Credit Card Debt Management

Going to the Olympics? You better be prepared, because most of Beijing won’t take American Express. Or Visa, or MasterCard or Discover, for that matter. It’s a cash city, one of the few major international business hubs where that is still the case.

In preparation for the Olympics on Aug. 8, the Chinese government supposedly made a push for more businesses in the country to accept credit cards. However, as the International Herald Tribune points out, that means Chinese credit cards only — at least that’s the case with about 55,000 businesses. Another 55,000 businesses apparently accept credit cards from around the world, but 55,000 is a drop in the bucket of Beijing commerce. According to reports, the vast majority of food, souvenirs, clothing, and even lodging may be obtained with cash and cash only — and plenty of it. The largest bill in China is equal to roughly $14 USD.

Another recent news story said journalists covering the Olympics are complaining about restrictions on web access — no sites that speak ill of the Chinese government in any way. Unrestricted web access for journalists was supposedly another issue being addressed by the Chinese government in preparation for this year’s Olympics. Interesting.

At any rate, first-time visitors to China are learning the fine art of foreign currency exchange, bank teller lines and ATM withdrawals. There are, however, a host of problems with that, including unreliable machines, daily withdrawal limits, limited ATM cash supply, and really long waiting lines. Toto, I don’t think we’re in Kansas anymore.