Rizal Commercial Banking Corp. (RCBC), the financial arm of the Yuchengco Group, said it expects credit card spending to increase 50 percent in the fourth
Rizal Commercial Banking Corp. , the financial arm of the Yuchengco Group, said it expects credit card spending to increase 50 percent in the fourth quarter of 2024 from a year ago, as people will likely spend on retail and travel.
RCBC Credit Card president Arniel Vincent Ong said the bank expects a significant rise in spending particularly on toys, hobbies, electronics, clothing and department stores.The growth is driven by gift-giving traditions, the demand for tech upgrades and the custom of buying new clothes and accessories for the holidays, he said. Spending on travel, groceries and restaurants is also expected to rise as families and friends celebrate the extended holiday season together. “RCBC Credit Card is seeing strong growth in card usage from current and new cardholders. As of the third quarter, there were more than 1.2 million cards in force and a 43-percent growth in issuing billings compared to the same period last year,” Ong said in a statement. “Historically, the highest spending occurs during the last quarter of the year. Last year, the increase in spending for the 4th quarter compared to the 3rd quarter was nearly 20 percent,” he said. To help make holiday shopping more affordable, RCBC Credit Cards teamed up with top establishments to offer zero-percent installment plans and Buy Now, Pay Later options. The bank also offers special deals where cardholders can receive free items or discounts with purchases at partner stores nationwide. “Our ‘Spend Anywhere’ promotion allows cardholders to earn cash rebates for domestic and international spending, along with generous, no-cap rewards points for their purchases,” Ong said. RCBC Credit Cards also organizes online and onsite travel fairs, offering exclusive discounts on travel tickets with airline and travel agency partners. The bank enhances the RCBC World Mastercard in December by improving its rewards program and lifestyle privileges. RCBC also updated the benefits for its co-branded card with AirAsia, allowing cardholders to earn more AirAsia points and enjoy a lower 2.5 percent foreign exchange conversion fee. RCBC also launched RCBC Pay, allowing Mastercard cardholders with NFC-enabled Android phones to make contactless payments both locally and internationally.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Higala, RCBC launch SynerFi to help rural banks offer digital servicesHigala Group Inc., an inclusive instant payments platform operator, teamed up with Rizal Commercial Banking Corp. (RCBC) to launch SynerFi, an open
Read more »
RCBC, Higala tie up to boost rural banks’ digital presenceLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
RCBC partners with Paynamics to enable wider access to digital paymentsCaption: From L-R: RCBC Vice President for Usage and Strategic Businesses Michael Christopher Cruz; RCBC Executive Vice President and Chief Innovations
Read more »
RCBC Exec calls on global economies to adopt financial health metrics at Singapore Fintech FestivalSINGAPORE—At the Singapore FinTech Festival, RCBC Executive Vice President and Chief Innovations and Inclusion Officer and Fintech Alliance Founding Chairman Lito Villanueva urged fintech leaders and visionaries worldwide to adopt financial health metrics.
Read more »
Quezon faces Rizal; Bacoor fights Binan in MPVA semisTop seeds Quezon Tangerines and Bacoor Strikers seek to arrange a quick titular showdown against Rizal St. Gerrard Charity Foundation and Biñan Tatak Gel
Read more »
GCash, RCBC join forces for sachet banking initiative to empower rural FilipinosGCASH and the Rizal Commercial Banking Corp. (RCBC) will team up to make cash withdrawals in rural and remote areas more accessible for e-wallet service users. Through the grassroots-oriented and bank-agnostic ATM network, RCBC ATM Go, GCash users can use their QR scanners to withdraw funds from their accounts.
Read more »