Chinese banks offering credit cards for young mothers

Apr 20, 2014, 09:36 IST | Agencies

Chinese banks are offering credit cards to young mothers, as they believe they have a greater say in the family budget

Beijing: The Agricultural Bank of China (ABC) has issued a new credit card targeting young mothers for their love of shopping and their greater say in the family budget.

The cards focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.

Liu Guiping, business director of ABC, said the bank is counting on female clients in cities to upgrade the bank’s credit card services. The new services will focus on consumer experience, Liu added. ABC is not the first bank to show interest in female consumers. Other banks, including China CITIC Bank and China Everbright Bank, have already offered cards to women.

Along with traditional financial services, the cards offer discounts or incentives for purchases related to ‘female industries’ such as health, salons, cosmetics, clothing and accessories.

The banks have targetted Chinese women not only for their personal consumption but also due to their growing role in managing family assets.

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