Maybank Expects 150,000 For New Gold Credit Card

009 15:21 PM

Maybank Expects 150,000 For New Gold Credit Card


KUALA LUMPUR, June 18 (Bernama) -- Malayan Banking Bhd (Maybank) expects to sign up at least 150,000 cardholders within a year for its new American Express Gold Credit Card.

Maybank head of consumer banking, Lim Hong Tat, said the bank's target was based on the credit card being the first in the country to offer the lowest revolving interest rate of 9.0 percent per annum.

"We believe that this new card will be well received by the public as cardmembers can enjoy lowest interest rate of 9.0 percent when they make prompt minimum payments, compared with normal charges of 16 percent per annum," he told reporters after the card launch here today.

The new card also comes with an introductory offer of zero percent finance charge on the outstanding retail balance till December 2009.

It also offers high loyalty rewards with cardmembers receiving five times membership rewards points for every ringgit charged on groceries, petrol and telecommunications services through express autopay, and at selected bookstores.

For all other purchases in Malaysia and abroad, cardmembers will receive double membership rewards points for every ringgit charges.

The card targets young and affluent professionals who have an annual income of RM36,000 and above, said Maybank, the country's biggest lender which currently has more than 1.5 million credit cardholders.

The bank's credit card non-performing loan is below 2.0 percent compared with the industry average at 2.4 percent, according to Lim.

He said the bank's credit card default rate was under control.

American Express' senior vice president and head of global network services, Kula Kulendran, said the new card provided another payment tool option for customers to fulfil their lifestyle need.

"This card is the best option for customers to manage their finances given the current economic scenario," he said.

He also said that the new card would help to boost American Express' existing portfolio of premium charge and credit cards to serve young customers in the vibrant segment.

-- BERNAMA