来源：看懂经济 这并不是简单的战术变化，而是一种方向性的转变——从拼规模，转向拼质量；从向外扩张，转向向内生长。 广发信用卡将这一阶段的经营关键词，概括为四个字：向深求精。 在信用卡行业整体降速的当下，广发信用卡率先做出了一次清晰而克制的选择。 当发卡量下滑、睡眠卡清理、行业收缩已经成为普遍现象时，越来越多的银行意识到，信用卡这门生意已经不再适合用"规模冲锋"的方式来做。 2025年三季度，信用卡和借贷合一卡总量已从2020年巅峰时期的8.07亿张降至7.07亿张，累计减少1亿张；2025年内，已经有超40家银行信用卡分中心关 停。 继续向外扩张，意味着边际收益递减；而客户质量、风险成本和服务能力，却被迅速放大。 在这样的背景下，广发银行信用卡中心并未沿着惯性继续"找增量"，而是将经营重心明确转向存量客户，围绕核心客群展开一轮更深层次的经营调整。 广发银行在2024年年报中指出，将进一步向内涵型发展转变，摒弃"规模情结"，推进信用卡业务转型，在回归本源中提升价值。 行业进入调整期 信用卡经营逻辑正在被重写 信用卡行业，已经走过了"多发一张卡就多一分增长"的时代。 在增量扩张阶段，获客速度、渠道覆盖、发卡规模， ...

白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊毛党"薅了个寂寞 记者｜李玉雯 "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？在这场规模扩张转向存量经营的行业变局中，高端卡的故事，正在悄然改写⋯⋯ 权益收缩：贵宾厅限次、刷卡金提升兑换门槛 普卡、金卡 ...

Core Viewpoint - The credit card industry in China is entering a "tide retreat" phase by 2025, with significant declines in credit card loan balances and transaction volumes observed across multiple banks [1][2][4]. Group 1: Decline in Credit Card Metrics - In the first half of 2025, over half of the listed banks reported a decrease in credit card loan balances compared to the beginning of the year [1]. - China Bank's credit card loan balance was 522.50 billion yuan, down 13.88% from the end of 2024, marking the first half-year decline since 2020 [2]. - Postal Savings Bank experienced a 5.67% decline in credit card loan balances, the largest drop in nearly a decade [2]. - Construction Bank saw its first half-year decline since 2010, with a decrease of 1.04% in credit card loan balances [2]. - Credit card annual cumulative transaction volumes have stagnated since 2019, with some banks like China CITIC Bank and Bank of Communications reporting declines exceeding 10% year-on-year [2]. Group 2: Revenue Shrinkage - Credit card business revenues for major banks have contracted, with China Merchants Bank's revenue peaking at 92.05 billion yuan in 2022 before declining [3]. - CITIC Bank's credit card revenue peaked at 61.50 billion yuan in 2020, also showing a downward trend thereafter [3]. Group 3: Industry Challenges - The credit card issuance peaked in 2021, with subsequent annual declines noted [4]. - Regulatory measures introduced in 2022 aimed to manage "sleeping" credit cards, limiting the proportion of such cards to no more than 20% of total issued cards [4]. - The industry faces intense competition due to product and service homogenization, leading to increased customer acquisition costs and lower customer loyalty [6][7]. Group 4: Strategic Shifts - Banks are shifting focus towards risk management and prudent operations as the new norm in credit card business [5][6]. - Strategies include segmenting customers based on risk, with high-risk clients being gradually phased out while enhancing engagement with mid-risk clients [8]. - There is a notable shift from acquiring new customers to enhancing the value of existing customers due to rising acquisition costs [10]. Group 5: Market Adaptation - Banks are exploring regional market potentials, with initiatives like the "Hundred Counties, Ten Thousand Stores" program by China Merchants Bank targeting county-level markets [10]. - High-end credit card products are being introduced to attract affluent customers, such as Agricultural Bank's American Express Black Card [10]. - A focus on high-quality customer acquisition strategies is being emphasized, as seen in China Merchants Bank's 2025 mid-year report [10].

Core Viewpoint - Several banks have adjusted consumer loan interest rates, ceasing discounts below 3%, while simultaneously offering promotional rates for credit card cash installment services, indicating a shift in strategy towards more refined customer management in credit card operations [1][5]. Group 1: Credit Card Cash Installment Promotions - Banks like China Merchants Bank and Bank of Communications are offering significant discounts on cash installment rates, with annualized rates as low as 2.76% and 5.49% for specific terms [2][3]. - Credit card cash installment services allow banks to provide cash credit directly to customers' designated accounts, with flexible repayment options and generally do not occupy credit card limits [3][4]. Group 2: Market Trends and Regulatory Environment - The People's Bank of China has emphasized the need for financial institutions to support consumer loans, which may lead to increased competition in the retail loan market [5][6]. - The credit card market is transitioning from a phase of broad expansion to one of meticulous management, with a decline in the issuance of new cards due to market saturation and stricter regulations [6][7]. Group 3: Industry Challenges and Future Outlook - The proportion of credit card loans in retail lending has decreased from 13.09% in 2022 to 12.54% in 2024, while personal business and consumer loans have seen an increase [6][7]. - Industry experts suggest that the focus should shift towards retaining valuable customers and leveraging technology and risk management to ensure sustainable growth in the credit card sector [7].