MANILA, Philippines - BPI Family Savings Bank launched yesterday its own credit card which is co-branded with global issuer MasterCard.
The card business thus becomes the fourth pillar in the thrift bank’s consumer portfolilio, which includes mortgage, auto and small business lending.
BPI Family Savings Bank president Jose Teodoro Limcaoco said that the no-frills credit card would have a finance charge of just two percent, the lowest in the industry.
“We want our products to be affordable and convenient,†Limcaoco said during the official launching yesterday in Makati.
“It is our way of striking at the opportunity of the growing number of people who appreciate the convenience of paying with plastic, while remaining committed to high standards for product and service quality,†he added.
The card does not have the usual rewards system and other add-ons featured in other credit cards. It was designed for people who manage their balances regularly, and want to have a credit card for purchases outside of the usual payments.
With a depositor base of nearly 700,000, the potentials for growth are tremendous.
The credit card business of the Bank of the Philippine Islands (BPI) is one of the biggest, numbering 1.1 million cardholders.
The BPI Family Credit Card will be available to those with a minimum income of P15,000, for an annual fee of only P1,000. It is intended for consumers who are used to paying with cash, and are intimidated by the high interest rate that comes with the usual credit cards.
Since MasterCard licensed the card, its holders will be able to use it in 35.9 million affiliated merchants online and worldwide.
BPI Family Savings is the second thrift bank to issue its own credit card, after Philippine Savings Bank (PSBank), which is also licensed by MasterCard.