Ta Chong Bank (大眾銀行) yesterday launched Money Plus, a new credit card catering to average spenders, who will be rewarded with up to a 4 percent cash rebate for every NT$1,000 purchase overseas.
The bank’s new credit card allows cardholders to keep the odd amount, capped at NT$10, of every purchase worth at least NT$888 made via the Money Plus card, while rewarding another equivalent cash rebate in the balance.
If the purchase is made overseas, the total cash rebate will be doubled. For example, if a cardholder pays for a purchase of NT$888, he immediately receives an NT$8 cash rebate in his balance, while the bank will deposit another NT$8 in his account, which translates into a total cash rebate of 1.8 percent, or 3.6 percent if the purchase is made overseas.
The initial cash rebate is capped at NT$10 for every purchase of NT$1,000, which translates into a total cash rebate of 2 percent for every purchase worth NT$1,000 made locally, or a 4 percent rebate for each purchase made overseas.
The cash rebate for purchases worth NT$1,001, however, will be NT$1, even though the amount is larger.
In the local credit-card market, cardholders usually have to spend more than NT$20,000 to be rewarded a 2 percent cash rebate.
But the Kaohsiung-based bank’s new card may discourage big spenders, who will not receive cash rebates in proportion to the amount of money they spend.
Smart yet small spenders, on the other hand, will earn back every commission the bank makes from the credit card, which usually generates a 1.5 percent commission fee.
Desmond Tan (陳義中), general manager of the bank’s card department, yesterday said the bank was ready to make no profit from the new card because a 2 percent rebate for an NT$1,000 purchase was the biggest cash rebate in the market for the smallest amount of spending.
But the preferential card will benefit the bank in boosting its market share by leveraging its targeted customer base, he said, adding that he believed the number of potential cardholders could reach 500,000.
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