Liu Minxia

    mllmx@msn.com

    WALMART and the Bank of Communications yesterday upgraded their co-branded credit card services after 10 years of cooperation. Their co-branded credit card has the most cardholders in China among credit cards jointly launched by a retailer.

    More than 4 million people in China have opened a Bank of Communications Walmart credit card and the number of the cards issued is about 100,000 monthly, according to the press conference held yesterday at Walmart’s Jingtian store, the first Walmart outlet in China. The retailer and the bank promise to offer more rebates to shoppers than previously. A cardholder can receive rebates of up to 6,000 yuan (US$910) annually, they said.

    “The credit card is a result of innovation and has been well received,” said David Cheung, senior vice president and chief financial officer of Walmart China. “Per ticket sales by holders of our co-branded credit card are usually three to five times more than other shoppers. During a promotional event on a Friday in April, cardholders made purchases of almost 100 million yuan, up 50 percent from a year ago.”

    A number of large retailers have issued joint name credit cards by cooperating with a Chinese bank. French retailer Carrefour cooperates with China CITIC Bank, while Outlets and Huaxia Bank also offer co-branded credit cards.