(Yicai Global) July 9 -- Costco Wholesale has joined hands with China's Ping An Bank to start offering credit cards to clients before opening the US membership-only retail chain's first mainland outlet in Shanghai.

Ping An Bank entered a strategic partnership with Costco to become the latter's exclusive bank card partner in China's mainland, the Shanghai Observer reported. The first Costco store, located in Minhang district, will be opened on August 27. 

Other foreign retailers, including Walmart, Auchan and Carrefour, teamed with Chinese banks upon entering the Chinese market to kick off their own credit cards in order to attract more clients. 

In the future, the Shenzhen-based lender plans to partner with Visa to launch Costco US dollar credit card for more overseas services.

Costco's yuan credit cards will have diamond, platinum, and gold levels, and with them, clients can benefit from Costco membership deals around the world. Customers need to pay the Seattle-headquartered firm's general membership fees but they may be exempted from other annual fees for the cards. 

Editor: Emmi Laine