Maybank aims to tap premium card segment with new card

PETALING JAYA: Maybank has introduced its new Maybank Visa Signature credit card as part of its strategy to boost its credit card billings by 11% to at least RM21.3 billion by year-end.
The card is the country's first to offer both cash back on a daily basis and flexibility to convert Treats points into cash, enabling the bank to further tap into the premium card segment.
Maybank head of consumer financial services for Malaysia Hamirullah Boorhan said the bank has identified a demand from the high-end mass-affluent customer segment, which falls between the platinum and super-premium card range.
"Customers in this segment would typically have an annual income of between RM100,000 and RM180,000. They are highly discerning, and value most a cash back feature as well as the option to convert their loyalty points into cash, on top of the usual redemption alternatives of gifts, products and services, vouchers, or airline loyalty miles," he said in a statement yesterday.
Hamirullah said the premium card market is still showing strong growth of some 20% in billings annually and premium cardholders typically spend an average of eight times more than classic cardholders.
Maybank is targeting 20,000 cardholders for the new card within the first year of launch.
"Malaysia's affluent class continues to grow, creating a need and business opportunity for both Visa and its banking partners to introduce a product that caters to the special requirements and lifestyle of this new segment of affluent consumers," said Visa Malaysia country manager Ng Kong Boon.
The new card comes with rewards such as 5% cash back for petrol and grocery transactions everyday capped at RM88 per month, five times Treats points for overseas transactions, cash back of RM1 for every 250 points, complimentary The Valet Club parking privileges for the first 12 months and unlimited Plaza Premium Lounge access for all lounges in Malaysia.
As a launch offer, there will be a 5% cashback on Visa paywave transactions for a period of six months.