Shangri-La, BOC launch credit card
Bank of China (BOC) and Shangri-La Hotels and Resorts have launched a Mastercard in Hong Kong and the mainland to increase the bank's credit-card exposure and tap mainland business spending.
BOC Credit Card (International) managing director of Dickson So Sing-shun said 100,000 to 200,000 cards would be issued.
The co-branded Gold Mastercard would be a Hong Kong dollar card, useable worldwide at all Mastercard outlets and offering discounts at Shangri-La and Traders hotels in the region.
BOC's credit-card department deputy manager in Beijing, Hou Ping, said the Mastercard issued in the mainland later this year would be in renminbi and restricted by the card-holders' savings.
Mr Hou said minimum savings for a cardholder would be about 2,000 yuan (about HK$1,862).
He said the People's Bank of China had approved credit-card spending limits of 5,000 yuan to 10,000 yuan.
He said rules on consumer loans had yet to be clarified and it would take at least two years to bring mainland credit cards to international standards.
Mr Hou said the BOC would discourage cash withdrawals on the card, which was being marketed to domestic and foreign corporations in the mainland.