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China's banking regulator has asked credit card issuers to further restrict their credit card-marketing measures, according to local press reports. A China Banking Regulatory Commission official, speaking on the condition of anonymity, tells CardLine Global the commission has told banks not to issue cards to consumers younger than 18. The commission also has asked banks not to run schemes in conjunction with retailers where consumers receive incentives for making card purchases. The commission also asked banks not to create sales targets for credit card-issuing staff, says the official. In addition, banks will have to better assess the credit worthiness of prospective card customers before issuing them a card, says the official. Local press reports speculate the commission may have implemented the tighter rules because of a People's Bank of China report that revealed a surge in card debt and warned of increased risk of defaulters for the credit card market.
