From L-R: Jaime Lee, American Express director of Regional Product and Marketing, Card Services, Asia; Sanjiv Malhotra, American Express VP for Business Development, Bank Partners, Card Services, Asia; Ma. Nannette Regala, BDO Senior VP and Consumer Lending Group Marketing Head; Gheng Liggayu, BDO First VP and Consumer Lending Group Cards Issuing Head; and Abbe Bagalasca, BDO Senior assistant VP and Consumer Lending Group Cards Marketing Head for American Express. (CDN/ VANESSA CLAIRE LUCERO)
American Express to expand product portfolio in Philippines
Financial services providers BDO Unibank, Inc. and American Express Company yesterday introduced in Cebu a new credit card aimed at high earning, but price-conscious young professionals.
The American Express Cashback credit card, which will be issued exclusively by BDO, will provide cardholders with 1 percent cash rebate on all local purchases and 2 percent rebate on every overseas purchase. A 5-percent rebate is given as introductory offer.
Sanjiv Malhotra, vice president for Asia for American Express, said they hope to attract more young clients with this new product.
Young professionals, he said, comprise a key segment that is “growing like crazy” across all sectors.
“The young people are more and more aspirational and are looking for things that they couldn’t buy in the past,” he said.
Malhotra said the Philippines, which they see as an “emerging tiger economy,” is one of Amex’s fastest growing markets in Asia and they plan to expand their product portfolio in the country.
Amex currently has products targeted at specific sectors, such as the platinum card for top earning customers and a whole suite of corporate cards.
Ma. Nannette R. Regala, BDO senior vice president, said the Amex cashback card is geared towards people who want instant discounts.
“These are people who are very practical, very rational and very consumer-savvy,” Regala told reporters yesterday.
The card offers perks, including no minimal spending and no rebate cap, which sets it apart from other credit cards.
This will allow price-conscious consumers to save while spending, Regala said.
“The card gives consumers instant and automatic cash rebates on their purchases, so while they are spending, they also save,” she said.
Regala stressed the importance of educating young people on managing their finances and maintaining good credit standing.
“It is unfortunate that in college, you’re not really taught the responsible and practical way of ensuring that your credit spending is very good,” she said.
Younger cardholders normally start with debit cards, and convert to credit cards once they become more responsible and mature.
Credit cards have more perks, and holders can avail of the bank’s bigger promotions and discounts, Regala added.