Australian bank ANZ launched a rebate credit card in Singapore yesterday that lets users choose what rebates they get. Called the ANZ Optimum World MasterCard – which it said is the first and only card in the market that empowers customers to choose their rebate rewards to suit their specific needs and lifestyle.
Instead of tying the card to a particular store or other commercial enterprise, as is often the practice, cardholders can opt from a variety of rebate categories and change them every quarter.
“Singapore consumers clearly want choice and flexibility over their rebate categories instead of rebates on bank-determined categories or a tiered rebate structure on all their spending,” said Mr Philip Lim, ANZ Singapore’s head of retail banking at ANZ Singapore, “Our new rebate card addresses this unmet need in the market.
Singapore consumers prefer choice and flexibility over the type of rebates credit cards offer, instead of pre-determined categories pre-determined, according to a new survey released on Monday. The ANZ commissioned survey of 600 credit cardholders found that 66 per cent liked idea of choosing what they would receive the highest rebate on.
Those who would give that up over a higher rebate amount made up 57 per cent. Only 40 percent liked having a relatively lower rebate that applies to all spend categories, but is tiered proportionately to the amount spent.
Mr Philip Lim, ANZ Singapore’s head of retail banking at ANZ Singapore: “Singapore consumers clearly want choice and flexibility over their rebate categories instead of rebates on bank-determined categories or a tiered rebate structure on all their spending. Our new rebate card addresses this unmet need in the market.”