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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.
Posted by Jian Shuo Wang at February 6, 2006 9:27 PM
Copyright: You are free to redistribute this work, as long as you keep this disclaimer
and this link: http://home.wangjianshuo.com/archives/20060206_credit_cards_offer_discount_at_preferred_stores.htm
http://www.mckinseyquarterly.com/article_abstract_visitor.aspx?ar=1713&L2=10
that is quite good article about china credit card, a sneak view:
By mid-2003, 3 million credit cards had been issued to Chinese consumers; that number quadrupled to 12 million two years later. Ninety percent of China's credit card holders belong to either the mass-affluent (consumers with an annual household income of between $4,000 and $6,500) or affluent (those with a household income exceeding $6,500) consumer segments. Conveniently, 35 percent of mass-affluent and affluent consumers reside in China's four big coastal cities—Shanghai, Beijing, Guangzhou, and Shenzhen.
Great news! Just not very fan for this offer. Discounts it's like narcotic.
Yesterday was very wet. We set in Sturbacks at evening on Pudong's bank.
The credit card holder may looks glamorous when he flushes his plastic, but not knowing this is the marketing strategy to made him to 'pre-spend' his money and dig deeper into the unsecure loan from the bank often charged with hefty interest.
One little advise is always use your credit card wishly.
Posted by: stephen on February 7, 2006 1:40 AMDiscount is not uncommon, but discount offered by a credit card company in China is rare - since banks never ever offered any discount, although they have huge profit margin before.
Posted by: Jian Shuo Wang (external link) on February 7, 2006 9:02 AM年初五,我在江阴的人民医院,看到一对民工的夫妇,带着一个5个月的小孩子在儿科看病.医生说小孩子是哮喘,请他们到病房安排小孩住院,这对民工的夫妇说住院很贵,看不起,能不能开点药.医生讲要看这病,必须住院,不住院,只开药没有用的.他们讲不看了,到别的医院去.
我看到那个小孩5个月,大大的眼睛,很可爱.但是没有钱看病.很可怜.
我在想是谁的错误?
第一,医生态度不太好,要对没有钱看病的,耐心说服,小孩的病不能耽搁.
第二,是不是可以不分户口,给小孩子一定的医疗保障.
我想看这个病,大概有3000元,可以了.虽然我不是富人,我是不是可以捐款.
我的朋友说,你是不是有点疯.
在上海,一个白领,收入很高.他们可以花钱买一些高消费的东西.是否要节约??
shirley
yeah, there are quite a few banks offering discount to their credit card holders in designated stores... but in some stores, they might pretend not knowing such agreement unless you ask for it ;-)
Posted by: mcgjcn on February 7, 2006 5:10 PM