Chinese bank launches "Pretty Mom" credit card

An employee walks past a branch of Agricultural Bank of China (ABC) in Rizhao city, east Chinas Shandong province, March 15, 2014. [Photo / dfic.cn]

BEIJING -- The Agricultural Bank of China issued a new type of credit card on Friday targeting China's young mothers, a growing group known for their love of shopping and their greater say in the family budget.

The cards focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.

Liu Guiping, business director of ABC, said the bank is counting on female clients in cities to upgrade the bank's credit card services. The new services will focus on consumer experience, Liu added.

ABC is not the first bank to show interest in China's female consumers. The country's leading banks, including China CITIC Bank and China Everbright Bank, have already offered cards geared toward women.

Along with traditional financial services, the cards offer discounts or incentives for purchases related to "female industries," such as health, salons, cosmetics, clothing and accessories.

The banks have targeted Chinese women not only for their personal consumption but also due to their growing role in managing family assets.

A survey conducted by HSBC showed that 63 percent of female interviewees from the mainland acted as decision makers on money matters, higher than the figure for male interviewees.

In traditional Chinese families, couples once set up combined accounts, instead of managing finances individually, and men controlled most major affairs, ranging from money to big decisions. But the situation has started to change due to the higher education and economic position of modern women.

CITIC's vice president Sun Deshun said its "Lady Card" was consistent with the social trend of women becoming heads of households and "bosses" of family wealth management. The bank has even established a new strategic brand targeting women as "the actual controllers of family assets," according to Sun.

Analysts believe female-oriented services will help integrate multiple financial products, including consumption, lending, mobile banking, insurance and investment management to boost financial innovation.