The Agricultural Bank of China (ABC) has launched a credit card specifically for young mothers, hoping that the various discounts on baby products and other privileges will entice the demographic to boost the bank's credit card services.
ABC's business director Liu Guiping says the 'Pretty Mom' card will focus on the needs of mother's with children under 6 by also offering discounts on early education centers. Incentives to spend in "female industries", such as health, beauty salons, cosmetics and fashion are also included.
ABC and other banks have tapped into the growing trend of women handling the finances in Chinese households. A survey conducted by HSBC said that 63 percent of female interviewees from the mainland managed finances in their family. Traditionally, couples would set up combined bank accounts, with most financial decisions made by the man. However, the increasing education and better economic position of women has led to them taking the helm.
The country's leading banks, China CITIC Bank and China Everbright Bank have already offered cards tailored to women. CITIC's vice president Sun Deshun said its 'Lady Card' was consistent with women becoming "bosses" of family wealth management, adding that the company has even established a new brand image focusing on women as the "the actual controllers of family assets."
Analysts believe female-oriented services will help to integrate various and diverse financial products such as consumption, lending, insurance, investment management and mobile banking, due to women's supposed savvy approach to finances.