MBF Cards (M) Sdn Bhd has set a target of 50,000 cards in the first 12 months under its MCA MBf Affinity Card programme targeted at the more than one million MCA members.
We developed this special card to encourage as many MCA members as possible to support, and help raise funds for Universiti Tunku Abdul Rahman (Utar),'' MBf Cards president Datuk Loy Teik Ngan told reporters after the launch of the programme by former MCA president Datuk Seri Dr Ling Liong Sik in Kuala Lumpur yesterday.
Loy sees the programme contributing RM4mil to the Utar fund in the first year of operations.
MBf Cards will donate 0.1% of total spending charged to the MCA MBf Affinity card to the Utar fund, which currently stands at RM200mil.
It charges RM195 for joining fee and offers a 45% discount on the annual fee for subsequent years.
The annual fee for supplementary cards will be waived for the first three years and only RM50 is charged from the fourth year onwards, which means a 60% savings on the normal RM125 annual fee for these cards.
The strategic alliance with MCA is in line with MBf Cards' new marketing strategy for personalisation and customisation as being the way forward in the credit card business,'' he said.
He added that MBf Cards, a 51%-owned subsidiary of MBf Holdings Bhd, currently generated some RM40mil in annual revenue, which accounted for less than 20% of the group's total revenue.
Loy also said the company planned to launch its Visa credit card next month in a move to progressively expand its card base. It currently has more than 300,000 MasterCard cards in circulation.
On the relisting of MBF Holdings, Loy said: We hope to do it as soon as possible. The company is currently working on a few details with the authorities.