Core Viewpoint - The article discusses the recent trend of banks, particularly in Zhejiang, ceasing the issuance of co-branded credit cards, indicating a shift in the credit card business from expansion to cost reduction and structural optimization [2][3][4]. Group 1: Recent Developments - Zhejiang Rural Commercial Bank announced the discontinuation of the "Harvest JD Co-branded Card" across multiple rural banks [1][3]. - A wave of credit card discontinuations has been observed, with various banks, including state-owned and joint-stock banks, halting the issuance of several co-branded credit cards [4][5]. - The trend of ceasing co-branded cards has been ongoing, with major banks like Agricultural Bank and Ping An Bank previously stopping numerous themed cards [4][5]. Group 2: Market Dynamics - The adjustments in credit card offerings are driven by economic slowdown and weak consumer expectations, leading to underperformance in card issuance and stagnant consumption growth [5]. - Banks are now focusing on high-value, high-loyalty consumption scenarios rather than blindly expanding their partnership networks [5]. Group 3: Channel and Product Adjustments - Banks are undergoing a "decluttering" process in both product offerings and distribution channels, with a focus on integrating online and offline services [6][8]. - Many banks are closing down offline credit card centers and merging credit card operations into retail banking departments to reduce management costs and enhance efficiency [6][7]. Group 4: Performance Metrics - The credit card industry is experiencing a decline, with the total number of credit cards in circulation dropping to 707 million, a decrease of 20 million from the previous year, marking the third consecutive year of decline [9][10]. - Over 70% of listed banks reported a reduction in credit card loan balances by mid-2025, indicating a significant contraction in the credit card business [10]. - For instance, China Merchants Bank reported a credit card transaction volume of 2.02 trillion yuan in the first half of 2025, down 8.54% year-on-year [10].

Core Viewpoint - The Bank of China has announced the migration of all functions from its credit card APP "Bountiful Life" to the "Bank of China" APP, aiming to provide better and more efficient financial services to customers. After the migration is complete, the "Bountiful Life" APP will cease to be available for download and will gradually shut down its services, with specific timelines to be announced later [1]. Group 1 - The migration of services is intended to enhance the quality and efficiency of financial services provided to customers [1]. - The "Bountiful Life" APP will stop being available for download and will gradually shut down after the migration is completed [1]. - Further announcements regarding the specific timeline for the migration and shutdown will be made in due course [1].

Core Viewpoint - The independent credit card apps of several banks, including China Bank, are being phased out in favor of integrating credit card services into their main banking apps, reflecting a broader trend in the industry towards consolidation and cost efficiency [2][3][4]. Group 1: Bank Actions - China Bank announced the shutdown of its credit card app "Bountiful Life," with all functions migrating to the main "China Bank" app, leading to the eventual discontinuation of the independent app [2][5]. - Other banks, such as Bohai Bank and Beijing Rural Commercial Bank, have also ceased operations of their independent credit card apps, indicating a collective shift in the banking sector [3][20]. - The trend of merging credit card functionalities into main banking apps is not isolated, as multiple banks have already taken similar actions over the past few years [3][21]. Group 2: Industry Insights - Experts suggest that the initial goal of independent credit card apps was to enhance customer engagement, but the results have been disappointing, leading to increased operational costs without significant user retention [3][22]. - The profitability pressure on credit card businesses has made maintaining independent apps economically unfeasible, prompting banks to consolidate services to reduce costs and improve efficiency [4][27]. - The decline in active users of credit card apps contrasts with the growth in mobile banking app usage, highlighting a shift in consumer behavior towards more comprehensive banking solutions [24][25]. Group 3: Market Trends - The credit card industry is experiencing a downturn, with a reported decrease of 34 million credit cards over the past year, reflecting broader economic challenges [30][34]. - Data from the central bank indicates a decline in the total number of credit cards and combined lending cards, dropping from a peak of 798 million to 715 million [30]. - Banks are now focusing on refining their strategies to retain existing customers and adapt to changing consumer spending habits, moving away from aggressive customer acquisition tactics [34][35].