Maybank targets credit card billing of RM21.3bil by end-2014

KUALA LUMPUR: Malayan Banking Bhd is targeting to increase its credit card billings by 11% to at least RM21.3bil by end-2014, especially with the premium card segment.

 

Maybank had on Wednesday launched its Maybank Visa Signature credit card which is the country's first credit card to offer both cash back on a daily basis as well as flexibility to convert Treats points into cash.

 

"The introduction of this card is also part of the Bank's strategy to boost its credit card billings by 11% to at least RM21.3bil by end-2014," it said.

 

Maybank head of consumer financial services Malaysia, Hamirullah Boorhan said the bank was targeting to issue some 20,000 Maybank Visa Signature cards within the first year of launch.

 

He said based on its market study, the bank has identified that there exists a demand from the high-end mass-affluent customer segment, which fall between the platinum and super-premium card range.

 

"Customers in this segment would typically have an annual income of between RM100,000 to RM180,000," he said.

 

"They are highly discerning, and value most a cash back feature as well as the option to convert their loyalty points into cash, on top of the usual redemption alternatives of gifts, products & services, vouchers, or airline loyalty miles."

 

Hamirullah said the new Maybank Visa Signature credit card included these cash back features while retaining the other benefits that are unique to Maybank's value proposition.

 

Visa country manager for Malaysia, Ng Kong Boon pointed out that as Malaysia's affluent class continues to grow, it has created a need and business opportunity for both Visa and its banking partners to introduce a product that caters to the special requirements and lifestyle of this new segment of affluent consumers.

 

"The new Maybank Visa Signature card also comes with Visa payWave functionality. As part of today's launch, Maybank Visa Signature cardholders can enjoy up to 5% cashback on their Visa payWave transactions for a limited period," added Ng.

 

Hamirullah pointed out the premium card market was still showing strong growth of some 20% in billings annually.

 

"Premium card holders typically spend an average of eight times more than that of classic cardholders," he said, adding this market segment would welcome the new Maybank Visa Signature.

 

He said with the new card, Maybank now has a complete suite of cards to cater to all segments of the market.

 

Maybank Visa Signature comes with rewards such as:

* 5% cash back for their petrol and grocery transactions everyday capped at RM88 per month. 5x Treats points for overseas transactions.

 

* Customers can obtain cash back of RM1 for every 250 points.

 

* Annual fee waiver in the first year. Automatic annual fee waiver is also applicable from the second year onward subject to a pre-set minimum annual spend.

 

* Complimentary The Valet Club parking privileges for the first 12 months

 

* Unlimited Plaza Premium Lounge access for all lounges in Malaysia.