RCBC sees increased credit card usage

RIZAL COMMERCIAL Banking Corp. (RCBC) saw increased use of credit cards among its clients leading up to the holidays, showing sustained consumer confidence and retail activity.

At end-September, the bank’s issuing billings grew by 32% year on year while its receivables rose by 37%, it said in a statement on Sunday.

RCBC’s active cardholders also jumped by 19% to 1.4 million in the period.

Cardholders have been spending more on travel, dining and online commerce platforms, it said, adding that digital payments adoption continues to drive credit card growth.

It also saw more electronics and gadgets purchases amid several year-end promos and installment options from merchants.

“RCBC Credit Cards continue to appeal to discerning customers who expect more from their cards, whether that means access to exclusive dining privileges, worry-free travel, or instant rewards with every purchase,” RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said in a statement.

“In addition, our cardholders have the ability to manage their credit card accounts at their fingertips with the RCBC Pulz app, which provides 24/7, real-time access to payment management features such as on-demand installment purchase conversion (Unli Installment) and the ability to use the card’s limit to pay sellers who do not accept card payments (UnliPay). Our expanding customer base reflects the strong confidence our clients place in the RCBC brand.”

RCBC is part of the first batch of card issuers in the country to offer Google Pay via their Visa and Mastercard debit and credit cards. The service was launched to the public on Nov. 19 and 20, respectively.

The bank’s credit card portfolio accounts for 39% of its total retail loans, positioning it as the main driver of its consumer lending segment.

Mr. Ong earlier said they expect their cards business to continue growing by about 30-40% until next year. — K.K. Chan