Cashback Credit Cards Case Study
In Malaysia, each bank offers different types of cashback credit cards that best suits their customer needs. Cashback credit cards is a type of credit cards that convert money on spend into rebates. Most of the banks run this type of programs to encourage use of credit cards where the cardholders is given points. The reason banks offer cashback credit cards is to encourage cardholders to spend on the card and pay them interest. This cashback credit cards suit for those consumers who are paying big credit card bill every month and are looking for uncapped cashback promotions. However, based on my opinion, I think that there are some methods Hong Leong Wise Gold can be improved to ensure that it outperforms similar products offered by other competing banks.
Firstly, HLB should not charge annual fee for this Hong Leong Wise Gold Card. This Hong Leong Wise Gold annual fee is higher as compared to other cash back cards. One of the competing banks, CIMB Bank introduces their customers the CIMB Cash Rebate Platinum MasterCard. This card offers their cardholders with up to 10% cashback. 5% cashback on online shopping, 2% on groceries, mobiles, petrol and utility, and 0.2% on
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However, there are no reward points for this Hong Leong Wise Card. Some customers prefers reward points more than cashback. Hence, Hong Leong Bank can give cardholders the choice to select either cashback or reward points. By each RM 1 cardholders spend on their Hong Leong Wise Gold they can earn 1 bonus point. Cardholders just have to use their Hong Leong Wise Gold to spend at cinema, retail outlets, travel booking and other. At the end, the accumulated reward points can be used to redeem for gift vouchers. This is one of the method Hong Leong Bank can be improved to ensure that it outperforms their similar products offered by other competing
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