Standard Chartered seeks to double credit card base in RP
Standard Chartered Bank of the Philippines (SCBP) is looking to double its credit card base from 250,000 to 500,000 in the next two years, a top bank official said.
SCBP senior vice president and general manager for credit cards and personal loans Supratim Pandey said while the bank seeking to expand its card services, it is not after a dominant card base.
“Market share is not our concern, but a good share of the quality market,” Pandey said during the formal launching of the Platinum Cash Rewards credit card, its seventh card in the market. Its first six cards are co-branded with both MasterCard and Visa.
All its cards are geared towards the middle and high-value market, which are in a better position to maximize credit card usage and obtain better credit standings.
Aside from credit cards, SCBP is also promoting the use of debit cards and the popular automated teller machine (ATM) cards.
“We want to continuously promote electronic banking, with the use of plastics (cards),” the bank official said.
The SCBP executive said they want to expand their card base in the middle and high-value market through the Platinum Cash Reward card.
“The Platinum Cash Reward is transparent, simple, and with few restrictions,” Pandey explained.
Instead of the traditional point system for rewards, the newly-launched card gives the user immediate cash rewards through a three-percent rebate for purchases at all department stores and dining establishments.
Likewise, it offers a 0.3-percent rebate on all other retail purchases, and exclusive privileges offered to Visa premium cardholders, including platinum concierge services, platinum golf, platinum dining and Visa Platinum Club access.
“It is designed to deliver great value while offering all the premium benefits that come with the Platinum card of Visa. The rebate is applicable to all local and international dining and department stores everywhere,” Pandey added.
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