The credit card is a relatively new transaction method in China: the first card was issued in Guangdong province in 1985. The number of credit cards and debit cards has grown rapidly with 330 million new cards issued in 2000. However, the usage rate is surprisingly low. Based on a year-2000 survey in 12 large cities, including Beijing and Shanghai, 20% of residents had a credit or debit card, but only 9% of them used their card at least once a week. Twenty-four percent of them used the card 2-3 times a month. The remaining cardholders used their cards only a few times a year. In general, credit and debit cards are used only in high-end department stores, luxury hotels and restaurants.