WHAT IF: Chinese banks start issuing consumer credit cards in the US

[anotherdrew]

at rates a bit less than double what federal T-bills pay?

They've got plenty of dollars sitting around, why not lend it to their 'best customers' and cut out the middle men?

implications?

[Virginia Dare]

1. Americans would snap them up like candy. EOM

[valerief]

2. You mean, Chitibank?

[Jon8503]

3. Don't know how the banking laws work but would'nt it be something

if their banks could and did issue credit cards. Maybe Chavez and them could take over some of the homeloans that they are speculating are going to go into default with our interest rates rising.

The White House would totally freak out if it was possible.

Doubt if it would be allowed.

[valerief]

5. What about UAE credit cards?

[rusty_parts2001]

4. Bring It On.

They would undercut the usurious interest rates charged by the likes of Chase, MBNA, Capital One and Wells Fargo. I'm all for it!!

[Poppyseedman]

6. The chinese tie their currency to the US dollar so they could not

charge lesser rate then what a T-bill charges. Unless they want to lose money.

[Generic Other]

7. China already owns the credit card debt in this country

That's who has been underwriting all those charges every time we go charge some cheap crap we don't need on our credit cards.

We need to get a clue. We live in the age of multinational corporations. We are owned. Too late to change that.

[eggplant]

8. it's not too late

we cut up our cards, you can too.

[lovuian]

9. China isn't stupid they want GUARANTEED RETURNS!!!

if you default on a loan in China you go to jail Americans default on a loan they get bad credit rating

still come up with nothing

they like our Tresury bills and bonds...

[anotherdrew]

10. Chinese cars are about to hit the US market... they could do the financing

directly with US consumers.

consider that many are expecting a major devaluation of the dollar, so China is already looking at taking losses... anyway the USfedgov just came within a hairs-breadth of defaulting last week. Spreading their dollar holdings out into many smaller risks might be useful. It might let them sell into the US consumer market at seemingly lower prices for longer, delaying the reduced consumer demand hit they'll take if the dollar slides much raising prices of chinese imports.

[IsItJustMe]

11. What would be a hell worse is if China made a call on US bonds

[madrchsod]

12. wally cards?

[anotherdrew]

13. once china buys Wal-Mart ...

anyone who can't make their minimum payments on their chinabank plastic can be offered low-wage work which will go towards paying down their balance.