RHB-TESCO Offering New Credit Cards

The financial service provider in Malaysia Rashid Hussein Bank (RHB) is now planning to look forward to 250,000 fresh credit card holders of this year, having more awards and benefits including lucrative offers. This Malaysian Bank has made collaboration with TESCO, an international retail network in grocery and general merchandising. In a joint venture of RHB-TESCO they will be issuing credit cards and debit cards. The source from the financial service provider says that the customer those who are purchasing TESCO-RHB credit/debit will be getting 2% cash rebate and award points, whereas debit cards are given to those people whose income level is less than the average income that is required USD 5000 (MYR 18,000). If anyone makes shopping at TESCO outlet at the last week of every month then they will be getting higher cash rebate of 5% as well as are eligible for double card points.

Later on these club cards can be converted to cash vouchers, which can be afterwards redeemed from their expenditure at TESCO. One of the TESCO officials, David Hobbs (Chief Operating Officer) comments that with the introduction of this card to the market people will now be able to manage their expenses and can maintain their budget more wisely than previous times. The RHB-TESCO credit and debit cards are going to offer their clients the easiest and fastest way on how to get their customers more lucrative offers and savings per day they do their shopping; not only with TESCO but also with any other place they want to hangover for their shopping. In addition he also declared that the customers whose earnings are below the average annual income of 18000 RM which is less minimum requirement for credit card to apply, could advance to TESCO-RHB debit cards.

With the advent of RHB-TESCO credit card comes when major financial institution Malaysian's bank announces of increasing the business of its credit cards by issuing 250,000 new credit cards and modifying its rewards policy for long run. In an interview with Malaysian online publication company 'THE STAR' officials of the bank confirmed their marketing strategies to enlarge their cardholder base from the existing 90,000 members, confirm RHB retails head Renzo Viegas.

Also he declared that some other partners will be befriend with this business to encourage the credit card base in the industry, it is proposed and due for next two months with targeted areas and selected partners, he replies after the successful launch of the TESCO-RHB credit cards and debit cards which is in collaboration with TESCO. Due to recent break period and economic downfall which caused huge setback people may not be enthusiastic to go for a new card but there will be opposite value card category and we are confident about our brand value." he further said. There is a great opportunity in debit card market which is untapped and as its currently savings and current account holders which are at an increasing 1.7 million in numbers could help in getting that target. TESCO Malaysia's financial director Mr. Soonil Hwang confirmed that of investment with these four stores is approximately RM 300 million.

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