1985, Bank of China issued the first "quasi-credit card" in China. To use this card, you must first deposit a certain amount of petty cash in your account. When the balance of the reserve account is insufficient, the cardholder can overdraw within the credit limit stipulated by the issuing bank. By 1995, aware of the changes in economic environment and consumer demand, Guangfa Bank took the lead in launching the first truly standard credit card in China and formally introduced the credit consumption mode to China. This move kicked off the development of credit card business in China. In the following years, China Merchants Bank, CITIC and other banks also launched the first batch of branded credit cards.