Bangkok--7 Oct--Thanachart
Close on the heels of the introduction of the popular “Thanachart Drive Credit Card” earlier this year, Thanachart Bank responds to the demands of its customers and introduces two new market leading products — the FLASH Cash Card and the first Cash-Back Debit Card in Thailand. Targeted at upwardly mobile customers both products significantly enhance the Bank’s retail product suite and provide customers with increasing choice and financial flexibility in their daily lives.
The FLASH Cash Card is a card-based revolving credit facility targeted at borrowing customers who are adept at managing their personal finances. A FLASH card customer can access funds at any ATM world-wide that displays the Cirrus logo. A key feature is that customers who demonstrate good repayment behaviour will be able to take advantage of lower interest rates. In addition, they will also earn FLASH reward points based on usage of their credit facility. Another key feature is that FLASH Card holders can choose to make a minimum payment either equal to 3% of their outstanding balance or 500 baht.
The Cash Back Debit Card is Thailand’s first debit card that will pay customers for using it, with cash-back rewards of up to 2%. The cash rewards will be deposited into the cardholder’s deposit account at the Bank.
“We now have a more complete suite of financial products and services to meet the needs of our customers, which we will be marketing more aggressively. The launch today of these two new products are very much a part of our growth and diversification strategy as Thanachart Bank continues to transition from a predominantly hire purchase lender to being a full service universal bank. The goal is for the Bank to become the primary financial services partner in Thailand for all of our customers.” says Ajay Mundkur, Executive Vice President, Retail Banking.
“To achieve this target the Bank will work closely with its partners, including Siam City Bank and Scotiabank, taking advantage of their respective strengths. By doing this we fully expect to become an even more effective competitor across all dimensions in the country’s commercial banking sector,” adds Mundkur. “We will continually bring to our customers best in class local, regional and international financial products and services, with the objective of providing them with choices that best cater to their diverse financial needs.”
“All customers are different and have different needs. We want to be able to provide them with good advice and counsel in order to help them meet their financial goals and become financially better off. This will help the Bank establish strong, enduring relationships with our customers, that, in turn will enable us to achieve sustainable, profitable growth,” says Mundkur.
Jean-Marc Dallaire, Senior Vice President, Credit Cards and Personal Loans, says, “Thanachart Bank recognizes the strong customer demand for card-based revolving cash cards. Currently, financial institutions, both banks and non-banks, are focused on term lending. Our FLASH Cash Card though is a revolving product which, once approved, can provide our customers with lifetime credit which they can manage.”
“FLASH Card customers can withdraw cash from over 1.7 million ATMs worldwide that display MasterCard’s Cirrus logo. No fee will be charged for cash withdrawals and our customers will also earn FLASH reward points for every cash withdrawal made using their FLASH card. Furthermore, the reward points can be exchanged for cash. In addition, the Bank is the country’s first and only bank which will annually reduce by 1%, for up to three consecutive years, the interest rate charged” adds Dallaire.
“We will also continue to promote our very successful Thanachart Drive Credit Card by focusing on the fact that the product is an excellent choice as an “everyday card” for our customers. Customers currently receive 5% cash-back for all purchases made at all gasoline stations and supermarkets worldwide. Right now we are also offering a very competitive 9.9% rate on balances transfers from other banks credit cards or loans for the next 10 months. This is half the interest rate of 20% charged by most other credit card issuers,” says Dallaire.
Mr. Pongpun Pongdontree, First Vice President, Deposits adds, “At Thanachart Bank we have developed the first Cash Back Debit Card in Thailand, demonstrating again that we’re doing everything we can to put money back into the pockets of our customers. Our customers will get cash back on all debit payments made using their card. The cash back will be deposited into the customer’s deposit account with the Bank. Importantly, the Cash Back Debit Card uses an EMV chip technology for added security protection against information theft and counterfeit fraud. We believe that this technology will enhance the confidence of customers in this payment vehicle. The debit card is targeted at those who prefer not to carry around cash or use credit. We will also be focusing on traditional ATM card holders who prefer a more sophisticated and versatile payment product with a cash back rewards loyalty program. As an introductory offer from now until 31 January 2011 customers whose average daily outstanding balance on their savings or current account at the end of the month is more than 500,000 baht will receive cash-back of up to 2% of the total monthly debit purchases. Our regular offer is 0.75% cash back.”
Ms. Eileen Wee, Vice President and Senior Country Manager, Thailand for MasterCard Worldwide said “It is a great pleasure to be launching two exciting card-based products with Thanachart Bank, namely the TBank FLASH Cash Card and the TBank Cash Back Debit Card. There are two firsts in this collaboration - TBank FLASH is the first personal loan cash card that offers good customer a lower interest rate while the Cash-back Debit card is Thailand’s first debit card with a direct cash back incentive. This initiative keeps to our commitment of bringing our bank partners’ customers the very best in benefits and privileges. All TBank MasterCard cardholders — Credit Card, FLASH Card and Debit Card - are also entitled to participate in MasterCard’s campaigns throughout the year. We are pleased to be a part of this joint effort and would like to thank TBank for making this a reality,”.
Additional Information
Sales promotion activities
? Applicants for FLASH Credit Card, Thanachart Drive Credit Card or Cash Back Debit Card will have an opportunity to experience ‘Walking with Dinosaurs’ An Arena Spectacular - which is a stunning show. They will be entitled to a 15% discount and other gifts when they buy tickets to the show. Thanachart Bank is the only card issuer to offer limited edition ‘Walking with Dinosaurs’ cards. These cards will only be available until 30 December 2010.
? Current holders of Thanachart Bank’s ATM cards can apply for Cash Back Debit Card at any branch of Thanachart Bank nationwide. The applicants are entitled to a waiver of the card issuance fee worth 100 baht. The offer is valid until 31 December 2010.