Lender saw credit card use triple after relaunch

THE East West Banking Corp. (PSE: EW) announced last Monday it saw new bookings more than tripled and a “significant upsurge” in monthly billings since the lender relaunched its Visa Platinum credit card.

According to EW, the card’s performance in categories like shopping, dining and travel “far exceeded expectations,” reinforcing its strong alignment with the lifestyle preferences of the bank’s target market.

EW Senior Vice President Mia P. Tamayo said with the evolving needs of the bank’s cardholders, it was clear that their Visa Platinum credit card “had to adapt.”

“Our recent refresh was designed to offer more than just rewards; it delivers a complete experience for cardholders, whether they’re dining, shopping online, or traveling,” said Tamayo, who heads EW’s credit cards business unit.

She considers a recent award from TAB Global Pte. Ltd. as something that “reaffirms that we’re on the right track in serving our market’s discerning needs.” (TAB Group’s platform “The Asian Banker” honored EW with a “Best Cashback Credit Card” award.)

According to EW, it “refreshed” its Visa Platinum credit card “to adapt to the rapidly changing financial landscape, reflecting the bank’s drive to meet the diverse needs of its growing customer base.”

EW President Jacqueline S. Fernandez said they consider the credit card as a “living proof of our excellence in providing top-tier financial products.”

According to Fernandez, the credit card only rewards users with a cashback program “but also brings convenience and lifestyle enhancements that our customers deserve.”

The lender “enhanced” the credit card’s rewards program with features like increasing a cashback rate for dining and department store spends from 3 percent to 8.88 percent. It also expanded the categories in which cardholders can earn cashback to include online shopping, food deliveries, travel, fuel and utilities.

With a cashback rate of 8.88 percent on relevant categories and 0.30 percent cashback on all other spends, EW has positioned the credit card in the “premier lifestyle” category.

“This is further reinforced with benefits such as up to P20 million in free travel accident and inconvenience insurance, year-round elite perks and a dedicated concierge service,” the lender added.