Communist Credit Cards

Wal-Mart is launching a new credit card in China. This is especially interesting because China seems to really be a cash economy. According to the Wall Street Journal’s article, less than 5% of Chinese consumers have credit cards. Most people I know here are paid with envelopes of cash.

The Wall Street Journal says that Wal-mart’s new card is a joint venture with China’s Bank of Communications. The card is a regular credit card that can be used both in China and abroad, but users will also receive Wal-Mart discounts. If this goes well, it could facilitate currency exchange for expats and travelers by offering a dual-currency credit that works easily in both countries. If not, then Bank of Communications and Wal-Mart will soon be yet another place to hear the foriegner mei you.

Wal-Mart, credit cards… soon China will have all the comforts of home!

In case you missed it: Chinese Wal-mart forms a union.

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0 Responses to Communist Credit Cards

  1. Anonymous says:

    credit cards started when sears introduced its store credit for ordinary people. it makes sense that wal-mart would try the same in china. they stand to make very large sums of money if done right.


  2. The Humanaught says:

    I think credit card companies have come a long way since Sears kicked off the idea (neat to know though)… and the big boys are all already on board in China – you can get domestic versions of most major credit cards.

    One more country I need to resist the urge to apply for credit, and cry in my cash-bought-beer when it gets declined.

  3. Stick says:

    Wow! In China Wal-Mart is a responsible company that is doing all it can do for their community: offering low prices, a unionized workforce, credit to those with no credit history, and selling locally produced items.

  4. Anonymous says:

    Mao and Sam Walton are both spinning in their graves

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