RHB eyes 30% in­crease in card­hold­ers

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: RHB Bank­ing Group ex­pects to in­crease the num­ber of its card­hold­ers by 30% by the first quar­ter next year, driven by its lat­est prod­uct, the Dual Credit Card.

Group Re­tail Bank­ing act­ing head Nazri Oth­man said the bank cur­rently has about 500,000 credit card­hold­ers.

“We an­tic­i­pate over 10,000 new card is­suances per month on av­er­age and 60% of this is ex­pected to be driven by the Dual Credit Card,” he told a press con­fer­ence af­ter the launch of the prod­uct.

Fur­ther­more, he said the bank hoped to main­tain the growth of RHB credit cards spend­ing at an av­er­age of 15% year-on-year – higher than the av­er­age mar­ket growth rate of 8%.

He said the RHB Cash Back credit card­hold­ers could en­joy up to 10% cash back on ex­pen­di­ture for daily es­sen­tials such as petrol, din­ing, util­i­ties and gro­cery and other re­tail spend, giv­ing them the chance to earn more than RM600 in cash back value an­nu­ally.

Mean­while, the RHB Re­wards Credit Card al­lows cus­tomers to earn re­ward points of up to 10 times the amount spent on pur­chas­ing movie tick­ets, on­line shop­ping, overseas spend­ing, health and in­sur­ance as well as other re­tail spend­ing.

“Based on re­cent in­dus­try sta­tis­tics, about 50% of mar­ket spend dis­tri­bu­tion spans cat­e­gories that RHB Cash Back card is pro­mot­ing while an­other 30% of mar­ket spend dis­tri­bu­tion are from the cat­e­gories that RHB Re­wards card is pro­mot­ing.

“By con­sol­i­dat­ing the fea­tures of the two cards, we will be able to cap­ture about 80% of the credit card spend­ing of the av­er­age cus­tomer,” he said. — Ber­nama

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