The Japanese retailer Aeon Group has launched a new individual consumer credit model in Beijing, under which consumers can buy products in Aeon's Jusco department store and pay back the money within a certain period of time.
Consumers who are above 18 years' old and have a regular income and fixed residence can apply for the Aeon Card. The company will decide on the credit limit in accordance with the income level of the applicants.
A representative from Aeon Credit Guarantee told local media that consumers who purchase products in the Beijing Jusco store with the Aeon Card will be free from commission charges and they can enjoy a repayment period of up to 48 days. The card holders can pay back the money by automatic payment with a bank card from the Bank of Communications or they can go to the department store to complete the repayment. However, unlike credit cards, card holders cannot withdraw money from the Aeon Card.