SingPost is launching its first co-branded credit card, in partnership with the banking multinational Standard Chartered.
The Standard Chartered SingPost Platinum Visa card will be available from tomorrow (4th July), and has been particularly designed to attract supermarket and ecommerce shoppers.
Members are being offered incentives that include 6% cash back on purchases made at supermarkets in Singapore, and 2% on eligible online transactions.
Use of SingPost’s own ecommerce websites, vPOST and Clout Shoppe offers up to an 8% discount, while the card also rewards members using other SingPost products including express delivery and self-storage services.
Members will be able to get up to S$600 a year cash back in total. The card comes with an S$180 annual fee, which is being waived for the first two years.
SingPost executive vice president for retail and financial services Loh Choo Beng said the credit card was a way to reward loyal customers while also fitting in with the postal operator’s focus on growing its ecommerce and fulfillment business.
“This gives customers a great and convenient way to enjoy savings, rewards and benefits while having different aspects of their lifestyle needs met,” said Loh.
“To deliver increasing value to our customers, we will continue to seek new ways to reward them and meet their ever-evolving needs.”
The new Standard Chartered SingPost card allows members access to mobile banking and online banking to make payments to over 360 billing organisations, view account information and transfer funds online.
Standard Chartered, which has operated in Singapore for more than 150 years, said the number of online transactions by its existing credit card customers grew by 52% in 2011 compared to the year before, and the trend is continuing.
The bank’s regional head of retail banking products for Singapore and Southeast Asia, Subba Vaidyanathan, said: “This year alone we have noticed a stable month-on-month increase of 7% in the number of online transactions, reflecting the increasing pool of ecommerce consumers.”