Credit card para sa masa: EastWest, Puregold eye lower income market | ABS-CBN
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Credit card para sa masa: EastWest, Puregold eye lower income market
MANILA -- Filinvest bank EastWest and Puregold partnered to launch a new credit card that mostly targets customers of the grocery chain who are in the lower and middle income segments.
MANILA -- Filinvest bank EastWest and Puregold partnered to launch a new credit card that mostly targets customers of the grocery chain who are in the lower and middle income segments.
The two firms unveiled the EastWest Puregold Always Panalo Visa Credit Card in Taguig, Thursday. This new card offers rewards points for shoppers every time they use the card. The points can then be collected and converted to cash.
The two firms unveiled the EastWest Puregold Always Panalo Visa Credit Card in Taguig, Thursday. This new card offers rewards points for shoppers every time they use the card. The points can then be collected and converted to cash.
EastWest CEO Jerry Ngo said the Philippines is a consumption-driven economy, and they want to further entice people to manage their finances well and support financial inclusion in the country.
EastWest CEO Jerry Ngo said the Philippines is a consumption-driven economy, and they want to further entice people to manage their finances well and support financial inclusion in the country.
“Credit cards become essential tools— tools that help people manage everyday expenses more efficiently and more effectively,” Ngo said.
“Credit cards become essential tools— tools that help people manage everyday expenses more efficiently and more effectively,” Ngo said.
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Bank officials said they want to expand their reach and now hope the customers of Puregold will also get a credit card as the country goes more and more cashless.
Bank officials said they want to expand their reach and now hope the customers of Puregold will also get a credit card as the country goes more and more cashless.
“Everyone is given a chance to establish their credit,” said Lawrence Lee, EastWest EVP and Head for Consumer Lending.
“Everyone is given a chance to establish their credit,” said Lawrence Lee, EastWest EVP and Head for Consumer Lending.
They are also not worried about the payment habits of the lower-income customers as these are regular patrons of the supermarket.
They are also not worried about the payment habits of the lower-income customers as these are regular patrons of the supermarket.
“We are working with the banks on how we can increase the penetration of credit cards in the market. This is one way of doing this,” said Jeff Navarro, Visa Country Manager for the Philippines and Guam.
“We are working with the banks on how we can increase the penetration of credit cards in the market. This is one way of doing this,” said Jeff Navarro, Visa Country Manager for the Philippines and Guam.
Requirements for credit card applicants remain the same as other credit cards of EastWest, but this new card targets members of Puregold’s Perks loyalty program as they already have data on the consumption history of the members. EastWest said they will still implement KYC or the ‘know your customer’ policy.
Requirements for credit card applicants remain the same as other credit cards of EastWest, but this new card targets members of Puregold’s Perks loyalty program as they already have data on the consumption history of the members. EastWest said they will still implement KYC or the ‘know your customer’ policy.
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Interest rates will also be similar to other credit card products, even if this new card targets those with lower incomes.
Interest rates will also be similar to other credit card products, even if this new card targets those with lower incomes.
“Ang masa kasi or the mass, we’re trying to bring them into financial inclusion... Given that the market is mass market, I think, appropriately, risk on interest side is equal or appropriate for the risk.” EastWest SVP and Head of Credit Cards Mia Tamayo said,
“Ang masa kasi or the mass, we’re trying to bring them into financial inclusion... Given that the market is mass market, I think, appropriately, risk on interest side is equal or appropriate for the risk.” EastWest SVP and Head of Credit Cards Mia Tamayo said,
The bank said that in 2024, it hit a record high of 1.4 million credit cards, and it hopes to grow even further this year. It has partnered with Singapore Airlines for a credit card designed for frequent travelers. It now wants to go to customers of Puregold, which has over 500 branches nationwide.
The bank said that in 2024, it hit a record high of 1.4 million credit cards, and it hopes to grow even further this year. It has partnered with Singapore Airlines for a credit card designed for frequent travelers. It now wants to go to customers of Puregold, which has over 500 branches nationwide.
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