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cdn_in_bj -
Quote:
One Bank account may be able to have two credit cards linked to that bank account. Most Chinese
credit cards work like western debit cards where Chinese customers must first deposit a set amount
of money the minimum is usually 6,000 Yuan and then the credit card can withdraw from from that
account. You still need to pay back money to return the level to 6,000 yuan each month or you will
pay interest on the difference.
This is not always the case, I would change the wording from "most" to "some".
Quote:
Credit cards usually have a pin number that you will need to input. The exception to this in the
Merchant's Bank, which simply requires the signature.
Again, this is not always the case. If you are making a payment using a domestic credit card that
doesn't have a PIN, you can enter a bunch of '0's. Of course, it is safer to assign a PIN to the
card.
Anyways, this is good info - feel free to update the wiki page.
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muyongshi -
It's a wiki for a reason...help out and do it yourself!
imron -
Quote:
You still need to pay back money to return the level to 6,000 yuan each month or you will pay
interest on the difference.
They charge you interest on your own money?!
shibole -
Quote:
Quote:
You still need to pay back money to return the level to 6,000 yuan each month or you will pay
interest on the difference.
They charge you interest on your own money?!
That's called "secured credit". Normally secured credit is secured with collateral like your house
or something, but in the US at least they have these "secured credit" credit card accounts for
losers who have such a bad credit history (multiple bankruptcies probably) that nobody will give
them a credit card. By depositing money with someone these people can get a credit card and start
building some amount of positive credit history even if it's silly that they're borrowing cash
against their own cash.
So this sounds like cash-secured credit card accounts in the US except just applied to the general
population since there's little-to-no credit reporting going on....
simonlaing -
Yeah, I think everyone has secured Credit, paying interest on your own money. (Credit card
companies complain that almost every one in China pays their bill on time meaning the interest
doesn't get charged much.)
I think it is because the record keeping across province lines are very bad.
I have heard stories of scrupuless business people with a famous name, going from one province to
another and taking massive loans for building a new building and then skipping town . They don't
have a system that can be accessed by other provinces. This problem is made worse by the fact that
lots of CHinese people have the same first and last names.
Shenzhen was experimenting with a credit tracking system I last heard.
When people do business they usually call their paid off/ relative police officer who does a
criminal background check which is nationalized. These don't usually have civil crimes like not
paying a loan. It will have things like marriages, divorces and Kids though.
I have friends at Unicom and Telecom who do this service for jealous husbands inpecting the new
numbers in there wives/ girlfriends cellphones. Men don't usually let the wives check their cell
phones. Go figure.
People also use guanxi business networks to not get cheated, but if you're doing cross province
business it can be harder..
have fun,
Simon
cdn_in_bj -
Quote:
Yeah, I think everyone has secured Credit, paying interest on your own money.
Again, I'd like to point out that this generalization is inaccurate.
I do agree with your other points regarding poor credit history tracking.
simonlaing -
hey hey Mr. CDN,
If you know of a bank in China that provides credit cards without a deposit , back it up, tell me
the bank so I can sign up with them.
Also confirm that there are no other circumstances like there is not deposit but the credit is
backed up by a house or Business account with a minimum balance. (Which would make it basically
the samething)
I don't profess to know everything about China but I went to a bunch of Banks asking about it and
couldn't find one.
So details please Mr. Cdn.
have fun,
Simon
md1101 -
wow those 'secured credit' credit cards sound strange. the idea of credit cards is to encourage
people to spend money, hence incur a debt and make them pay off interest. The interest is worth it
because you got something you otherwise couldnt. but this other system does the opposite! these
cards will actually discourage spending. im no economist but i guess its probably a good thing for
the chinese economy. should help keep down inflation seeing as the economy is growing so rapidyly
anyway.
cdn_in_bj -
Hi Simon,
BOC and ICBC both offer "true" credit cards. See:
http://www.boc.cn/en/common/third.js...=1099533459100
Quote:
BOC credit card is a double-currency credit card according with international standard, designed
for global usage. You can pay with it within your line of credit, and enjoy as long as 50 days of
interest-free repayment period without prior deposit.
http://www.icbc.com.cn/e_icbcmodule/...BCredit%2BCard
I believe those cash-secured credit cards that you've described are known as "quasi credit cards".
In effect these are just debit cards that work on the credit card network:
http://www.icbc.com.cn/e_icbcmodule/...BCredit%2BCard
http://www.boc.cn/en/common/third.js...=1099533515100
simonlaing -
Hi CDN,
I will look into the BOC credit card, My fiancee had an international card with them to use in
Europe and it still had the minimu deposit issue. So I will check it out ,perhaps there are lots
of Euro credit cards.
have fun,
Simon
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