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.

Capital One® Platinum Prestige Credit Card
View Offer

Capital One® Platinum Prestige Credit Card

Top Features: 0% Intro on Purchases and Balance Transfers until March 2016

Editor Rating:

Chase Slate®
View Offer

Chase Slate®

Top Features: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Capital One® Quicksilver® Cash Rewards Credit Card
View Offer

Capital One® Quicksilver® Cash Rewards Credit Card

Top Features: 1.5% cash back on all purchases, 0% intro on purchases and balance transfers until September 2015

Editor Rating:

Barclaycard® Ring MasterCard®
View Offer

Barclaycard® Ring MasterCard®

Top Features: Low 8% (V) APR on purchases and balance transfers

Editor Rating:

Capital One® Venture® Rewards Credit Card
View Offer

Capital One® Venture® Rewards Credit Card

Top Features: Unlimited 2x miles on every purchase, every day

Editor Rating: