Home Credit has recently announced that it will be the first non-bank financial institution to issue credit cards in the Philippines. They have been awarded by the Bangko Sentral ng Pilipinas (BSP) the certificate of authority as a credit card issuer.
Home Credit has since been offering the product to its customers, including those who have availed of their in-store financing programs for gadgets and other products.
According to Home Credit CEO Annica Witschard, “our business is all about being there for the customer for all their financial needs—and giving them the freedom to use the financial tool that best suits them. The addition of a credit card provides customers even more options than before, and enhances the customer experience like never before.”
Traditionally, credit cards were exclusively offered by banks to banked clients. Home Credit’s new product opens opportunities for financial inclusion in the Philippines. This means even unbanked clients will have a chance to own a credit card.
The new credit card comes with all the benefits of other regular credit cards. It has a loyalty program with cashback and discount rewards, 0% offers and straight transactions at low-interest points, and security features such as EMV chips, PIN notifications, and support for SMS notifications.
At the end of 2018, Home Credit Philippines has a customer base of over 4 million, with over 1.2 million registered users of its My Home Credit mobile app.
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