DBS launches new card for women
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Platinum privileges with concierge services at no cost
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New card targets more than 300,000 women in growing affluent segment
SINGAPORE, May 13, 2004 - DBS Bank today launched a new credit card specially for women. Developed in partnership with MasterCard International, the new DBS Woman's MasterCard targets a growing affluent segment of the adult population that has a greater propensity to spend on themselves and their families.
The launch of the DBS Woman's MasterCard comes barely six months after the Bank introduced its highly successful DBS Black Card. With a qualifying income of S$30,000 per annum, the DBS Woman's MasterCard is targeted at a segment of about 300,000 women earning more than $2,500 per month.
Raymond Ang, Managing Director and Head of DBS Cards and Unsecured Loans, Consumer Banking Group Singapore said: "Today's women are the decision makers when it comes to making purchases for themselves and their families. Women want a card that caters to both their personal needs and those of their loved ones. Our DBS Woman's MasterCard is specially designed to offer them just that."
He added: "Our research indicates that there is ample space in the minds and wallets of women in Singapore for a card that's just for them. They want choice and they expect great value in everything they choose. And they want a card that offers them more than just shopping and dining privileges."
DBS Woman's MasterCard members will enjoy platinum privileges like personal concierge services, discounts off taxi fares and higher interest rates for fixed deposits. Traditionally, concierge services are reserved for priority and private banking customers, but now, with just a telephone call, DBS Woman's MasterCard holders can make a restaurant booking, have their laundry collected and delivered, arranged for domestic help and general household maintenance.
Cardholders will enjoy 10% off taxi fares with Silvercabs and are entitled to an additional 0.5% p.a. interest on their 3-month S$ fixed deposit accounts with DBS.
"The contemporary woman represents an important and discerning segment of the credit card market today and is increasingly being recognised for both her personal and professional successes," said TV Seshadri, Vice President and Country Manager, Singapore, MasterCard International.
"From both a business and a marketing perspective, card products tailored specifically to women are being very well received and MasterCard is delighted to partner with DBS to launch the Woman's MasterCard. This is a product that not only rewards women, but also celebrates their achievements and we are confident that women will identify with it."
The DBS Woman's MasterCard comes with a smaller, eye-catching companion card that will come in handy for cardholders carrying smaller purses or handbags.
Other benefits include discounts at the Raffles Medical Group, free workouts at Philip Wain, birthday treats at Haagen-Dazs, complimentary travel insurance of up to S$350,000, and shopping privileges at over 100 merchant outlets providing a wide range of products and services.
As part of the launch promotion, successful applicants will enjoy a one-year waiver of the annual fee. In addition, when they make a transaction within the first month, they will receive a complimentary six-month subscription to either Female or Nuyou magazine. DBS Woman's MasterCard holders also enjoy the existing benefits available to all DBS credit card holders, such as the 0% Interest Instalment Plan, special rates for balance transfers and subscription to the DBS CardShield protection plan.
DBS Bank is a leading credit card issuer in Singapore and Hong Kong with more than 1.5 million cards issued. Over the last two years, DBS has strategically launched several credit cards targeting specific segments. The POSB no-frills credit card caters to the needs of individuals who want simplicity and the best value, while the DBS mc2 MasterCard targets the young and trendy. In October 2003, DBS launched the DBS Black Card that was an alternative to the gold card segment.
Within the first six months of the Black Card launch, the Bank has already issued more than 60,000 cards.
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fourth largest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank's credit ratings are among the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.