Credit Cards

US consumer debt rises despite less use of credit cards

Consumer credit card debt fell for a fourth consecutive month. Photo: AFP

US consumer credit rose more than expected in September, but credit card usage fell for a fourth straight month, which could help shed some light on the slowdown in consumer spending growth during the third quarter.

Friday, 8 November, 2013, 12:42pm

DBS says interest margin on credit cards shrinks as fee income rises

DBS said it would offer two new credit cards this year and was eyeing e-commerce to grow the business.

Ken Chew of DBS Bank's consumer division in Hong Kong said the interest margin - a measure of profitability - on its credit card business declined in the first quarter compared with the same period last year.

6 Jun 2013 - 4:15am

Big bank battle is on the cards

Banks are fighting for customer loyalty, with each person in Hong Kong carrying an average of 4.2 credit cards. Photo: SCMP

Credit card and mortgage services are already the two main areas these rival banks compete in, but industry watchers warn that profits will not come easily. Retail banking faces high costs for every effort from branch expansion to marketing and advertising in Hong Kong, one of the world's most expensive cities.

11 Jun 2013 - 12:40pm

Cyprus to reopen banks, impose capital controls

A man withdraws money from an ATM machine at the Bank of Cyprus headquarters in Athens, Greece. Photo: EPA

Cyprus reopens its banks on Thursday while limiting withdrawals, banning cheques and curbing the use of Cypriot credit cards abroad, among measures imposed to avert a bank run after it agreed a tough rescue deal with international lenders.

28 Mar 2013 - 8:02am

UnionPay seeks to turn tables on market leaders Visa and MasterCard

Xu Luode

In a rare interview with overseas media, Xu Luode, the president and chief executive of the mainland's bank card association, told the South China Morning Post that UnionPay would strive to improve its global market share by attracting members to its international business arm with a profit-sharing scheme.

11 Mar 2013 - 4:48am

The (low) price of credit card loyalty

Credit cards do more than offer credit. They radiate aspiration - the top ones come with names like Ultima, Platinum and Infinite - and they come with perks.

4 Mar 2013 - 5:02am

Aeon reports 12pc rise in profit

Consumer finance firm Aeon Credit Service (Asia) posted a 12 per cent year-on-year rise in net profit for the nine months to November 20, thanks to higher income from insurance sales, lower loan losses and gain on investments disposal.

22 Dec 2012 - 2:36am

UnionPay card joins pack of top players

An advertisement board featuring the UnionPay bank card at a shopping district in Tokyo. The card is accepted in 135 countries. Photo: Reuters

Among the designer brands from Prada to Chanel at the Harrods flagship store in London, Li Yafang spotted a logo she knows from back home: the red, blue and green of UnionPay cards.

13 Dec 2012 - 3:34am

China's UnionPay grows to challenge Visa

A man passes a hoarding advertising UnionPay in Akihabara shopping district in Tokyo. Photo: Reuters

Among the designer brands from Prada to Chanel at the Harrods flagship store in London, Chinese housewife Li Yafang spotted a logo she knows from back home: the red, blue and green of UnionPay cards.

12 Dec 2012 - 12:54pm 2 comments

Cut in fees for credit-card payments to erode bank profits

Transaction fees on credit cards will be lowered next year. Photo: Bloomberg

Beijing's efforts to boost domestic consumption may weigh on banks' profits as a reduction in credit-card transaction fees will eat into their fee income.

The State Council had approved a plan to reduce transaction charges on credit-card payments, Xinhua reported on Tuesday, citing a notice issued by the People's Bank of China.

The PBOC spokesman was not available for comment.

29 Nov 2012 - 3:53am

The Week Explained: Amex not as helpful as the marketing suggests

"American Express? That'll not do nicely, sir." Photo: Bloomberg

If you have a credit card you might want to pay some attention to this story. It's something of a saga, but bear with me because the bottom line is rather scary.

Recently, I realised that two insurance policies purchased via a promotion run by American Express, with payment linked to its cards, were more expensive than comparable products.

22 Oct 2012 - 1:54am

Citi heats up China credit cards

This August 3, 2007 file photo shows Citibank's first drive-through ATM customer at the Upper East Side of the Central Plaza in Beijing. Photo: SCMP

Citibank's entry to the Chinese credit card market marks the start of a coming explosion in card ownership, which will end in a wave of massive defaults around 2020.

20 Sep 2012 - 10:14am

'Wins' but no gain in UnionPay card game

The World Trade Organisation's (WTO) ruling on the mainland's electronic-payment market is curiously being portrayed as a 'win' by both the warring parties: China and the United States.

23 Jul 2012 - 12:00am

Scam warning after wedding photo complaints soar

The number of complaints about wedding photography services increased by nearly 50 per cent last year, prompting the consumer watchdog to warn couples to watch out for scams.

17 Apr 2012 - 12:00am

Alipay joins international bank for online deal

Alipay, the biggest online payments services provider in China, is ratcheting up its expansion under a landmark alliance with the mainland unit of Standard Chartered Bank.

16 Feb 2012 - 12:00am