The Rizal Commercial Banking Corporation (RCBC) foresees a 50-percent expansion in credit card usage in the last quarter of 2024 compared to the same period in the previous year, especially on retail and travel.
RCBC Credit Card President Arniel Vincent Ong said the Yuchengco-led bank is anticipating a 50-percent increase in card spending on toys and hobbies, electronics, clothing, and department stores alone, which will be driven by gifting traditions, the desire for tech upgrades, and the practice of purchasing new clothes and accessories for oneself or for loved ones.
Likewise, spending on travel, groceries, and restaurants is expected to increase as families and friends gather to celebrate the extended holiday season.
“RCBC Credit Card is seeing strong growth in card usage from current and new cardholders. As of the third quarter, there were more than 1.2 million cards in force and a 43-percent growth in Issuing Billings compared to the same period last year,” Ong said.
“Historically, the highest spending occurs during the last quarter of the year. Last year, the increase in spending for the 4th quarter compared to the 3rd quarter was nearly 20 percent,” he added.
To make this season more enjoyable and manageable for clients, RCBC Credit Cards has partnered with top establishments to offer zero percent installment plans, including Buy Now Pay Later options.
The bank offers special deals through its “Spend and Get” promotions, where cardholders receive free items or discounts with their purchases at partner establishments nationwide.
“Likewise, our ‘Spend Anywhere’ promotion enable cardholders to earn cash rebates for domestic and international spending on top of the generous, no-cap rewards points they earn for their purchases,” Ong further said.
RCBC Credit Cards runs online and onsite travel fairs, allowing cardholders to purchase travel tickets with airlines and travel agency partners at exclusive rates.
Furthermore, the bank will enhance the RCBC World Mastercard this coming December by improving its rewards program and lifestyle privileges, while the bank refreshed the benefits for its co-branded card with AirAsia. To be specific, cardholders will now earn more AirAsia points for their spending and enjoy an all-in foreign exchange conversion fee of only 2.5 percent.
The bank recently launched RCBC Pay, allowing RCBC Mastercard card holders with NFC-enabled Android phones to pay for their purchases simply by tapping their phones. This facility can be used in the Philippines and abroad, wherever contactless payments are accepted.
