近日，中国人民银行发布2025年第二季度支付体系运行总体情况。数据显示，截至二季度末，信用卡和 借贷合一卡总量为7.15亿张，较一季度末减少600万张，延续了下滑趋势。这是自2022年三季度以来， 该类卡片数量连续第11个季度出现下降。 在信用卡业务呈现整体"收缩"的大背景下，分期业务正逐渐成为银行的重要发力点。为在市场竞争中突 围，不少银行加大信用卡分期业务推进力度，通过优化产品设计、降低分期费率、简化办理流程等手 段，吸引更多客户选择分期服务，进而探寻新的业务增长点。 本报记者 彭妍 与此同时，多家银行推出信用卡现金分期费率优惠活动。例如，招商银行旗下"e招贷"产品针对不同期 数的分期业务推出专属优惠，部分产品优惠后折算年化利率略超3%；中国银行深圳市分行也发布公告 明确，新客户通过中国银行App、网银等渠道办理账单分期、消费分期或自由分期，可享受3期3折、6 期3折、12期及以上5折的费率优惠，办理现金分期，12期产品可直接享受2折优惠，折后年化利率为 3.31%。 除费率优惠外，部分银行还聚焦流程简化，依托手机银行App推出"一键分期"功能，将审批时间从以往 的1个至3个工作日大幅缩短至分钟级，进一步 ...

对于信用卡与借贷合一卡数量持续走低的现状，薛洪言分析称，发卡量持续下滑的核心原因在于市场增 量触及天花板后，行业发展逻辑已从规模扩张转向质量管控。一方面，银行主动清理睡眠卡与高风险客 户，监管政策亦明确禁止将发卡量作为单一考核指标，并设定睡眠卡占比上限，倒逼行业加速转型；另 一方面，互联网支付产品分流了大量小额高频消费场景，叠加消费者理性消费意识提升、倾向降低杠 杆，传统信用卡的支付功能吸引力逐渐减弱。 近日，中国人民银行发布2025年第二季度支付体系运行总体情况。数据显示，截至二季度末，信用卡和 借贷合一卡总量为7.15亿张，较一季度末减少600万张，延续了下滑趋势。这是自2022年三季度以来， 该类卡片数量连续第11个季度出现下降。 在信用卡业务呈现整体"收缩"的大背景下，分期业务正逐渐成为银行的重要发力点。为在市场竞争中突 围，不少银行加大信用卡分期业务推进力度，通过优化产品设计、降低分期费率、简化办理流程等手 段，吸引更多客户选择分期服务，进而探寻新的业务增长点。 苏商银行特约研究员薛洪言在接受《证券日报》记者采访时表示，银行发力信用卡分期业务顺应了消费 者对大额消费分期的需求升级。上述举措反映出信用 ...

Core Viewpoint - Several banks in China, including China Merchants Bank and CITIC Bank, have launched credit card installment interest rate discount activities, with some rates as low as 2% to 4%, aiming to stimulate business growth and boost consumption in the short term, while raising concerns about long-term sustainability and credit risk accumulation [1][2]. Group 1: Interest Rate Discounts - China Merchants Bank has introduced a "limited-time 1.7-fold" discount for its "e-loan" product, resulting in an annualized interest rate of 2.76% for 12-month installments and 2.79% for 24-month installments [2]. - CITIC Bank offers a "limited-time 1.9-fold" interest discount, with an annualized rate of 3.09% for 12-month installments and 3.19% for 24-month installments [2]. - State-owned banks like ICBC and Bank of Communications have also provided cash installment interest discounts, with ICBC offering a 60% discount and Bank of Communications reducing rates to 5.46% to 5.66% for one-year and above installments [2]. Group 2: Market Competition and Strategy - The current interest rate competition is seen as a strategy to attract customers by lowering rates, while banks maintain strict loan approval standards to mitigate post-loan risks [3][4]. - The consumer credit market has experienced a decline in interest rates, prompting banks to engage in aggressive pricing strategies to capture market share, especially since cash installment services are not yet subject to regulatory rate limits [3][4]. Group 3: Consumer Considerations - Consumers are advised to evaluate the total cost, credit impact, and repayment ability before applying for cash installments, as misuse of funds can lead to penalties and affect credit records [3][5]. - Experts emphasize the importance of transparency in rates and fees, as advertised low rates may not reflect the actual costs when considering additional fees and the number of installments [5][6]. Group 4: Industry Trends and Challenges - The credit card industry is facing a decline in the number of cards issued, with a 1.35% decrease quarter-on-quarter and a 5.14% decrease year-on-year, indicating challenges in acquiring new users and maintaining market presence [7]. - Banks are adjusting their credit card operations and strategies in response to increased pressure on retail business profitability and rising non-performing loan rates [7][8]. - The future of retail banking will depend on the ability of banks to find new growth opportunities and adapt to the evolving market landscape [8].

Core Viewpoint - The competition in the credit card cash installment business has intensified, with banks offering significant interest rate discounts, leading to annualized rates dropping below 3% for some products [1][3]. Group 1: Market Dynamics - Following the regulatory crackdown on consumer loans, which set a minimum annualized interest rate of 3%, banks have turned to credit card cash installment services, which are not yet subject to the same restrictions [2]. - Major banks such as China Merchants Bank, Bank of China, and others have launched promotional activities, with some rates as low as 2.76% for 12-month installments [3][4]. - The cash installment service allows cardholders to convert their credit limits into cash, which can be repaid in installments along with fees [3]. Group 2: Strategic Implications - The current interest rate discounts are seen as a strategy to attract customers and expand retail loan volumes while managing credit risk through strict customer eligibility criteria [5]. - The credit card business is undergoing a strategic transformation, focusing on enhancing the value of existing customers and increasing the penetration of installment services [5]. - The low-interest strategy may stimulate short-term growth, but there are concerns about the potential accumulation of risks due to aggressive pricing [5][6]. Group 3: Industry Challenges - The credit card industry is moving away from rapid expansion, with several banks closing credit card branches and adjusting their operational strategies [7]. - The industry faces challenges such as difficulty in acquiring new users and pressure on product offerings, which test the strategic resilience of banks [7]. - Data indicates that among 14 listed banks reporting credit card non-performing loan rates for 2024, most have seen an increase, highlighting the pressure on retail banking [7].

Regulatory Dynamics - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, jointly issued policies to accelerate the construction of a technology finance system, focusing on venture capital, monetary credit, capital markets, and technology insurance to support innovation [1] - The "Nansha Financial 30 Measures" were released to explore financial regulatory innovation and cooperation, aiming to enhance the uniformity, professionalism, and transparency of financial technology regulation [2] Industry Dynamics - Several banks have introduced limited-time offers, with cash installment rates dropping to as low as 2% to 4%, with examples including China Merchants Bank offering a 1.7-fold interest discount, resulting in an annualized rate as low as 2.76% for 12-month installments [3] - The A-share banking sector's market capitalization has surpassed 10 trillion yuan, with the China Securities Bank Index reaching a high of 7751.80 points, supported by high dividends and low valuations [3] - Over 40 banks have "disappeared" this year, with announcements of mergers and acquisitions, indicating a trend of consolidation in the banking sector [4][5] Corporate Dynamics - iYunBao completed a C-round financing, attracting Canada’s Sun Life Financial as a strategic investor, marking a significant investment in the insurance technology sector [10] - Hebei Bank's shares have faced multiple failed auctions, indicating challenges in attracting bidders despite a reported revenue increase of approximately 22% year-on-year [9] - Huayi Payment has submitted a new listing application to the Hong Kong Stock Exchange, marking its third attempt, with a reported revenue increase of 8.54% but a net profit decrease of 9.31% [11]

Core Viewpoint - The recent shift in banks towards credit card installment loans, offering lower interest rates, is a strategic response to regulatory changes that have limited consumer loan rates, aiming to expand retail loan business and market share [1][3][4]. Group 1: Market Dynamics - Several banks, including China Merchants Bank and CITIC Bank, have launched promotional activities for credit card installment loans, with annualized rates as low as 2.76% [1][2]. - The competitive landscape has intensified, with banks offering significant discounts on installment interest rates, ranging from 1.7 to 5 times lower than standard rates [2][3]. - The shift from consumer loans to credit card installment loans is seen as a way to attract customers and increase loan volumes through lower rates [3][4]. Group 2: Strategic Implications - Banks are adopting a "price for volume" strategy to enhance their retail loan business, as cash installment loans are a profitable segment within credit card operations [3][4]. - The regulatory environment has forced banks to adjust their strategies, with new consumer loan products required to have an annualized rate of at least 3% since April [3][4]. - The focus on credit card installment loans allows banks to select high-quality customers through differentiated pricing, thereby managing risk while stabilizing interest income [4]. Group 3: Industry Challenges and Recommendations - The credit card industry is facing challenges such as user acquisition difficulties and increased pressure on product offerings, prompting banks to reassess their strategies [5]. - Recommendations for banks include optimizing product offerings, enhancing risk monitoring systems, and leveraging digital transformation to drive growth in credit card services [5].

Core Viewpoint - Several banks have adjusted consumer loan interest rates, ceasing discounts below 3%, while simultaneously offering promotional rates for credit card cash installment services, indicating a shift in strategy towards more refined customer management in credit card operations [1][5]. Group 1: Credit Card Cash Installment Promotions - Banks like China Merchants Bank and Bank of Communications are offering significant discounts on cash installment rates, with annualized rates as low as 2.76% and 5.49% for specific terms [2][3]. - Credit card cash installment services allow banks to provide cash credit directly to customers' designated accounts, with flexible repayment options and generally do not occupy credit card limits [3][4]. Group 2: Market Trends and Regulatory Environment - The People's Bank of China has emphasized the need for financial institutions to support consumer loans, which may lead to increased competition in the retail loan market [5][6]. - The credit card market is transitioning from a phase of broad expansion to one of meticulous management, with a decline in the issuance of new cards due to market saturation and stricter regulations [6][7]. Group 3: Industry Challenges and Future Outlook - The proportion of credit card loans in retail lending has decreased from 13.09% in 2022 to 12.54% in 2024, while personal business and consumer loans have seen an increase [6][7]. - Industry experts suggest that the focus should shift towards retaining valuable customers and leveraging technology and risk management to ensure sustainable growth in the credit card sector [7].

Core Viewpoint - The competition in interbank interest rates has not disappeared but has shifted to a new arena, with banks adjusting their credit card cash installment rates to attract customers [1][2]. Group 1: Interest Rate Adjustments - In early April, many banks raised the annualized interest rate for credit consumer loans to no less than 3%, halting a prolonged price war in consumer loans [1]. - Following this, several banks have lowered the annualized interest rates for credit card cash installments to as low as the "2" range, competing with previous consumer loan rates [2]. - For example, China Merchants Bank's "e-loan" offers a limited-time interest rate discount of 1.7 times, resulting in an annualized rate as low as 2.76% for 12-month installments [2]. Group 2: Marketing Strategies - Banks are using promotional strategies to attract customers by lowering annualized rates or fees, aiming to expand their business scale [4]. - The cash installment business is a significant profit area within credit card operations, and lowering rates can help banks increase market share and revenue [4][5]. - Different customer segments receive varying promotional rates, with banks focusing on high-quality clients such as corporate employees with stable income [5]. Group 3: Risk Management and Credit Quality - The cash installment business currently represents a small proportion of credit card operations, and banks are implementing strict customer segmentation and risk management [6]. - Recent data shows an increase in credit card non-performing loans among several banks, raising concerns about retail sector risks [7]. - Banks are optimizing risk management models and focusing on low-risk customer segments to mitigate potential risks in credit card lending [8].

Core Viewpoint - The recent competition among banks in credit card cash installment services has intensified, following a previous price war in consumer loans, with banks offering significant discounts to attract high-quality customers [1][4][6]. Group 1: Credit Card Cash Installment Promotions - Several banks, including China Merchants Bank and CITIC Bank, have launched promotional activities for credit card cash installments, offering discounts such as 1.7-fold and 1.9-fold for 12-month installments, with annualized rates as low as 2.76% and 3.09% respectively [1][4]. - The discounts are primarily targeted at high-quality customers, as the eligibility criteria are stringent, indicating a shift towards prioritizing customer quality over quantity [1][6]. Group 2: Market Dynamics and Regulatory Environment - The shift to credit card cash installments is a strategic response to tightened regulations on consumer loans, with banks aiming to attract customers from the consumer loan segment by offering lower rates [4][5]. - The People's Bank of China has emphasized the importance of supporting consumer finance, which aligns with banks' current strategies to enhance their retail loan portfolios [5][6]. Group 3: Customer Experience and Limitations - Customers have reported that the promotional offers are not universally available, with many being limited to existing users or those with a history of cash installments, reflecting a more selective approach by banks [8][9]. - The overall credit card issuance has seen a decline, with a reduction of 40 million cards in 2024 compared to the previous year, indicating a challenging environment for credit card businesses [9].

Core Viewpoint - The consumer loan market has experienced a "rate war," with many banks offering annualized rates below 3%, prompting regulatory intervention to raise rates to at least 3% starting April 1. However, banks have shifted their focus to credit card cash installment services, offering promotional rates as low as 1.7 times the base rate, resulting in annualized rates below 3% [1][4][9]. Summary by Sections Consumer Loan Market - In March, consumer loan rates fell below 3%, with some banks offering rates as low as 2.4%, marking a historical low [1]. - The decline in consumer loan rates has raised concerns about potential misuse of funds, as loans may be diverted to real estate and capital markets [1]. Credit Card Cash Installment Promotions - Banks have launched limited-time promotions for credit card cash installment services, with rates as low as 1.7 times the base rate, translating to annualized rates of approximately 2.76% to 3.19% depending on the bank and repayment period [3][4]. - For example, China Merchants Bank's "e-loan" offers a promotional rate of 1.7 times for 12 months, resulting in an annualized rate of 2.76% [3]. Bank Strategies and Consumer Caution - Banks are employing a strategy of "volume compensating for price" to expand retail loan growth and manage credit risk by targeting specific customer segments [9]. - Consumers are advised to carefully evaluate the total costs and their repayment capabilities before applying for cash installments, as misuse of funds can lead to penalties and impact credit scores [9].