"每年可兑换的酒店权益只剩一晚，在机场的自营贵宾厅服务也没了。" 手持多家银行高端信用卡的资深用户小钟，对着已"缩水"的权益列表感叹道。这 并非个例，小钟手上有数张不同银行的高端卡，但权益均有不同程度缩水。 酒店、机场贵宾厅、接送机、里程兑换、健康权益⋯⋯这些曾经定义高端信用卡尊贵体验的核心权益，正在被银行逐一重新打量。年末将至，多家银行密 集发布公告，对明年高端卡权益进行削减或抬高门槛：无限次贵宾厅变为限量，积分兑换门槛抬高，附属权益悄然消失。 权益收缩风暴背后，是银行难以言说的"亏本账"。一次接送机成本数百元，而国内刷卡回佣率仅约0.3%，若客户仅做支付工具、不分期贷款，银行几乎无 利可图。更有"羊毛党"套利，进一步侵蚀利润空间。 业内人士坦言："单就信用卡业务看，高端卡其实不赚钱。"但作为识别高价值客户、撬动财富管理业务的"金钥匙"，高端卡并非独立盈利单元。 如何提升整体收益？在这场从规模扩张向存量经营的行业变局中，高端卡的故事，正在悄然改写⋯⋯ 1 权益收缩：贵宾厅限次、刷卡金提升兑换门槛 普卡、金卡、白金卡、钻石卡⋯⋯几乎每家银行信用卡都会有等级划分，此前白金卡一度被视为高端象征，但随着近年来部分银 ...

Core Insights - The credit card market in China is experiencing a significant contraction, with major banks reporting a total credit card loan balance of 7.56 trillion yuan, a decrease of nearly 200 billion yuan since the beginning of the year [1] - The number of credit cards has been declining for 11 consecutive quarters, with a total of 715 million cards as of the end of Q2, down 6 million from Q1 and 12 million from the end of last year, marking an 11.4% decrease from the peak of 807 million in 2022 [1][2] - Regulatory tightening has accelerated the shrinkage of the credit card industry, with new guidelines set to fully take effect in July 2024, emphasizing the need for banks to focus on customer value rather than merely increasing card issuance [2][4] Industry Trends - The shift towards digital payment platforms like Alipay and WeChat Pay has significantly impacted credit card usage, as these platforms integrate financial services with payment solutions, creating a seamless user experience [2][3] - Young consumers are increasingly abandoning credit cards in favor of internet-based credit products, reflecting a profound change in digital financial consumption habits [4] - The banking sector is moving from a growth model focused on card issuance to a more refined approach that emphasizes customer engagement and loyalty [4] Future Outlook - Despite the decline in credit card usage, there remains an important role for credit cards in meeting diverse financial needs, especially in the context of policies aimed at boosting domestic consumption [4][5] - Banks are encouraged to develop customized products for younger consumers and enhance service experiences to adapt to changing consumer preferences [4][5] - The future of credit cards should evolve into comprehensive financial service platforms that integrate credit management, financial planning, and consumer rights [5]

Core Insights - The credit card industry is undergoing significant changes, with banks shifting focus from acquiring new customers to competing for existing ones, leading to a rise in installment payment options and a reduction in credit card branches [1][2][4][6]. Group 1: Market Trends - Many banks are actively promoting installment payment options, with some offering discounted rates around 4% annualized [1][5]. - Over 40 banks have closed credit card branches this year, indicating a trend towards consolidation and efficiency in the credit card sector [1][5]. - The total number of credit cards issued in China has decreased, with a drop of approximately 4 million cards year-on-year, marking a 5.14% decline [6]. Group 2: Financial Performance - Credit card delinquency rates have increased for several banks, with Minsheng Bank reporting a delinquency rate of 3.28%, up 30 basis points from the previous year [3]. - Credit card consumption amounts have also declined, with major banks like China Construction Bank and Industrial and Commercial Bank of China reporting decreases in transaction volumes [8]. Group 3: Strategic Shifts - Banks are focusing on high-value customers and enhancing product offerings to improve customer retention and profitability [7][9]. - The industry is moving towards integrating various financial services, such as savings, investments, and loans, to provide a more comprehensive service to high-end clients [9].

Core Insights - The credit card industry is undergoing significant changes, with banks actively promoting installment payment options while simultaneously closing credit card branches due to competitive pressures and declining credit card usage [2][8][9]. Group 1: Industry Trends - Many banks are encouraging customers to use installment plans for their credit card bills, offering promotional rates around 4% annualized [2]. - Over 40 banks have closed credit card branches this year, indicating a trend towards consolidation and a focus on core operations [8]. - The credit card market is shifting from "customer acquisition" to "existing customer competition," reflecting a more challenging environment for banks [2][3]. Group 2: Financial Performance - Credit card issuance has declined, with a drop of approximately 4 million cards year-over-year, marking a 5.14% decrease [9]. - Several banks reported rising non-performing loan rates in their credit card portfolios, with Minsheng Bank at 3.28% and Shanghai Pudong Development Bank at 2.45% [5]. - Credit card transaction volumes are also decreasing, with major banks like China Construction Bank and Industrial and Commercial Bank of China reporting declines in credit card spending [11]. Group 3: Strategic Adjustments - Banks are focusing on risk management and targeting high-quality credit users for installment offers, rather than those who typically pay in full [5]. - The industry is increasingly leveraging digital technologies such as big data and AI to enhance traditional credit card services [3]. - There is a push towards product innovation and integrating various financial services to improve customer retention and profitability [10][12].

Group 1 - The credit card business is currently focused on cost reduction and efficiency improvement, with a shift towards a stock competition era where product benefits are diminishing [1][4] - A state-owned bank announced that starting from September 14, 2025, litigation-related fees due to overdue credit card accounts will be included in the statement of the involved credit cards, which includes various fees such as litigation fees, arbitration fees, and others [2][3] - The People's Bank of China reported a decline in the total number of credit cards issued, with 727 million cards as of the end of 2024, a year-on-year decrease of 5.14% [3][4] Group 2 - Over 40 bank credit card centers have been approved to cease operations this year, indicating a significant shift in the credit card market from growth to stock competition [4] - The competitive landscape for credit cards is intensifying, with traditional banks facing pressure from emerging fintech companies that offer similar consumer finance products, leading to a reduced reliance on credit cards by consumers [4] - The role of credit cards is evolving, as mobile apps are increasingly used to connect with retail customers, diminishing the traditional utility of credit cards in customer data accumulation and cross-selling [4]

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].