Credit cards are rarely issued to foreigners in China but now change is coming. The Bank of China’s Shanghai branch is offering yuan credit cards to foreigners with Type A work permits, which are given to those at the top end of badly needed foreign professional classes.
The Shanghai Administration of Foreign Experts Affairs recently joined hands with the bank to launch a special “fast-track” pilot program to streamline credit card applications for high-end foreign talent in the city.
The Bank of China’s Shanghai branch, located in the historical building at Bund 23, is an ideal partner for this program because it is the nation’s most international bank.
© Image | BOC
According to spources, there are about 90,000 foreigners in Shanghai with work permits. Out of those, about 13,000 are Type A permits.
To date, 30 foreigners have successfully used the program to obtain local credit cards.
© Image | CNET
The current pilot program has streamlined the application form to require only a valid passport, a residency permit valid for a year or more and a Type A work permit.
The application process has also been shortened to about two weeks.
The Shanghai Administration of Foreign Experts Affairs said it, too, will track the new program and decide later whether to expand it to other banks.
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SOURCE | SHINE/EXPATLIFE
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