(0128 CR M11)RULES TO LIMIT CARD MISUSE

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(0128 CR M11)RULES TO LIMIT CARD MISUSE DATELINE: Jan. 28, 2011 LENGTH: 00:01:17 VO The China Banking Regulatory Commission, or C-B-R-C, has tightened the rules to limit misuse of credit cards. The regulations come shortly before the Chinese New Year, the nation's biggest festival, when commercial banks usually launch intensive promotional campaigns. According to the new rules, minors under 18 may not have a bank credit card except as a supplementary card affiliated to a family member's bank account. There'll be a tight borrowing limit on young cardholders too. In addition, banks could not charge fees on non-activated credit cards. Deputy head of the Supervisory Cooperation Department for Banking Innovation under the CBRC said, the new rules aimed at better catering to the rapid development of the credit card business. According to CBRC, the total number of credit cards issued by commercial banks in China has climbed to 210 million as of this month, up by 28 percent year-on-ye Powered by www.newslook.com Producer : Xinhua News Agency

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