RIZAL Commercial Banking Corp. (RCBC) is targeting to bring its credit card base to about 1.5 million by yearend, and is counting on its latest co-branded card to help it reach this goal.
RCBC and AirAsia rewards, the loyalty and rewards program of AirAsia’s parent company Capital A, on Tuesday launched a co-branded credit card that offers travel perks. The new AirAsia Platinum Credit Card allows customers to earn AirAsia rewards points and also offers a low foreign exchange (FX) conversion fee of just 1.85% for in-store and online international purchases.
“We made it very easy for them to earn points. It’s very cheap. For as low as P22, they get one AirAsia point, and then it’s now automatically credited to their AirAsia app,” RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said during the launch event.
“This is the first RCBC credit card product where we have brought down the foreign exchange (FX) fee,” Mr. Ong added.
He said the new AirAsia Platinum Credit Card is targeted towards premium and affluent customers.
“We’re trying to get the entire RCBC credit card base to about 1.5 million total for RCBC by the end of the year, and this product will contribute to that,” Mr. Ong said.
Cardholders earn one AirAsia point for every P28 spent on domestic transactions and one point for every P22 spent overseas. Every P25 spend on AirAsia or via the AirAsia MOVE app earns two points.
New customers will also get a welcome bonus of 15,000 AirAsia points upon card activation, with additional rewards for frequent card usage.
AirAsia Platinum Credit cardholders will get automatic AirAsia Platinum membership status for the first year after the card is issued, which entitles them to benefits such as priority check-in, boarding, and Xpress baggage when flying with AirAsia.
Other perks are complimentary lounge access for principal cardholders, travel insurance coverage, and access to Visa concierge.
“This partnership not only provides our customers with a credit card, but also opens the door to a rewarding, accessible, and globally connected lifestyle,” Diyao Leong, Head of Rewards Regional Partnerships at AirAsia rewards, said.
The AirAsia Credit Card was first introduced in 2018 with a Classic variant. Following the launch of the Platinum variant, the Classic card’s benefits have been enhanced, including the introduction of a lower FX conversion fee of 2.50% and a monthly bonus of 300 AirAsia points based on the program’s mechanics.
Mr. Ong said RCBC is boosting its partnership with AirAsia as it a strong brand in terms of domestic and foreign travel, especially for those who are seeking more value.
“They’re a reliable partner and we’ve grown the base together as our partners,” he added.
RCBC’s attributable net income rose by 10.26% year on year to P2.43 billion in the first quarter.
Its shares dropped by 45 centavos or 1.74% to close at P25.35 each on Tuesday. — A.R.A. Inosante
