Chinese Issuer Reports Strong Year For High-End Credit Card

Published March 25, 2009, 1:00 a.m. EDT

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Updated March 25, 2009, 12:00 a.m. EDT

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China Merchants Bank says its affluent credit cardholders spend on average at least 70,000 yuan (US$10,250 or 7,500 euros) per month using the issuer's high-end Visa card. The bank in April began issuing the credit card designed for wealthy consumers, the bank's first such card. The bank did not disclose how many customers have the cards, and efforts to get more information about card spending from the financial institution were unsuccessful. The bank says 64% of customers who have the cards are between the ages of 31 and 64.

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