Security Bank Platinum MasterCard invites cardholders to live the good life

MANILA, Philippines - Security Bank knows that their Platinum MasterCard cardholders have discriminating tastes and have designed a card that goes all out to reward and pamper them. 

Among the benefits Security Bank provides its Platinum MasterCard holders is the choice to redeem whatever Rewards item they want — even if it is not included in the catalogue.

“Our Platinum MasterCard has a concierge service and one of the things they can do for our premium cardholders is to allow them to redeem items not on the catalogue. Cardholders can call to request for the item they want, the concierge will compute the Reward points needed and get it for them,” says Sari Pascual, vice president and head of Marketing for the Consumer Finance Group.

Platinum cardholders typically redeem gift certificates from Rustan’s and other department stores or restaurants, travel-related products like airline vouchers, high-end luggage pieces, and has an extensive offering of gadgets — and then there are the other things.

“If you want, say, airfare tickets, a weekend in Amanpulo, a Louis Vuitton bag, the concierge will find out how many points you need to redeem it,” explains Pascual.

Moreover, Security Bank rewards their Platinum cardholders’ loyalty by automatically waiving their annual fees if they spend a minimum of P250,000 a year.   That means if they use their card regularly, they could enjoy the fully loaded benefits of the card for free every year — and they don’t even have to use their Rewards points to get the waivers.

Security Bank’s Platinum MasterCard holders are mainly successful executives, professionals or entrepreneurs who travel and entertain frequently for work or leisure. This type of premium market is also Security Bank’s main niche.

The Security Bank Platinum MasterCard helps ensure that the cardholders “live the good life” at better value as the card is fully loaded with features and high credit limits that ensure they can stay at the best places when they travel or purchase valuable items here and abroad anytime; a dual-currency option allows them to pay for their international transactions in US dollars if they wish; access to 24-hour customer service and the pampering of concierge services; unlimited reward choices (including the option to choose their own rewards); and a complimentary supplementary card.

“Many potential cardholders who are still holding on to their Gold card while already eligible for a Platinum card can now upgrade and enjoy all the privileges without having to pay steeper fees,” says Pascual.

“High-end customers are looking for reliability,” says Patricia May T. Siy, Security Bank executive vice president for Commercial and Retail Segment. “They often have big-ticket purchases and want the confidence and convenience of knowing they can use their card without fear of being rejected or running out of limit. They put a high value on travel features, such as the dual-currency option that allows them to choose to be billed in US dollars for their overseas purchases. We’re selective, we’re not really going for the mass base, we’re promoting to the premium market,” says Siy, who used to head the bank’s Corporate Relationship Group and now heads the Commercial and Retail segment. “Security Bank is well entrenched in the high-end market. Through the years you’ll find out that certain segments of the market will prove more profitable.”

The segments include entrepreneurs and Filipino Chinese — among whom Security Bank has always enjoyed the reputation as a reliable bank. “We’re very strong in the Chinese community,” admits Siy. “We know Chinese lending, credit and service.”

The affluent market makes up a big part of the bank’s client base, which is why it is now expanding its offerings and that includes beefing up its Security Bank Platinum MasterCard portfolio.

Siy explains, “When we started with MasterCard about five or six years ago, we understood that our profile of bank customers deserved something more. If we are to look at our clients, we have the first-generation businessmen, the parents started the companies and built the family fortunes. The second generation is fast catching up and they have their own needs; they are more aware of what’s happening, they have distinctive tastes, and some of them have established their own businesses apart from the family business. Before, the second-generation would just take over their parents’ business, today they diversify the family business or go into a totally different field. The second generation wants their own identity, they want respect not because they are the children of their parents, but for what and who they are. In fact, you have to win them over. It’s no longer automatic that because their parents are your bank’s clients, that they would be, too.”

She further explains that whereas the first-generation of wealthy are very firm in what they want and have set beliefs about business and money, the second generation needs more information before they make decisions. “The younger ones are well educated but they are willing to listen. They want to discuss things and they really value what you tell them. It’s very good because if you develop that trust and confidence they will open up their business to you.”

Banking has changed through the years, Siy expounds. It used to be about personnel who are friendly, who can smile at customers. Now it’s about who can provide the best information and advice, which gives banks influence in directing their clients to the right products, and also a bigger responsibility to their customers.

Security Bank is looking at fulfilling all its customers’ needs, from investment to credit card products, with its new strategy. “We call it ‘wrap-around.’ The client is at the center and we try to understand all his alliances and needs — his business and personal needs, his linkages, employees, suppliers, dealers and people who depend on him. It’s no longer a single-product thing. We go one step further to understand all this.”

The same goes for Security Bank’s credit card division. “We are evolving our cards not only for individual clients but also for companies. Our cards are an enabler. If you want to use it as a mechanism for the payments-collection process, it becomes a business tool, too,” says Pascual.

Siy adds, “Security Bank is celebrating its 60th year in two years. We intend to double our client base for the bank. We may not be the first to give you your card, but we want to give you a reason to shift to us because our features give better value and we will reward you more.”