Citi Issues First Foreign Credit Card in China

Citigroup has become the first international bank to issue a solely-branded credit card in China. This represents a significant accomplishment in what is eventually expected to become the world's largest credit card market.

Citi's credit card will be accepted in China as well as throughout the world, so it will be available as a renminbi-denominated and a dollar-denominated card. Renminbi is the official currency of China.

For the cards used within China, China UnionPay will process the transactions. MasterCard and Visa will be Citi's processing partners for the cards used in other parts of the world.

The credit card market is exploding in China. According to a research study by RNCOS, the China credit card market is expected to grow at a compound annual growth rate of 31 percent between 2011 and 2014.

Chen Bin, the client business leader at MasterCard Advisors in China, predicted in 2010 that China will likely have 800 to 900 million credit cards by 2020, making it larger than the market in the United States.

This entry was posted in Credit Card News and tagged , , , , , , by John Oldshue. Bookmark the permalink.
The information contained within this article was accurate as of August 22, 2012. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website.
Editorial Disclosure is an independent, for-profit web site. participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site. does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.

About John Oldshue

John Oldshue is the creator of He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for