The bank is hoping to capitalize on the rising trend of frequent traveling among the younger generation and the high share of rebates and reward card users who are also keen travelers.
OCBC Bank has launched its first mass-market miles card, the OCBC 90°N Card, with which it hopes to achieve $1 billion in annual billings within three years, the bank said in a statement.
The credit card, which is targeted at fresh graduates, young professionals, management, executives and technicians (PMETs), as well as emerging affluent individuals, has a low annual income requirement (S$30,000), a brand new rewards currency that does not expire, and smaller redemption blocks with no fees, the statement said. The card also allows instant cashback ranging from an average of 1.5–5 percent and reward points that can be used for dining and shopping privileges.
The bank said it hopes to attract 150,000 sign-ups, and is offering a launch bonus of up to 8 miles per dollar with no cap and minimum spend, as well as 7,000 miles to draw new customers.
In the past five years, overseas credit card expenditure among OCBC cardmembers has «more than doubled,» Desmond Tan, OCBC’s head of group lifestyle financing, said.
In addition, the bank has a total card base of 2.5 million customers, and its total card billings have registered a compound annual growth rate of 10 percent over the past three years.