China Merchants Bank has agreed to issue a dual-currency American Express Co. card aimed at Chinese travelers. The card will support transactions in Chinese yuan and U.S. dollars.
The partnership, announced May 26, could help Amex expand its coverage in China significantly because China Merchants is one of the country's largest issuers, said Dave Keung, an Amex vice president and its general manager for China. "China Merchants Bank will … significantly expand the reach of the American Express brand," he said. Cardholders will get various exclusive services, including free hotel stays, free airline tickets and travel insurance worth up to $731,000, he said.
The card is available in green and gold versions. The green card charges an annual fee of $26, and the gold card comes with an annual fee of $56, making it the most expensive card China Merchants offers, the bank said.
China Merchants is the third partner in China for Amex, which teamed with China CITIC Bank in 2007 and Industrial and Commercial Bank of China in 2004.
Some 54 million Chinese are expected to go abroad this year and spend up to $48 billion, according to the China National Tourism Academy.
"We are very excited to see these figures and the rapid growth in outbound travel, and we see huge opportunities," Keung said.
