Chinese Bank Launches Credit Card for Young Moms
The Agricultural Bank of China (ABC) has developed a credit card specifically for moms of younger children. Women with children under the age of 6 can use their “Pretty Mom” credit cards to get discounts on baby products and early education institutions.
The bank, one of the four major banks in China, is hoping that an upsurge in female spending will create a boost in the company’s credit card division. The bank believes that young mothers who need items for their families are the ones who will be most interested in a card that saves them money.
This is not the first bank in China to make a card targeted for female consumers. China CITIC Bank and China Everbright Bank already have credit cards for women. These cards offer discounts for what they classify as “female industries,” such as clothing, cosmetics and salons.
Women in China are starting to play a bigger role in managing family finances. An HSBC survey indicated that 63% of women from mainland China acted as decision makers for the finances in their families. Traditionally, men take on this task, but the situation has changed due to the education of the modern woman.