Recent inquiries at several Luckin Coffee stores in Beijing regarding the benefit redemption for the co-branded credit card with Ping An Bank received similar responses from staff: "Not very clear," and "We only recognize the coupons."
Ping An Bank's official information indicates that the American Express and UnionPay versions of its Luckin Coffee co-branded credit card were launched in late 2025 and early April 2026, respectively. The card attracted a large number of users with its core feature of benefits tied to Luckin Coffee Inc.
However, recently, many users have taken to social media and third-party complaint platforms to criticize and file grievances about the card. Issues raised include a reduction in core benefits, opaque rule adjustments, and what they perceive as unreasonable compensation plans.
When a reporter recently inquired about applying for the card, a Ping An Bank staff member no longer recommended it, instead suggesting other credit cards. In the view of industry insiders, as China's credit card market enters a stock era, differentiated operations are becoming increasingly crucial. Banks themselves should move away from past mechanisms that overemphasized KPI pursuit to avoid service disconnects and genuinely achieve refined management.
Root Causes of the "Coffee Miracle Card" Complaints
Overall, complaints from holders of the Ping An Bank Luckin co-branded card primarily focus on two aspects: first, the actual benefits of the co-branded card have decreased in value compared to the promotional offers at the time of application; second, the rules for redeeming the co-branded card benefits have been adjusted multiple times without sufficient notification to users.
Currently, several banks including Postal Savings Bank of China, Hua Xia Bank, and Ping An Bank offer co-branded cards with Luckin Coffee Inc. that are available for application. As of July 15th, a keyword search for "Luckin" and "credit card" on a major third-party consumer service platform revealed over 100 related complaints, with most concerning benefit adjustments for the Ping An Bank Luckin co-branded card.
For example, a user complaint posted on a platform on July 12th stated: "I applied for the Ping An Bank Luckin co-branded credit card on April 2, 2026. The core incentive for applying was the bank's all-channel promotion of the 'Weekly Reward' Phase 1 benefit: 5 online transactions per week, each ≥18 yuan, would allow for the free direct collection of 2 x 29-yuan Luckin all-store redemption vouchers the following week, no points required, vouchers valid long-term. After activation, I consistently met the weekly spending requirements. However, Ping An Bank did not provide any prior or prominent notification via SMS, app pop-ups, or e-statements, and unilaterally and silently altered the activity rules three times: In May 2026, changing the 29-yuan full redemption voucher to a 17-yuan small-amount discount voucher, requiring additional payment for higher-priced drinks; In June 2026, shortening the coffee voucher validity period from multiple years to 7 days after collection without notice, causing many of my stockpiled vouchers to expire and resulting in benefit loss; In July 2026, with the launch of Phase 2 rules, completely canceling free voucher collection, now requiring the consumption of a large number of credit card points to redeem vouchers after meeting spending targets, effectively voiding the originally advertised free coffee benefit."
"Based on the previous promotion of 2 vouchers per week, the annual loss could be calculated as (29-17)*2*52 weeks, amounting to 1248 yuan," noted another complaining user in late May, comparing the rules before and after the adjustment. They argued the bank significantly reduced cardholder benefits, involving misleading promotion, and "can be fully understood as an operation to reduce promotional intensity after attracting a wave of new users."
What is the actual situation? Statements from Ping An Bank customer service personnel to some extent corroborated the rule adjustment path mentioned by the aforementioned user. According to their explanation, the redemption rules for the coffee voucher benefit of the Ping An Bank Luckin co-branded card have indeed undergone multiple adjustments. Initially, users completing 5 transactions over 18 yuan per week could receive 2 Luckin coffee 29-yuan redemption vouchers. This went through several "minor adjustments," including reducing the voucher amount to 17 yuan. After the original "Weekly Reward" activity validity period ended, starting in July, it was adjusted to requiring 5 transactions per week (any amount) to qualify for redemption, but now requiring the use of spending points to claim vouchers.
The customer service representative emphasized that for cardholders, the latest rules are "easier to meet" compared to the earlier rules. However, this conflicts with the descriptions of many users. For instance, a user mentioned on a third-party complaint platform: "I strictly completed the spending tasks within the natural cycle from late June to early July. The system had already calculated that I met the target and generated 2 coffee redemption qualifications. When I went to redeem the benefit, the platform suddenly added a new requirement to deduct credit card points. My credit card points are only 12, which does not meet the redemption standard, preventing me from receiving the benefit I was entitled to."
On the Ping An Pocket Bank App, the basic benefit for the Ping An Bank Luckin co-branded card (UnionPay version) is still listed as "New User Weekly Reward," i.e., "Weekly spending, weekly collection of two Luckin drinks." According to a staff member at a Beijing branch of the bank, the specific redemption rules are: 99, 199, and 299 credit card spending points can be exchanged for 1 x 16-yuan, 18-yuan, and 20-yuan beverage voucher, respectively, while 399 points can be exchanged for 1 all-store beverage redemption voucher.
The calculation rules for points are key. According to Ping An Bank customer service, for users who hold a savings account with the bank and had a monthly average daily balance (not limited to deposits) of ≥1000 yuan in the previous month, they earn 30 points for every 30 yuan (4 USD) spent per transaction. For users who do not hold a savings account with the bank or had a monthly average daily balance <1000 yuan in the previous month, they earn 12 points for every 30 yuan (4 USD) spent per transaction. This means that previously, co-branded cardholders spending a total of over 90 yuan across 5 transactions could receive 2 Luckin coffee redemption vouchers. Now, while requiring any 5 transactions, the spending thresholds for these two user types to redeem a single 16-yuan beverage voucher are 99 yuan and 247.5 yuan of consumption, respectively. The spending thresholds to redeem a single all-store beverage redemption voucher are 399 yuan and 997.5 yuan of consumption, respectively.
Additionally, according to Luckin Coffee Inc. customer service, they still accept coffee redemption vouchers obtained by users from Ping An Bank. Other customers mostly redeem 17-yuan beverage vouchers. They emphasized that coffee vouchers "have a validity period" and cannot be extended once expired, advising users to redeem them as soon as possible after collection.
Divergent Explanations from Bank and Coffee Chain
So, why were these adjustments made? Where does the responsibility lie? On this matter, Ping An Bank and Luckin Coffee Inc. have provided different accounts.
Regarding why the coffee voucher face value was reduced from 29 yuan to 17 yuan, a Ping An Bank customer service representative stated that because the coffee vouchers are linked with the merchant, and Luckin Coffee Inc. had made some adjustments at the time, the bank made synchronous adjustments based on this. As for changing the redemption qualification from requiring a specific number of transactions + a minimum spend amount to only requiring a number of transactions + no minimum spend amount + points, this was to ensure the authenticity of spending. The reason given was that previously, many customers engaged in fabricated spending to meet the target for vouchers, including refunding transactions the following week after spending in the current week.
"After the normal expiration of our Luckin card Weekly Reward activity, the new activity launched differs from the original one, mainly because our partner Luckin adjusted its pricing system and redemption categories. After Luckin initiated nationwide price adjustments on May 1st, our bank, to fully protect consumer rights, decided to coordinate with their pace by conducting the Luckin card Weekly Reward activity on a monthly basis. This was to avoid changes in price and categories occurring during the activity's validity period, which could cause customer losses. Simultaneously, in response to price increases for some Luckin product categories, our bank continuously optimized the activity plan, newly adding more types of vouchers such as the 'All-Store Beverage Redemption Voucher' to better meet customer needs," explained a Ping An Bank customer service representative. They added that the card's "New User Weekly Reward" activity is conducted in cycles. The previous activity period was June 1st to June 30th, targeting new Luckin co-branded card users from December 29, 2025, to June 30, 2026. However, this time frame was not displayed on the activity poster at the time "because the specific duration of subsequent activity cycles could not be estimated in advance."
A Luckin Coffee Inc. customer service representative stated that Luckin Coffee did indeed adjust product pricing around late April and upgraded its coupon system and redemption rules. However, regarding the specific voucher collection rules for the Ping An Bank credit card, cardholders need to consult Ping An Bank.
Based on feedback from some users on social platforms, after the rule adjustments caused dissatisfaction, Ping An Bank proposed offering certain compensation to some customers, but most users remained dissatisfied. A common concern is: Can the rules be restored to their original state? "That is not certain. Whether subsequent activities will change again depends on backend updates," a Ping An Bank customer service representative stated. The current latest rules are active from July 1, 2026, to January 3, 2027, but the possibility of further adjustments during this period is not ruled out.
When a reporter recently inquired about applying for the card, both Ping An Bank customer service and branch staff no longer recommended the Luckin co-branded card. "I don't recommend you apply for (the Luckin co-branded card) anymore. The current promotions are not like before, not very suitable. It would be better to consider other options," said the aforementioned branch staff member, noting that many customers have feedback that the bank's co-branded card with Luckin is "not as good as before."
In the view of industry insiders, such disputes precisely highlight the importance of refined management in the credit card stock era. An industry insider, referencing international credit card market dynamics, commented that China's credit card market, especially the high-end segment, still has significant potential. However, entering the latter half of the industry's development requires strengthening a refined operations mindset, moving away from issues like service disconnects, risk control gaps, and product homogeneity caused by excessive KPI pursuit. Particularly facing market saturation and an economic downturn, the heavy reliance of domestic credit cards on installment interest models will face significant challenges. Transitioning towards an annual fee model is seen as an important path forward.
Data from the People's Bank of China shows that as of the end of the first quarter of this year, there were 687 million credit cards and combined credit-debit cards nationwide. This number represents a decrease of approximately 120 million from the peak of 807 million in the third quarter of 2022. In the view of Liao Zhiming, chief banking analyst at Huayuan Securities, China's credit card business may have already entered a red ocean era.
Huayuan Securities data shows that from 2022 to 2025, the growth rate of credit card transaction volume for some major state-owned banks and listed joint-stock banks showed a weakening trend, shifting from positive to negative overall. In 2024, the year-on-year growth rate of industry credit card transaction/spending volume essentially entered negative territory. Among them, China Everbright Bank saw the largest decline at -29%. Industrial Bank, Ping An Bank, Postal Savings Bank of China, and Bank of Communications all saw decreases exceeding 12%. In 2025, the year-on-year growth rate of credit card transaction volume for various banks further dropped to a range of -14% to -7%.
Liao Zhiming, referencing the credit card issuance trends of listed banks in recent years, noted that some banks have stopped publicly disclosing credit card quantity data. This may indirectly reflect that bank management assessment orientations are becoming more scientific, shifting from emphasizing scale to emphasizing quality.
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