OREANDA-NEWS. May 10, 2011. ICBC launched a new credit card – "Easy Time Credit Card". This is a type of credit card used for settlement of card purchases in installment. Interest rate is benchmark rate, and the card cannot be used for overdraft cash advance or transfer, only for the direct installment payment. Easy Time Credit Card is specially designed for customers with salary paid through ICBC payroll service to settle card purchases in installment, reported the press-centre of ICBC.

The launch of Easy Time Credit Card coincides with the national macro economy policy of "drive domestic demand, promote consumption" and the requirement of "12th Five-Year Plan". Easy Time Credit Card lets more customers enjoy the benefits brought by the national reform and development, and also the convenient and highly efficient credit card services at lower cost. Customers are welcomed to apply as long as salary is paid through ICBC payroll service and credibility is good. Before applying, customers can estimate the credit line based on salary and arrange reasonable expenses, straight-forward credit line, easy application steps, accurate credit limit granted. When Cardholders buy goods costing more than RMB 600 at the designated merchants, installment payment can be arranged directly at the merchants by swiping the card. Payment is finished in real-time after signing the POS receipt. Customers have the choice to decide the number of installment period depending on own requirement, from 1 month to 24 months (one month for one period), up to 36 months, very flexible.

The biggest benefit to holders of Easy Time Credit Card is the banking charge on installment payment and annual fee. Using Easy Time Credit Card for installment payment, banking charge rate after discount is far below the classic credit card's installment fee rate. Easy Time Credit Card is positioned vastly different from credit card installment services. The card is mainly for customers with stable cash flow with credit line capped at RMB 200,000. For customers with salary paid through ICBC payroll service to apply for Easy Time Credit Card, besides the simple application steps, repayment can be in person at ICBC outlets, via self-service device, Internet Banking, Telephone Banking. Mobile Banking, or assigning an A/C for automatic repayment. The Easy Time Credit Card is directly connected to ICBC payroll A/C, giving customers more choices to repay. Annual fee is free for the first three years and special rate will be granted depending on card purchases afterwards.

Easy Time Credit Card can be accepted at various merchants of different types. As related by ICBC, in the first batch there are more than 10,000 merchants who accept Easy Time Credit Card, and in the near future, 200,000 POS and MIS will be installed for the acceptance of Easy Time Credit Card at nearly 50,000 merchants, covering electrical appliance shopping marts, large department stores, luxury goods and jewelry crafts, travel agencies, automobile 4S shops, home furniture marts, education and training. Moreover, Easy Time Credit Card is an exclusive credit card tailored for ICBC's payroll service customers. Hence, ICBC provides door-to-door services to partnering companies including product promotion, function demonstration and card usage guidelines in a bid to offer greater convenience for customers to use Easy Time Credit Card.

At a merchant seminar held earlier, business executives said that Easy Time Credit Card was another credit card revolution, ushering in a new credit card era. The launch marked another actual move of ICBC to drive cardholder spending, promote cardholder spending, and live up to its social responsibility.