Monday, February 6, 2012
Chinese Soon to Be Swamped with Credit Card Offers
$20 for a Free T-Shirt and a Piece of Plastic?
Citigroup (C) is set to become the first global bank to issue its own credit cards in China. The financial giant said Monday that Chinese banking regulators have given the company the green light to begin issuing credit cards in the country.
Although credit cards are fairly new to China (local banks introduced them to the mainland only in the mid-1980s), the market is growing fast. Some 268 million credit cards are in use in China (compared with more than 1 billion in the U.S.), roughly five times as many as were in circulation on the mainland as of 2006. Amid persistent economic weakness in the industrialized world, large Western financial institutions are eager to tap the country's enormous market.
Posted by BullRun at 6:24 PM