Core Viewpoint - The recent adjustments in high-end credit card offerings by multiple banks are not merely about reducing benefits but are proactive measures aimed at achieving sustainable business models and overall industry health amidst rising costs and increased risk management pressures [1][2][3] Group 1: Industry Trends - Major banks like China Merchants Bank, Everbright Bank, and HSBC China have announced updates to their high-end credit card products, including increased usage thresholds and changes in applicable benefits [1] - The credit card industry is entering a phase of clearer and more stable market dynamics as these adjustments are implemented [1][7] Group 2: Specific Changes by China Merchants Bank - On July 1, China Merchants Bank announced the upgrade of its Visa dual-standard magnetic stripe cards to chip versions, along with changes to the annual fee waiver rules for its classic and premium white credit cards [2] - The classic white card now requires a spending threshold of 180,000 yuan for the main card and 100,000 yuan for the supplementary card to redeem annual fees, while the premium white card has added benefits such as two annual stays at selected hotels and no foreign exchange fees [2][3] Group 3: Long-term Strategy - China Merchants Bank emphasizes a long-term operational philosophy, focusing on creating high-end credit card products that meet customer needs rather than short-term promotional offerings [3] - The adjustments reflect a broader trend of banks seeking to balance service models and commercial sustainability rather than merely downgrading services [3][7] Group 4: Economic Context - The high-end credit card segment has historically been a key component of commercial banks' financial services, particularly targeting high-net-worth individuals whose spending behavior can significantly impact the economy [4] - The current economic environment has led to rising operational costs and greater challenges in credit risk management, prompting a reevaluation of the cost-benefit structure of high-end credit card offerings [4][5] Group 5: Market Dynamics - The transition from magnetic stripe to chip cards is a significant trend, aligning with global payment practices, as most overseas markets have already made this shift [6] - There is a clearer differentiation in the features and benefits of high-end credit card products within the same bank, catering to various consumer needs [6] Group 6: Future Outlook - With the completion of updates to core high-end card products by China Merchants Bank and actions from other banks, market uncertainty is expected to decrease, leading to a more stable high-end card benefits system [7] - The adjustments in high-end credit card offerings represent a shift in the banking industry from scale expansion to high-quality development, fostering a healthier industry ecosystem in the long run [7]