Core Viewpoint - Recent adjustments to high-end credit card benefits by multiple banks indicate a shift towards a more sustainable and long-term operational model in the credit card industry, reflecting the pressures faced by banks in a competitive market [1][4]. Group 1: Bank Adjustments - Several banks, including China Merchants Bank, Everbright Bank, and HSBC China, have announced updates to their high-end credit card products, such as increasing usage thresholds and adjusting applicable ranges [1]. - China Merchants Bank's adjustments include changing the annual fee waiver conditions for its high-end credit cards, moving from "10,000 points for annual fee waiver" to "10,000 points + 180,000 yuan in rigid spending for annual fee waiver" [2]. - Over 10 banks have made similar adjustments to their high-end credit card benefits this year, with notable changes including the removal of airport lounge services and reductions in overseas spending cashback [3]. Group 2: Market Dynamics - The credit card market is entering a phase of stock competition, characterized by declining growth rates in card issuance and rising customer acquisition costs [3]. - Experts suggest that banks are raising thresholds to filter customers, directing resources towards high-spending and high-contribution users, which may enhance overall profitability in the credit card sector [3]. - Since 2025, over 30 credit card centers have been closed, indicating a trend towards consolidation and efficiency within the industry [3]. Group 3: Expert Opinions - Analysts view the current adjustments not merely as a reduction in benefits but as proactive measures by banks to pursue sustainable business models and promote overall industry health [4].

中经记者 慈玉鹏 北京报道 例如，某股份行公告表示，自今年9月1日起经典版白金信用卡年费优惠规则予以调整。其中，新更换的 芯片版经典白金信用卡要从原本"1万积分免年费"变为"1万积分+18万元刚性消费免年费"。同时，附卡 权益也出现调整，原先是5000永久积分免年费，调整后需额外再消费满10万元，才可以享受兑年费。 目前，信用卡业务正在持续降本增效。 存量竞争加剧 近日，某国有银行公告表示，将于2025年9月14日起，对信用卡账户因逾期所产生的相关诉讼类费用， 一并计入涉诉信用卡的账单中。 央行今年发布《2024年支付体系运行总体情况》显示，截至2024年年末，全国共开立信用卡和借贷合一 卡7.27亿张，同比下降5.14%；人均持有信用卡和借贷合一卡0.52张，同比下降3.7%。 目前信用卡业务已进入存量竞争时代，部分信用卡产品权益相对缩水，信用卡业务更加重视提高质量和 效益。 分行试点开展 上述国有银行公告显示，信用卡逾期后，计入账单的费用包括但不限于：诉讼费、仲裁费、财产保全 费、差旅费、执行费、评估费、拍卖费、公证费、送达费、公告费、律师费等，将按照司法判决或仲裁 裁决结果，逐笔或合计一笔（涉及上述多项 ...

Core Insights - The domestic credit card market is undergoing significant changes, including reduced benefits, discontinuation of certain products, and closure of credit card centers, indicating a transformation in the industry [1][3][4] Group 1: Adjustments in Credit Card Benefits - Several banks, including China Merchants Bank and Everbright Bank, have announced adjustments to high-end credit card benefits, focusing on increasing usage thresholds, modifying point accumulation rules, and reducing high-cost benefits [2][4] - Specific changes include higher thresholds for redeeming points for miles, shortened validity of points, and a shift from premium benefits like airport lounges to more practical benefits such as shopping discounts [2][3] Group 2: Discontinuation of Credit Card Products - Many banks, including Agricultural Bank of China and Postal Savings Bank, have stopped issuing certain credit card products, particularly co-branded cards in sectors like aviation and e-commerce, citing business strategy adjustments and the need to enhance service quality [3][4] Group 3: Shift from Expansion to Optimization - The credit card industry is moving from a phase of rapid expansion to one focused on optimizing existing customer relationships, with banks needing to streamline inefficient products and concentrate on core customer segments [4][5] - This transition is driven by intensified competition in the credit consumption market, pressure on credit assets, and the need to adapt to consumer preferences for high-frequency, essential spending scenarios [4][6] Group 4: Future Development Directions - The focus for future growth will be on maximizing the value of existing customers, creating tiered benefit systems for different customer segments, and enhancing coverage of high-frequency spending scenarios [5][6] - The integration of credit cards with wealth management and private banking services aims to elevate credit cards from mere customer acquisition tools to central components of value creation [6]

本报记者 彭妍 近期，国内信用卡市场动作不断，权益缩水、部分产品停发、分中心关闭等现象引发广泛关注。具体来 看，招商银行、光大银行、浦发银行等多家银行陆续宣布，对部分高端信用卡产品的权益及活动进行调 整，涉及提高使用门槛、调整积分规则以及削减高端权益等；同时，还有多家银行宣布停发部分信用卡 产品，其中联名卡占比居多；此外，年内已有超过40家银行信用卡分中心获批终止营业。信用卡行业的 转型趋势日渐显现。 中国邮政储蓄银行研究员娄飞鹏对《证券日报》记者表示，上述现象折射出我国商业银行的信用卡业务 正经历三大转向：从规模导向转为价值深耕，从依赖息差转为生态变现，从以产品为中心转为以客户为 中心。这意味着行业已从"跑马圈地"的粗放阶段迈入"精耕细作"的质变期。未来，银行信用卡的创新重 点将围绕场景化联名卡开发、数字信用卡迭代、AI精准营销落地及客群生态圈构建等方向展开，通过 动态客群分层与场景化经营，筑牢新的价值"护城河"。 提高权益使用门槛 对于这一密集调整，苏商银行特约研究员高政扬对《证券日报》记者表示，其背后是市场环境与银行自 身经营需求共同作用的结果，核心逻辑是行业从增量扩张转向存量深耕。银行需通过精简低效产 ...

Core Viewpoint - The credit card industry is undergoing significant changes as banks, including China Merchants Bank (CMB), adjust their high-end credit card offerings in response to regulatory pressures and market competition, aiming for sustainable business models rather than short-term promotions [2][3][5]. Group 1: Changes in Credit Card Offerings - CMB announced that starting September 1, 2025, it will replace its dual-branded high-end magnetic stripe credit cards with chip versions, introducing new spending thresholds for benefits [2]. - The classic platinum credit card now requires an annual spending of 180,000 yuan to redeem 3,600 yuan in annual fees, while supplementary cards have a new threshold of 100,000 yuan [2]. - Other banks, such as Everbright Bank and SPDB, have also announced adjustments to their high-end credit card benefits, including changes to lounge access and reward redemption [3]. Group 2: Industry Trends and Responses - The credit card sector is experiencing a broader trend of increasing usage thresholds, adjusting point systems, and reducing high-end benefits across multiple banks [3][5]. - CMB's credit card circulation decreased by 259,100 cards to 9,685,900 by the end of 2024, with a decline in transaction volume by 8.23% year-on-year [5]. - The adjustments in high-end benefits are seen as a response to the "involution" phenomenon in various industries, aiming to shift focus from aggressive expansion to high-quality development [5][6]. Group 3: Cost Management and Value Creation - High-end credit card benefits are significant resource consumers for banks, with operational costs exceeding 1,000 yuan per card for certain privileges [7]. - The industry is facing pressure from third-party entities exploiting high-end benefits, leading to increased costs for credit card centers [7]. - The shift towards rationalizing benefits is intended to encourage banks to focus on sustainable practices and value creation in the credit card sector [8].

Core Viewpoint - The recent adjustments in high-end credit card benefits by multiple banks are proactive measures aimed at achieving sustainable business models and overall industry health, rather than merely a reduction in benefits [1][2]. Group 1: Adjustments in High-End Credit Card Benefits - Major banks, including China Merchants Bank, have announced updates to high-end credit card products, such as increasing usage thresholds and adjusting applicable ranges [1]. - The adjustments reflect a shift from a focus on short-term promotional products to long-term offerings that align with customer needs, maintaining a stable and optimized benefits structure [2][3]. - The changes include the introduction of new benefits for certain card types while increasing the spending requirements for others, indicating a strategic alignment with customer expectations and market demands [2][3]. Group 2: Market Trends and Economic Context - The high-end credit card segment has historically been a crucial part of commercial banks' financial services, with a focus on catering to high-net-worth individuals [4]. - The current economic environment has led to rising operational costs and increased challenges in credit risk management, prompting banks to reassess their benefits structures [5]. - The trend towards upgrading high-end credit cards from magnetic stripe to chip technology is part of a broader global shift, ensuring compatibility with international payment systems [6][7]. Group 3: Future Outlook - The differentiation among high-end credit card products is becoming clearer, with banks offering various products tailored to specific consumer needs, enhancing the overall customer experience [7]. - As banks complete their updates to high-end credit card benefits, market uncertainty is expected to decrease, leading to a more stable benefits ecosystem for cardholders [7].

Core Viewpoint - The recent adjustments in high-end credit card benefits by multiple banks are proactive measures aimed at achieving sustainable business models and overall industry health amidst rising costs and increased risk management pressures [3][6][11]. Group 1: Industry Trends - Several banks, including China Merchants Bank and Everbright Bank, have announced updates to high-end credit card products, such as increasing usage thresholds and adjusting applicable ranges [3]. - The current round of adjustments is seen as a shift from a focus on aggressive benefits to a more sustainable approach, reflecting a broader industry trend towards differentiation and long-term viability [6][11]. Group 2: Specific Changes by Banks - China Merchants Bank has upgraded its Visa dual-standard high-end magnetic stripe cards to chip versions, adjusting annual fee waiver rules and introducing new benefits for its premium cardholders [5][6]. - The classic white chip card now requires a spending threshold of 180,000 yuan for the main card and 100,000 yuan for supplementary cards to qualify for fee waivers, indicating a shift towards more stringent requirements [5][6]. Group 3: Market Dynamics - The high-end credit card segment has historically been crucial for banks, targeting high-net-worth individuals whose spending patterns can significantly impact the economy [7]. - The rising operational costs and credit risk management challenges are prompting banks to reassess their high-end credit card strategies, moving away from unsustainable benefit models [7][8]. Group 4: Future Outlook - As major banks complete their updates to high-end card benefits, market uncertainty is expected to decrease, leading to a more stable and predictable benefits system for cardholders [11]. - The adjustments in high-end credit card offerings reflect a transition from rapid expansion to a focus on high-quality development within the banking industry, promoting a healthier ecosystem in the long run [11].