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].

Group 1 - The article discusses various credit card offerings from China Merchants Bank, including promotional benefits for new users [5][6]. - New users can receive a JD PLUS membership upon meeting certain criteria, highlighting a partnership with JD.com [5]. - There are additional rewards for cardholders, such as discounts on dining and the ability to redeem points for gifts [9]. Group 2 - Cardholders can refer friends to apply for the card and receive rewards upon successful referrals, such as discounted kitchen appliances or cash rewards [11][12]. - Existing cardholders have the option to apply for additional credit cards, with shared credit limits and no new user benefits [13][14]. - The article encourages users to explore other credit card options available through the bank [16].

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