RCBC Bankard has seen a 63-percent increase on online purchases of essential products but noted a 38-percent decline on spending for non-essential categories.
Arniel Ong, RCBC Bankard president and CEO, said the biggest growth was seen on online purchases of essential categories, particularly on utilities, drug stores, and groceries.
And as anticipated, the decline on spending for non-essential categories was noted mainly on travel services, accommodation, airlines and air carriers.
Ong also said that credit cardholders maintained spending in online essentials such as phone services, utilities and internet.
Given these trends and to help cardholders make the most out of their spending, the credit card arm of the Rizal Commercial Banking Corp. (RCBC) partnered with close to 70 online merchants including those who offer grocery and food items (such as Metromart, Minimart.ph, Pacific Bay Seafood, and Pushkart.ph) and online health & medical providers (such as Maria Health and Medgate).
Keeping the cardholders financial wellness in mind, RCBC Bankard also offered easy payment options and installment terms to ease the payment obligations of its credit cardholders.
“We have also been very active in reaching out to our cardholders. We are using data and analytics to make the most out of our efforts as we recognize that a number of our cardholders may have difficulty paying their credit card bills,” Ong said.
“If we are able to help our cardholders navigate through this crisis and continue to get access to credit, it will in turn feed consumption to fuel growth, all of which are needed as we all try to emerge from the contraction in the economy,” he added.
RCBC Bankard is the fifth largest credit card company in the Philippines in terms of issuing billings and has nearly a million credit cardholders.