Core Viewpoint - The new rule from China Merchants Bank regarding its classic platinum credit card requires a minimum annual spending of 180,000 yuan to redeem 3,600 yuan in annual fees with 10,000 points, which has attracted significant attention [1] Group 1: Changes in Credit Card Policy - Starting from September 1, 2025, China Merchants Bank will replace its high-end magnetic stripe card products with chip versions, including the classic platinum credit card [1] - The new requirement for the classic platinum credit card is that the primary cardholder must spend at least 180,000 yuan annually to qualify for the fee redemption [1] - Previously, cardholders could redeem the annual fee with just 10,000 points, which was relatively easy to accumulate [1] Group 2: Market Context and Challenges - The credit card business is facing significant challenges due to competition from internet consumer loans and a shrinking market [2][4] - Several banks, including China Merchants Bank, have reported declines in credit card issuance and transaction volumes, indicating a broader trend in the industry [4] - As of the end of 2024, China Merchants Bank's credit card transaction volume decreased by 8.23% year-on-year, with credit card income also declining [4] Group 3: Customer Base and Growth - As of the end of 2024, China Merchants Bank had 210 million retail customers, a 6.60% increase from the previous year, indicating a growing customer base despite challenges in the credit card segment [5] - The number of high-net-worth clients (those with average total assets of 500,000 yuan or more) increased by 12.82% year-on-year, reflecting a potential area of growth for the bank [5]

Group 1 - The core viewpoint of the articles highlights a significant reduction in credit card benefits across various banks, driven by cost pressures and a shift in the banking industry's strategy towards high-value customers [1][3][4] - The changes in benefits have led to customer dissatisfaction, with many users expressing their frustration on social media and even canceling their cards [5][6] - The credit card market is entering a phase of stock competition, with many banks experiencing negative growth in card issuance and a decline in transaction volumes [4][6] Group 2 - Banks are facing cost pressures due to narrowing interest margins, declining transaction amounts, and rising customer acquisition costs, prompting a need for efficiency [3][4] - The reduction in benefits is seen as a short-term cost-cutting measure, but it risks losing high-net-worth customers who are sensitive to service quality [5][6] - To retain high-value clients, banks are encouraged to offer personalized services and higher-yield products, moving away from traditional benefits [6][7] Group 3 - The industry is transitioning towards "data-driven services and scenario-based benefits," with banks innovating through co-branded cards and tailored offerings to enhance customer loyalty [7][8] - By leveraging big data, banks can provide customized products and services, increasing credit card usage frequency and overall customer satisfaction [8]