The second largest financial services group in
Southeast Asia by assets, OCBC Bank, has launched credit cards for
its youth-oriented banking programme ‘FRANK by OCBC’.
The ‘FRANK by OCBC’ credit card will
reportedly combine Visa, NETS FlashPay, ATM and transit
capabilities all in one card, and aim to allow customers to
withdraw cash as well as sign or tap for purchases.
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Customers will also be able to use the FRANK
credit card to pay for their transport.
OCBC’s FRANK programme already offers designer
debit cards to the youth segment and the lender has extended this
concept onto its new credit cards as well.
Customers can choose from 130 designs for the
FRANK credit cards, with one limited edition card costing S$1,000.
OCBC plans to donate that card cost of S$1,000 to the customer’s
chosen charity, with dollar-for-dollar match by OCBC.
The FRANK credit cards will enable customers
to exchange their card reward points for cash rebates.
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By GlobalDataFRANK by OCBC credit card holders who pay
their credit card bills on time consecutively for six months, in
the first membership year, will also be rewarded with vouchers.
Head of mass segment at OCBC, Chng Bee Leng,
said, “Recognising that the ‘FRANK by OCBC’ credit card will likely
be one of the first payment cards that a young working adult will
hold, we have customised the card with rewards and features that
meet their lifestyle and payment needs.”
Leng added that the Frank credit card is
“upfront in the disclosure of all its fees and charges”.
FRANK by OCBC was launched in May 2011,
targeting youths and young working adults, and there are already
two FRANK concept retail stores in Singapore. The third FRANK by
OCBC retail store is launching in Singapore this month.
OCBC has a network of over 500
branches.
