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Shenzhen Development Bank has begun issuing its first platinum credit card, the latest issuer to launch a high-end card in China as banks try to draw more credit cardholders. The card will carry a China UnionPay brand, a bank spokesperson tells CardLine Global. The annual fee initially will be 1,200 yuan (US$175 or 133 euros), though the bank plans to issue another version of the card with an annual fee of 600 yuan, the spokesperson says. Cardholders also receive roadside assistance, accident insurance for both cars and airline flights, and free health exams, the spokesperson says. The bank hopes the cards attract consumers who earn at least 250,000 yuan per year. The bank also issues Visa-branded credit cards. The bank has a credit card base of some 3 million. Though debit cards vastly outnumber credit cards in China, issuers eager for more credit cardholders recently have offered products designed to appeal to women, motorists and other market segments.
