Wal-Mart Stores Inc., General Electric Co. Launch Credit Card in China
As if China’s four major banks, China Construction Bank, the Bank of China, the Industrial and Commercial bank of China and the Agricultural Bank of China weren’t losing enough money by extending credit, Wal-Mart Stores Inc. and General Electric Co. want to lose some of theirs, too.
Wal-Mart China will partner with GE Money and China’s Shenzhen Development Bank Ltd to extend credit via the VISA network. 
Chinese users can purchase items in yuan or overseas currency.
This is Wal-Mart’s second credit card in China. Last month, the company teamed up wth British-owned HSBC Corp. and China’s Bank of Communications Ltd. using the Mastercard network.
For some reason, and it befuddles me, there are enough people who actually pay their credit card bills to make up for those who don’t.
But, then that might be why the interest rates are so high on some cards.
What would it be like if everyone paid their credit card bills and paid them on time?
What do you think?
