Shenzhen Development Bank, Wal-Mart and GE Money have together announced the issuance of the co-branded Wal-Mart Changxiang Card, in the Wal-Mart Supercenter, Xiangmihu Store in Shenzhen.

The companies say the issuance of this co-branded card opens a new chapter for China's retail financial industry, and will bring more benefits and services to Chinese consumers.

Rene Mang, Chief Administrative Officer of Wal-Mart (China), said, "Wal-Mart is committed to delivering exceptional everyday value and service to our customers. With the Wal-Mart Credit Card, we will deliver even more added value services and exclusive benefits to our customers."

The Wal-Mart Changxiang Card, a Visa and China UnionPay dual labeled credit card, embraces the concept of "maximizing value, enjoying life" and features an original rebate function for credit card payment. Every Wal-Mart Credit Card holder is able to enjoy a rebate of up to 1%, which can be used to exchange any goods of the same value in any Wal-Mart Supercenter or SAM's CLUB store throughout China.

Cardholders can earn rebates on their purchases everywhere around the world, so as to enjoy shopping. Now, applicants for the Wal-Mart Credit Card will enjoy a first-year annual fee waiver. Upon 12 purchases with the card in the first year, the second-year annual fee will be also exempted.