RHB Launches the Joint Tesco-Rhb Credit & Debit Cards

Rashid Hussein Bank (RHB) is a Malaysian financial services provider, which hopes to secure 250,000 new credit card customers this year by offering more rewards and benefits to them. It has teamed up with Tesco. Tesco is an international grocery and general merchandising retail chain. RHB has teamed up with Tesco to launch the joint Tesco-RHB credit and debit cards.

According to the financial services provider, while the debit cards constitute an alternative for Malaysians whose monthly income falls below the minimum annual income requirement of USD 5000 (MYR 18,000), customers who sign up for the Tesco-RHB credit card, are provided with 2 percent cash rebate and reward points. They can enjoy a higher cash rebate of 5% as well as collect double club card points when they shop at any Tesco store while, on the last weekend of each month. These club cards points will be converted to club card cash vouchers that customers can use to offset their spending at Tesco.

Tesco chief operating officer David Hobbs said about the introduction of the new cards by the company and RHB that will help customers manage their budgets better than before. He also said that the Tesco-RHB credit and debit cards would offer customers the fastest way to get more savings and benefits so that each time they can shop not only at Tesco, but everywhere and anywhere.

He mentioned that customers who earn below the minimum annual income requirement of RM18, 000 for credit cards could apply for a Tesco-RHB debit card.

When the joint Tesco-RHB card comes into the market as the Malaysian bank announced that it is targeting to expand its credit card customer portfolio by issuing 250,000 new credit cards and modifying its rewards policy. In a research comes the result that Malaysian online publication The Star, representatives of the bank expressed their intentions in order to enlarge the latter’s cardholder base from the current 900,000 members.

RHB retail head Renzo Viegas hope the introduction of a few new credit cards this year would help them to push their customer base from the existing 900,000 members.

To boost its credit card circulation, Viegas said a few more alliances with other parties that would be done this year as part of the plan.

He said that it would be done in the next couple of months with selected partners for selected target areas after the launch of the joint Tesco-RHB credit and debit cards in collaboration with Tesco.

He also said that he expected to grow at least 20% through value propositions and People might not be taking additional cards so the industry may not grow that fast but there will be swapping to value cards and he is confident of his brand.

He added that in debit card issuance, there was a huge opportunity as its 1.7 million savings and current account holders could help realize that target.

Tesco Malaysia’s financial director Soonil Hwang said about the total investment for the four stores were RM300 million. He also said about the hypermarket chain was keen on opening more outlets in the country when economic conditions improve.

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