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Posts: 10

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Q: Getting a credit card in China

Hello everyone,  I just wanna ask if any of you have achieved getting a credit card here in China , I've been encounter some issues trying to get a credit card here , I've been living for almost 4 years here , I have a stable income and all my documents in order, but  I don't know why still kinda difficult to get a credit card here , I've been reading other posts where some people actually got one without any problems. Actually last time I almost got one but the only problem was that I don't have a telephone line at home, when I asked the bank why I got rejected that was the bank answer.

8 years 15 weeks ago in  Money & Banking - China

 
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Posts: 19788

Emperor

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Seek info on CC from China Merchants Bank. They offer CC to laowai, beside Gold account with Visa/Mc ATM debit card, which you CAN'T use for online purchases from Western websites.

Everything else thou, as purchases and cash withdrawals from Visa/Mc ATMs abroad.

Funds get deducted from Rmb holdings on the account with 'spot exchange rate' applied.

BHGAL:

bankruptcy kind of ruins your credit, world wide I think , suspect an application from a deadbeat in UK is going to be a deadbeat in China .

8 years 15 weeks ago
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icnif77:

I don't have such problems. Manager explained to me I was denied, because my residence wasn't in Urumqi, but 40km away Fuk. However, she knew that before she suggested I could apply for one.

Everything started, when I asked her to help me book few tickets from non-Chinese websites with my CMB Visa ATM card. She wasn't successful and pissed, because she wasn't able to help me.

Then, she called me few days later, and said she'll do it with her card. I told her: 'Good, bring your own laptop..' We met, and she pulled out CMB CC, and booked my tickets. I asked: 'How can I get CC?', and she replied I can get it, if I bring some '77' different documents. 

After I got all docs. of my School, I was denied with her 'reason' explanation. I'm thinking, she might didn't know rule CC holder must live in Urumqi.

As I said, I don't have 'bad credit' records anywhere in the World. I didn't try it again, because I don't really need CC. It's good for online booking, however everybody assures me, I should be able to do it with Visa/Mc ATM debit card. And when I can't use my card online, I just swing to the CMB and act stupid...and then 'can you book it for me pls., I'll give you cash refund on the spot?' question to the CMB teller follows.

8 years 15 weeks ago
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8 years 15 weeks ago
 
Posts: 27

Governor

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From a banking angle, your considered a "high risk" customer being a foreigner. 

 

Secondly, there is also not a big enough demand/facilitation from foreigner's to purchase credit loans in China, therefore they wouldn't even consider a profile like yours in the first place regardless of income, savings etc...

 

Your best bet is getting a credit card from your home country, it would be much easier with a few white lies. 

 

Hope this helps 

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8 years 8 weeks ago
 
Posts: 1838

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Usually, the banks will only offer credit services to foreign nationals if they have substantial investments in China e.g. property or, occasionally, high ranking executives in listed companies.

 

However, if you really need a credit card, there is a method that often gets results.

 

Go to a large branch of the Bank of China and take with you a sum of money e.g. 10,000 rmb. You can open an interest bearing savings account and sign an agreement whereby the deposited sum can be used to guarantee a credit card. The bank will usually issue the credit card with a limit of about 60% to 70% of the deposited amount. Should you decide to withdraw the savings, you will have to cancel the credit card.

 

It sounds at face value to a prepaid credit card but it isn't. The credit card operates exactly as it would for a Chinese national except it is guaranteed.

 

The Gold Visa/Mastercard issued by the China Merchants Bank is not a credit card. It is a debit card and does not offer the same flexibility that a credit card does. For example, a debit card cannot be used as a "buy now, pay later" option needed by people that are engaged on business trips that want to keep all of their expenses together and reclaim from the company. There are also restrictions on certain purchases that can be made with the CMB Debit Card or movement of funds.

icnif77:

At my last week's CMB visit, I asked for account/ATM card, which will let me online purchases on foreign websites. It doesn't matter to me, if account is 'credit' or 'debit'. I'd prefer 'debit', or even if I would get 'credit', I'd treat it as 'debit'. I'm waiting for the info from CMB on that.

I was denied CMB CC in Xinjiang with explanation 'I don't reside in Urumqi, but 40km away in Fuk'. However, manager knew where I reside, when she offered me CC.

I'll try with BOC new account. Thanks for the info!

Problem is, nobody at the BOC speaks English, and I hate having anybody else with me in personal bank business.

8 years 8 weeks ago
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8 years 8 weeks ago
 
Posts: 139

Governor

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Which bank would you like to apply for the credit card? Some of the bank very rigid, some very lenient.

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7 years 24 weeks ago
 
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A: "... through ..."?  Only "through" comes to mind is 'Shenzhen agent can connect you with an employer, who's authorized to hire waigouren ... and can sponsor Z visa." It's not like every 10th person you meet in Shenzhen's hood can sponsor work visa ...  The only way to change from student to labourer visa is just a regular way by 1. Finding an employer; 2. Employer applies for an Invitation letter; 3. Exit China and apply for Z visa in your home country's Chinese embassy ...As I am aware, you won't be able to switch to Working permit by remaining in China....,so make ready for a return to your home .... -- icnif77