RHB eyes 30% increase in cardholders

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