Saturday, 17 September 2020 2:14 PM

Chinese and credit cards

It is remarkable to know that certain financial matters, which are very common and usual for us Dutch, are not considered that common at all on the other side of the world. Take a credit card for example. Or pay for products, dinners and hotel stays with this credit card. In the Netherlands this is the most normal thing in the world, but in China it is very different.

Chinese have no interest in a credit card at all. Borrowing money is actually not an option at all. They usually only spend the money they actually have in their hands. And the Chinese who do have a credit card and use it, almost immediately pay off their purchased goods before interest has to be paid on it. This makes it difficult for credit card companies to gain a foothold in China.

This is in contrast to Europe and America, where the credit card was launched a little over half a century ago and has only become more popular since then. In the Netherlands, about 40 percent of all residents have a credit card in their pocket, while in China it is only about five percent. Nevertheless, many foreign banks do see potential in the Chinese market in the future. With its many inhabitants and strong economic growth, China is of course a great emerging market. But then, of course, Chinese culture must first get the American spirit.

 


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