Our newspaper, Beijing, February 19 (Reporter Tang Shu) "After I don't use credit cards, I feel that life has become easier." Today, Chen Chen, a post-90s generation working in Nanning, Guangxi, told reporters that since June 2023, he has replaced credit card payments with savings. After using the card, not only can I purchase more restraints, but I can also save money every month. Chen Chen’s experience is not unique. Recently, the topic of young people not using credit cards has caused widespread discussion. A poll on Weibo on "How many credit cards do you have" with 3,355 people participating showed that 1,267 people chose "no credit cards."

  "When I see that there is still a lot of credit left, I always have the illusion of 'too much money', which leads to uncontrolled consumption and always exceeds my salary." Chen Chen said that it is only when he pays off that he wonders, "Why did he spend so much?" , and at the same time, you also have to worry about missing the repayment date of which card will lead to overdue payment and affect your credit report.

  In addition to the "failure" in overdraft consumption, chaos such as declining service quality and opaque interest rates have also become the reasons why some young people do not want to use credit cards.

  "I applied for a credit card when I was traveling abroad, but I never used it again. As a result, the annual fee of 2,000 yuan was deducted, so I canceled the card." Since then, Xiaofan, who works in Beijing, has never applied for a credit card again. On social media, many consumers complain that when applying for a card, the salesperson claims that the annual fee is waived. In fact, the annual fee is waived after a certain number of purchases or a certain amount.

  In the view of Xiaoyu, who was born in 1995, "money must be spent wisely, and every expenditure must be remembered clearly." She has never spent ahead of schedule, but she also found that more and more people around her are keen on consumption and accounting. , in some online communities, young people often share accounting methods and experiences.

  Data released by the China Payment and Clearing Association in January this year show that as of the end of the third quarter of 2023, the number of credit card issuances decreased by nearly 20 million compared with the beginning of the year, declining for four consecutive quarters. At the same time, reporters checked the 2023 semi-annual reports disclosed by some listed banks and found that the amount of credit card transactions of many banks decreased.

  Dong Ximiao, chief researcher of China Merchants Union, told reporters that the credit card market is currently entering the stage of competition for existing stocks, and the introduction of new credit card regulations has also strictly regulated card issuance and installment business. In addition, the credit card business also faces some problems, such as some banks' credit cards are overly dependent on external institutions for card issuance, interest rates are not transparent enough, and consumer rights and interests are not adequately protected; some cardholders have heavy debt burdens, illegal cash-outs, and "using cards to support cards", etc. The problems kept coming.

  Dong Ximiao suggested that banks should launch more flexible and diverse credit card products and services to meet the diverse consumer needs of cardholders, increase and deepen the development of financial technology, and accelerate the digital transformation of credit cards and innovation of online credit card products. At the same time, cardholders are reminded to use their cards rationally and not to overdraft.

  The person in charge of Rong360, an online credit card application platform, told reporters that although the number of credit card issuances has decreased, it does not mean that the market's consumption vitality has weakened. As the digital transformation of banks deepens, banks can more fully tap into the value of data, improve service quality throughout the entire life cycle of credit cards, attract new customer groups, enhance the loyalty of existing customers, and optimize asset quality, rather than one-sided pursuit of card issuance scale.

  (Worker Daily)