Credit card usage in the Philippines is expected to hit a double-digit growth rate boosted by revenge shopping in 2022 and consumers having better means of earning.
Go Rewards CEO Cindy Deng said the company expects the credit card market to grow 20 % this year as more consumers are now going out and shopping in the various retail establishments in the country. “We’re very, very optimistic on credit cards in the country,” Deng said on the sidelines of the recent launching of the UnionBank Go Rewards Visa Credit Card in Quezon City. . The new card not only boosts a shopper’s purchasing power, but it also makes the shopping experience more rewarding by offering a wealth of additional benefits that only the UnionBank Go Rewards Visa Credit Card can provide.
Deng said the partnership between the Gokongwei-led Go Rewards and Aboitiz-controlled UnionBank will bring great synergy to the two companies as they can share their best practices. Backed by Gokongwei group, she said Go Rewards will benefit not only from its more than 20 partners and the members of the Gokongwei conglomerate. For the first year, we hope to attract more than 200,000 members,” she said.
Vishal Kadian, credit cards and personal loans head, UnionBank of the Philippines said the bank’s wide expertise will expand the coverage of the market as digital shopping continues to be embraced by millions of Filipinos particularly those belonging to the generations Y and Z. “Our knowledge of running the cards and our digital channel are areas that we want to engage in,” Kadian said.
Deng said the all-in-one credit and rewards card offers seamless shopping and accelerated rewards. For every purchase, a shopper will accumulate 1 point for every 200 pesos spent, multiplying the earning of a shopper to earn Go Rewards points. Meanwhile, Go Rewards Platinum cardholders, will even faster reward accumulation at an incredible rate of 1 point for every 100 pesos spent. Moreover, a card owner’s valuable points will never expire as long as their Go Rewards account remains active.
Deng said these points can be used to redeem exciting freebies, such as flight tickets and other exclusive promos and offers from Go Rewards partners. They can also be used to pay for purchases at Robinsons Retail stores, with each point equivalent to one peso. And for a minimum spend, Go Rewards Gold and Platinum card holders can get a welcome gift of 3,000 and 5,000 points, respectively.
“The bar for exceptional customer experience has been raised more than ever before, and businesses must stay innovative and go beyond expectations to stay competitive.” Deng explained. “Through this powerful collaboration with UnionBank, we have developed a unique all-in-one credit card and loyalty program that enhances and elevates your shopping experience.”
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