Security Bank launches cashback credit card

MANILA, Philippines — Security Bank Corp. is looking at accelerating the growth of its credit cardholder base to about 20 percent with the introduction of a new product awarding as much as five percent rebate.

Christian Eugene Quiros, first vice president and division head of unsecured lending at Security Bank, told The STAR that the bank’s cardholders is currently experiencing a 12 percent growth to about 350,000 to 400,000.

Wholly owned SB Cards Corp. and Mastercard recently launched the Security Bank Cashback Platinum Mastercard.

“With the new product, we expect our growth rate to increase to like 20 percent. We are really going aggressive in terms of our acquisitions,” Quiros said.

According to Quiros, Security Bank has also experience an increase in billings since the start of the year with the further reopening of the economy.

Security Bank executive vice president and retail banking segment head Ma. Cristina Tingson said the new complete cashback product would serve as a catalyst in changing the way consumers spend everyday.

“As part of our commitment on becoming the most customer-centric bank in the Philippines, we are truly excited to offer you a product that gives guarantee, instant rebate on every swipe for your everyday needs,” Tingson said.

With accelerating inflation, Tingson said Filipino households are having a hard time staying within their budget.

The bank official said cardholders could get instant cashback on their everyday purchases plus a welcome gift of up to P5,000 eGC with Security Bank’s complete cashback platinum card.

Tingson added that the new credit card offers guaranteed rebates of five percent on groceries, four percent on gas, three percent on utilities like electricity and post-paid phone bills as well as two percent on dining.

According to Tingson, the card also provides a one percent rebate on shopping.

The annual cashback of cardholders would be credited to their accounts with no required minimum spending.

Likewise, frequent solo or family travelers with Complete Cashback Platinum Card would also get access to the Marhaba Lounge in the Ninoy Aquino International Airport Terminals 1 and 3 while waiting for their flights.

Tingson said the company is also working on the card’s online purchase protection feature to keep transactions safe.