Dutch financial services provider ABN Amro has begun offering a new platinum credit card for consumers in Singapore, as part of its current strategy to develop and market competitive products in the region.
The new card offers a wide range of cost-saving benefits, including a low interest rate of 18% per annum, a permanent waiver of annual membership fee, free cash advance service on ATMs and a 0% installment payment plan for large ticket purchases at all merchants.
The new credit card offering has been marketed as ABN Amro’s switch card with the tag line Switch to a smarter way of spending. It is the second platinum card to be launched by the bank in Singapore, following the launch of its first platinum card in April 2007.
Suhail Chander, ABN Amro’s head of consumer client segment in Singapore, stated: The credit card market in Singapore is very competitive, with most people holding more than one card. To entice consumers, you need a unique proposition, offering differentiated benefits that are not already available in the market. The switch card does exactly that by providing benefits that will allow our clients to enjoy more savings and flexibility in financing their purchases, beyond simply lifestyle benefits.
The launch of the card represents the bank’s latest move to grow its unsecured credit business and achieve its goal of becoming the fifth biggest card issuer in Singapore by 2010.