I hold credit card from the year of 1999. At that time, Credit Cards are not as popular as today. Most of the cards at that time are debut cards. But I never experienced discount offering as often as today.
When I went to the Coffee Bean and Tea Leaf at the Raffles City, I was offered again for 10% off for my China Merchant Bank (CMB) Credit Card. All sales above 50 RMB and paid via CMB card are eligible for the offer.
More banks follow to this kind of discount as their selected stores and merchants. This is good for consumers like me, and meanwhile, it is a clear sign that the competition on the financial service is heated up.
Now, the saving rate for individuals are as low as a little bit more than 2% (for one year), while the mortgage rate is as high as more than 5%. The margin for banks is high enough. The credit card transaction fee is also a very good business.
The discount may be the starting point of the new round of financial market adjustment.
Disclaimer: I don’t have financial knowledge. Just two cents on what I experienced today.