Rizal Commercial Banking Corp. (RCBC), led by the Yuchengco family, projects a 50% increase in credit card usage in the last quarter of the year, fueled by the holiday shopping season.
RCBC Credit Card president Arniel Vincent Ong said the bank expects significant growth in spending across sectors such as toys and hobbies, electronics, clothing, and department stores. This growth is driven by year-end gifting traditions, technology upgrades and the purchase of new clothes and accessories.
Likewise, spending on travel, groceries, and restaurants is expected to rise as families and friends gather to celebrate the extended holiday celebrations.
“RCBC Credit Card is seeing strong growth in card usage from both current and new cardholders. As of the third quarter, there were more than 1.2 million cards in force and a 43-percent growth in issuing billings compared to the same period last year,” Ong said.
“Historically, the highest spending occurs during the last quarter of the year. Last year, spending in the fourth quarter increased nearly 20 percent compared to the third quarter,” he added.
To capitalize on the seasonal demand, RCBC has partnered with several establishments to offer zero percent installment plans, including Buy Now, Pay Later options.
The bank offers special deals through its “Spend and Get” promotions, where cardholders receive free items or discounts with purchases at partner establishments nationwide.
“Additionally, our ‘Spend Anywhere’ promotion enables cardholders to earn cash rebates for both domestic and international spending, on top of the generous, no-cap rewards points they earn for their purchases,” Ong added.
RCBC also runs online and onsite travel fairs, allowing cardholders to purchase travel tickets from airline and travel agency partners.
The bank is also enhancing its RCBC World Mastercard this month, improving its rewards program and lifestyle benefits, while refreshing its co-branded card with AirAsia. Changes include higher points earnings and a reduced foreign exchange conversion fee of 2.5%.
