China’s CITIC Bank and American Express
have unveiled their first joint credit card venture in China. The
CITIC American Express card is denominated in both renminbi and US
dollars, and comes in gold and classic versions. The cards are
issued by CITIC Bank, part of the CITIC Group, and are accepted on
the bank’s and China UnionPay’s merchant network in China and
across the American Express merchant network.

Card benefits

Benefits of the new card include a Reward Points Multiplier, by
which cardmembers can receive up to three times the number of
regular reward points, exclusive local merchant privileges and
global American Express Selects offers, extensive insurance
coverage and emergency card replacement through American Express’s
2,200 Travel Service offices, as well as access to more than
800,000 ATMs across the globe.

“The launch of the CITIC American Express Card is part of our
ongoing strategy to expand the reach of American Express brand in
China and demonstrates our long-term commitment to the Chinese card
market,” said Kula Kulendran, regional president of American
Express’s Global Network Services for the Japan, Asia-Pacific and
Australia region.

Cao Tong, vice-president of China CITIC Bank, said: “Partnering
with American Express ties in with the bank’s retail banking
development strategy to grow our credit card business and
collaborate further with international card organisations. Issuing
American Express-branded cards will enrich our product line,
enhance our premium branding and tap into new consumer market

CITIC Bank is rapidly developing its credit card business and has
issued over 3 million credit cards in the market, focusing on the
premium end of the market. The CITIC American Express card
represents American Express’s second card partnership with a
financial organisation in China, following its alliance with
Industrial and Commercial Bank of China in 2004.