Core Viewpoint - Citic Bank is upgrading its UnionPay-Visa dual-branded magnetic stripe credit cards, allowing eligible cardholders to exchange for chip cards starting February 8, 2026, reflecting a broader trend in the banking industry towards phasing out magnetic stripe cards [1][2]. Group 1: Upgrade Details - The upgrade targets previously issued UnionPay-Visa dual-branded magnetic stripe credit cards, including various co-branded and niche products that are no longer being issued [1]. - Cardholders are not required to exchange their cards but can choose to do so, allowing continued use of existing magnetic stripe cards during their validity [1]. - The new cards will feature dual-application chip design, supporting multiple payment methods, enhancing security compared to traditional magnetic stripe cards [1]. Group 2: Product and Policy Changes - After the card exchange, the billing due date will remain unchanged, but the product name, benefits, and annual fee policies will align with the new card standards, indicating a comprehensive shift in the product system [2]. - The settlement rules for domestic and international transactions will continue as before, with domestic transactions settled in RMB and international transactions processed through UnionPay and Visa networks [2]. Group 3: Industry Trends - The upgrade by Citic Bank is part of a broader industry trend where multiple banks are consolidating or discontinuing magnetic stripe and dual-branded card products in response to international security standards and the shift towards a more streamlined credit card product offering [2][3]. - The gradual phase-out of magnetic stripe cards is seen as a reflection of adjustments in the credit card business model, driven by stricter regulations, cost constraints, and changing customer demands [3].