China Southern Airlines and Industrial and Commercial Bank of China said they have teamed up to introduce the first airline- cobranded Visa credit card in China.

Offered in standard and gold versions, the Peony-China Southern Airlines Visa includes among its benefits 3% or 5% off the purchase of any China Southern Airlines tickets. Cardholders are also automatically enrolled in the airline's new Sky Pearl Club frequent-flier program.

The annual membership fees are equivalent to $3.60 for the standard card and $12 for the gold.

Industrial and Commercial Bank of China, the country's largest financial institution, launched the Peony Visa card in 1989 and has issued 33 million cards.

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