The Industrial and Commercial Bank of China has adopted a new regulation cutting interest payments on its Peony Credit Cards.
Holders of ICBC credit cards, including Peony RMB Credit Card and Peony International credit cards, will now only have to pay interest on the amount of money they still owe, so long as they have paid back a specified minimum. Previously, interest had to be paid on the full amount originally borrowed, even if some of that money had already been repaid.
ICBC is the first bank in China to do this. By the end of January, the bank had issued 40 million Peony Credit Cards.
(CCTV February 23, 2009)
