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Asia Commercial Bank Launches VISA Card
Hong Kong-based Asia Commercial Bank announced the launch of VISA card Tuesday in Hong Kong, despite the intensive competition in the credit card market.
To get a stand in the market, the Asia Commercial Bank offers permanent annual fee waiver for the cardholder and the annual interest rate is only 13.8 percent, the lowest in Hong Kong. Cardholders can also get instant cash rebate of up to 0.6 percent on card spending.
Stephen Tan, executive director and general manager of the Asia Commercial Bank, said the credit card business will be one of the major areas of development for the bank this year, and he expects the bank would issue 50,000 cards in 2001.
VISA card is now the world's largest payment system and number one card payment brand. Its global annual sales volume exceeds 13 billion U.S. dollars.
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