolidate operations under branch management, improving efficiency and aligning with regulatory expectations for enhanced operational quality [5][6] - Banks are increasingly adopting localized strategies to better meet customer needs while leveraging centralized resources for efficiency [8][10] Group 3: Future Outlook - The credit card industry is entering a new cycle characterized by heightened competition and a focus on quality over quantity in customer acquisition [9][10] - Future strategies may include integrating credit card services with wealth management and loan products to create a comprehensive financial service ecosystem [9][10]

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

Group 1 - The core viewpoint of the articles highlights a significant increase in travel demand during the summer, with a 70% rise in the number of travelers and an 80% increase in GMV compared to the previous year [1] - Various banks are launching credit card promotions to capture the booming travel market, offering cashback, discounts, and double points to attract consumers [1][3] - The credit card business of commercial banks is undergoing a transformation from scale expansion to quality improvement, facing challenges such as market saturation and regulatory tightening [2][6] Group 2 - Banks are targeting the summer economy with tailored credit card offers, such as cultural-themed cards and partnerships with local attractions to enhance customer engagement [3][4] - Several banks are focusing on outbound travel, providing substantial cashback and discounts for international spending, indicating a strategic push to cater to travelers [4] - The initiatives by banks align with government policies aimed at boosting consumption, reflecting a proactive response to optimize the consumer environment [5] Group 3 - The promotional activities are primarily aimed at attracting new customers, particularly recent graduates, as banks shift their focus from sheer volume to effective growth metrics [6] - Experts suggest that future competition among banks will evolve from price wars to a focus on comprehensive service capabilities, emphasizing the need for deep integration with the travel industry [7]

Core Viewpoint - The credit card industry is undergoing a significant transformation driven by digitalization, with banks shifting from scale expansion to value reconstruction, as evidenced by the closure of off-site credit card centers [1][2]. Group 1: Industry Transformation Pressures - The credit card industry's adjustment is a result of multiple intertwined contradictions, including historical issues from aggressive expansion, leading to increased credit risk and higher non-performing loan rates [3][4]. - Regulatory policies have imposed strict constraints, pushing banks to focus on quality over quantity in their credit card operations, as highlighted by the guidelines issued in July 2022 [4][5]. - The rise of mobile payments and alternative credit products has disrupted traditional credit card usage, necessitating banks to adapt by reducing ineffective operations and focusing on customer value [6][9]. Group 2: Strategic Value of Credit Cards - Despite industry contraction, credit cards remain a vital source of income for banks and play a crucial role in promoting domestic consumption [8][10]. - The transformation emphasizes a shift from scale to quality, focusing on building a customer value-centric operational system [8][10]. Group 3: Product Innovation and Ecosystem Development - Banks are moving from broad offerings to targeted solutions, embedding credit card products into specific consumer scenarios, enhancing user engagement and transaction frequency [9][10]. - The development of a multi-dimensional ecosystem is underway, integrating credit cards with various financial services and consumer experiences, thereby extending customer lifecycle value [11][12]. Group 4: Intelligent Operations and Risk Management - The adoption of AI and big data is reshaping operational efficiency and risk management in the credit card sector, improving user experience and enabling precise risk control [13][14]. - Banks are transitioning to a dynamic risk management system that leverages real-time data for credit assessments and customer segmentation [14]. Group 5: Future Outlook - The credit card industry's evolution signifies a shift from quantity to quality, with a focus on service efficiency and customer value exploration [16][17]. - Future competition will hinge on the ability to integrate financial services into consumer journeys, the depth of technology application, and the level of ecosystem development [16][17].

Core Insights - The Chinese credit card industry is experiencing a significant decline, with the total number of issued cards reverting to levels seen at the end of 2019, marking a continuous decrease over nine consecutive quarters [1][12]. Group 1: Decline in Credit Card Issuance - As of the end of 2024, the number of active credit cards and combined credit and debit cards is projected to be 727 million, a decrease of 5.14% from the end of 2023, equating to a loss of 40 million cards [1]. - The total credit card issuance has dropped by 80 million cards compared to the fourth quarter of 2022, reflecting a persistent downward trend [1]. Group 2: Bank Responses to Declining Credit Card Business - Several banks, including the Bank of Communications, have begun shutting down credit card sub-centers, with 23 closures reported in 2024 alone [2]. - Many banks are integrating credit card operations into their retail banking divisions, moving away from dedicated credit card departments due to the declining business [4]. - A significant number of credit card products have been discontinued, with the Agricultural Bank of China ceasing the issuance of 80 credit card types in 2024 [5]. Group 3: Decrease in Credit Card Spending - Credit card transaction volumes have also seen a decline, with the Bank of Communications reporting a 12.81% drop in total spending from 2023 to 2024, amounting to a reduction of 360 billion yuan [7]. - Overall, major banks have reported decreases in credit card spending, with the Industrial and Commercial Bank of China, for example, seeing a 4.91% decline in transaction amounts [8]. Group 4: Factors Contributing to the Decline - Regulatory changes have led to a significant cleanup of dormant credit cards, with over 120 million cards removed from circulation by mid-2024 [12]. - The rise of third-party payment platforms like Alipay and WeChat Pay has diminished the market share of credit card transactions, which now account for only 35% of offline transactions [12]. - Economic factors, including stagnant income growth and rising unemployment among young people, have led to a more cautious approach to credit card usage [15]. Group 5: Future Outlook - The decline in credit card usage is seen not as a sign of industry failure but as a necessary transition towards more refined banking operations, emphasizing the need for banks to adapt to changing market conditions and consumer preferences [18].