Greater China: Visa unveils Olympic credit card with BOC

While China is still a cash-based society (according to Visa, there are 714 million bank cards in circulation, but only six million of these are credit cards), spending is on the increase as people, especially those in larger cities such as Beijing, Shanghai and Guangzhou, have more disposable income. Riding on this market trend, American Express has also launched its first co-branded credit card with the Industrial and Commercial Bank of China (ICBC) in China.

Visa International's 2008 Olympic games credit card is a themed dual currency card which aims to predominantly target the younger Chinese demographic by promoting the ideals of the Olympics 'excellence, leadership and competition'.

"In China, the Olympics are strongly associated with a sense of national pride and people are eager to sign up for things that reflect the Olympic connection," said Jim Allhusen, Visa's executive vice-president and general manager for Greater China and the Philippines.

The card is available in the five colours of the Olympic rings: red, yellow, blue, green and black. Besides a credit limit, it will also allow consumers to settle bills through telephone banking and also offer them the chance to win tickets to the Beijing Olympics.

The Bank of China will handle marketing initiatives and consumers can utilise a hotline number or go to Bank Of China branches to obtain the card.

Also a dual currency card available in two standard and gold versions, the ICBC-American Express cards can be used at ICBC's merchants, the China Union Pay network of merchants and as well as American Express merchants across the world. Its launch comes nine months after American Express and ICBC partnered, and is targeted at Chinese consumers who are increasingly spending more on travel, leisure and retail.

"Chinese consumers can now enjoy and have access to American Express' global network and the same standard of service and privileges provided to American Express cardholders around the world," said Kenneth I. Chenault, chairman and chief executive officer, American Express.

Additional benefits to cardholders will include selected golf course access, both in China and overseas, complimentary upgrades and companion air tickets from participating international airlines, exclusive travel and hotel offers, complimentary emergency assistance within and outside of China and secure online website access. ICBC will be responsible for issuing cards, extending credit, managing accounts, marketing the cards as well as customer support.

The new American Express card is already available in Beijing, Shanghai, Guangzhou and Shenzhen and will also be rolled out in other Chinese cities over the coming months.