In a move to revolutionize the credit card industry in the country, HSBC launched the VISA Platinum Cashback credit card in collaboration with VISA International at a ceremony held at the Cinnamon Grand last week .
The new card will ‘Extra-fy’ the benefits to cardholders on their daily spend when they make payments using the card at any supermarket or fuel station.
HSBC Country Head for Retail Banking and Wealth Management Nadeesha Senaratne said credit cards in circulation have hit an all time high with more people preferring plastic over cash.
He said credit card transactions on fuel and supermarket items are growing rapidly on a year on year basis showing a double digit growth.
“While customers enjoy seasonal savings which has become synonymous with credit cards across the board, there is a clear vacuum in the industry when it comes to offering a consistent proposition that customers can enjoy on their daily expenses across the country, all year round, “ Senaratne said.
With the launch of the Cashback card, HSBC offers 10 percent cashback on supermarket items and fuel island wide.
Customers will be entitled to cashback on all other spends up to 0.1 percent on the total spend with discounts up to 50 percent at over 100 merchant outlets ranging from shopping and dining to hotel stays and travel plus over 250 offers at merchant outlets world wide with the bank’s ‘Home and Away’ privilege program.
HSBC also unveiled the new global plastic design with the iconic HSBC Lions making it easily recognised world over. The bank was the first to launch a 0 % interest instalment scheme in 2004, the only card to offer an instant online rewards redemption platform.
The bank tied up with VISA International in 2012 to launch the country’s first HSBC VISA Signature card in the same year.