CITIC, SinoPac, and Commonwealth Bank have all followed up on the cancellation of EU entity card swiping rewards (provided by the industry)
[Reporter Li Jinghui/Taipei Report]It is becoming increasingly difficult to earn high rewards when traveling to Europe for shopping. China Trust Bank, the leading credit card company, announced that starting from January 1, 2024, in addition to 12 top cards, purchases in physical stores in some European countries No rewards will be given; Wing Fung Bank has also listed 18 designated credit cards that will reduce rewards starting from January 1 next year; Commonwealth Bank has even excluded all purchases in the European Union from general consumption items starting from February 1.
Following the major foreign banks starting from 2020, they have successively reduced the rewards for card swiping in “physical stores” in the European Union. Domestic card issuers that have always been on the sidelines have finally taken action. China Trust Bank, the leading credit card company, in the “No Feedback Transaction Project” in 2024, new Increase “consumption in physical stores in some European countries”. The above-mentioned countries include Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, and the Netherlands , Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom, Iceland, Liechtenstein and Norway.
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However, not all CITIC cards exclude rewards in Europe. CITIC Business Card/Dual Currency Business Card, LEXUS Co-branded Card, Taipei 101 Premier Dingji Card, China Airlines Dingzun Infinite Card/Brilliant Unlimited Card, ANA Ultimate Card/ The consumption of Infinity Card/Jingzhi Card/Business Royal Seal Card and Greater China Flying Infinity Card/Business Royal Seal Card are not within the scope of reduced rewards.
Wing Fung Bank also recently announced that it will adjust the credit card contract for the first half of 2024. Wing Fung Bank will adopt a front-side listing method, detailing Market America co-branded cards, Mitsui co-branded cards, Me cards, Wing Fung 55688 co-branded cards, Vouge co-branded cards, etc. No rewards will be given in physical stores in the European Union for 18 cards, which will be implemented from January 1, 2024.
The Commonwealth Bank recently announced adjustments to “general consumption items”. In addition to excluding installment payments in special stores from February 1, 2024, it also excludes consumption in physical stores in the European Union. The Commonwealth Bank has not listed exempt cards. Otherwise, all federal cards will have limited rewards.
The European Union launched an antitrust investigation a few years ago. After consultation, Visa and Mastercard lowered cross-border handling fees, reducing overseas transaction handling fees from 1.5% to 0.3%, and debit cards from 1.15% to 0.2%. Chinese people have In EU countries, the burden of credit card consumption has been greatly reduced, but banks’ fee income has also been greatly affected.
Since 2020, Citibank (now DBS) has taken the first shot, announcing that rewards will be canceled for non-annual fee credit cards used in “physical stores” in the EU. Subsequently, HSBC and DBS have also successively announced plans for specific cards. Don’t cut back on consumer rewards in the EU.
Domestic banks pointed out that since 2020, foreign banks have successively reduced feedback, and some banks have made announcements as soon as they receive the EU official document. However, domestic banks have a large volume of card issuance, and reducing feedback is of great importance. All major banks are waiting and watching, which happened to be during the epidemic. During this period, the amount of overseas card swiping was greatly reduced. It was not until the end of December last year (2022) that Taishin Bank took the first shot at the National Bank of China, announcing that starting from this year (2023), it would reduce the reward for entity transactions in the European Union for some card types, but other The banks insisted on “supporting” for a year before gradually announcing adjustments starting from 2024. It is expected that the top 10 major card issuers will follow suit.
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