Maybank eyes RM160m from new AmEx card
KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects RM160 million worth of consumer spending this year for its new American Express (AmEx) Cash Back Gold Credit Card.
Maybank head of community financial services Datuk Hamirullah Boorhan said the bank credit card segment has grown 6.2 per cent year-on-year (y-o-y) compared with the sector’s overall growth registered at 5.0 per cent y-o-y.
“Our credit card billings have an average of RM3 billion monthly, driven by a total of 1.9 million customers in the credit card segment,” he said yesterday.
He said Maybank is the leading credit card issuer in Malaysia with more than 20 per cent market share as at last month.
The AmEx Cash Back Gold Credit Card offers a cash back of one per cent for all local spend and 1.5 per cent for overseas spend, with no minimum spend required on the rebate offered.
“For an introductory period until February 28, next year, new card members will also enjoy an additional five per cent cash back for up to RM100 in the first three months of enrolment,” he said.
Hamirullah said the introduction of the bank’s new credit card aims to meet the needs of people that prefer upfront cash savings.
Hamirullah said the new card offers card members a new value proposition and the unlimited cash back will create a significant excitement in the market.
“We target at least 20,000 new members for this card within the first year. The new card will not only strengthen our leadership in the cards business.
“It also expands our comprehensive range of card products to cater to an even wider range of customers,” he said. Ayisy Yusof