Reporter’s notebook: Kimi’s AI credit card turns spending into computing quotas – with limits

China's artificial intelligence firms have long sought to persuade consumers to invest in their technology. Moonshot AI, the creator of Kimi, an AI credit card, has taken a different route by offering AI computing benefits through a credit card, partnering with the Agricultural Bank of China (ABC) and American Express for what it deems the "world's first AI native credit card".

The card comes in two versions: a premium platinum offering two months of Kimi's Allegretto Pro membership (valued at US$30/month) after spending 5,888 yuan (US$830) within a month, and a standard version providing new ABC customers three months of the entry-level Andante membership (US$49/month) after making three purchases of at least 18 yuan each.

Initially, I had trouble obtaining the higher-end card due to my annual income not meeting the requirement. Upon rejection at an ABC branch in Beijing, I applied online for the standard card, which I received within a week. The Kimi card, launched in July, comes as Chinese lenders rolled out AI-themed credit cards since June, with China Merchants Bank's engineer card offering a one-time gift pack to new users.

The Andante membership included with my card provides access to Kimi's AI agent functions, such as document processing, website deployment, and coding. For frequent AI users, the benefits are more appealing than traditional credit card rewards like shopping vouchers or airport lounge access. Using the card, I tested various AI coding functions, which initially showed promise. However, after around six rounds of adjustments, I encountered a usage quota limit, reminding me that AI services do not guarantee unlimited usage.

Additionally, memberships with the card are only temporary, lasting a few months rather than permanent subscriptions. Neither Moonshot AI, ABC, nor American Express responded to my inquiries. Moonshot and its partners had previously stated they would explore additional AI services, such as agent-based payments and integration between reward points and computing power.

This move into AI-focused financial services comes as China's credit card market contracts, with 677 million credit cards and debit-credit combo cards present at the end of June, down from 807 million in Q3 2022.

Wang Zebin, an investment manager at Shenzhen-based private equity firm JG Investment specializing in AI investments, believes this shift towards computing-based rewards reflects banks' efforts to attract and retain high-net-worth customers through more targeted offerings. The success of such products in generating long-term growth for banks' credit card business depends on how lenders integrate AI into their operations, improve credit approval processes and risk management, and sustain investment in the AI computing ecosystem.