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Credit card crunch tightens for would-be users

By Li Pan (China Daily)
Updated: 2009-01-12 07:56

China Merchants Bank is echoing China Citic Bank in cultivating high-level customers.

Its new "Infinite Card" is designed for "VVIP" customers that are more worthy of an " Infinite" card than a "Diamond" or "Platinum" card.

One such Infinite Card theme card, "Astro Boy" targets the 35- to 40-year olds who enjoyed the "Astro Boy" cartoon when they were children and have achieved a stable financial status.

Industrial experts say though banks are tightening their standards they will return to expanding the market after the financial tsunami fades out.

The Bank of East Asia (BEA) has become the first locally incorporated foreign bank in China to issue credit cards on the mainland in December of last year.

Citibank, HSBC and Standard Chartered are also applying to issue yuan credit cards in China.

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