Credit around the world: Premium credit cards in China

Credit cards are so prevalent in America that we probably take them for granted. If you are like me, only a few actual bills ever pass through your wallet; most of your purchases are made with plastic. Even with its faults, the US credit system is remarkably convenient and reliable. Which is why it is interesting to tune into international credit news once in a while. For example, this news report from China today:

According to media reports, the Beijing-based China Minsheng Bank released earlier this month a new kind of credit card, the "diamond card," with an exorbitant slogan of "once acquired, life-long dignity and honour guaranteed." The bank does not accept applications for the card, but only invites privileged clients.

Now that's what I call a slogan! Forget "Life takes Visa" or "For everything else there's MasterCard!" I want a credit card that promises everlasting dignity and honor!

The Chinese bank issuing the "diamond card" has come under fire because the card caters to high level government officials and celebrities. The card also includes a three million yuan ($375,000) overdraft protection when many government officials only earn about a thousand yuan a month.  The US equivalent would be credit cards with a three million dollar credit limit for people who only earn $12,000 a year.