Standard Chartered Bangladesh recently introduced a new credit card that offers discounts on the purchase of digital products and services, such as accounting solutions for Netflix users or concluding grocery transactions through Foodpanda.
With the changed spending habits due to Covid-19, StanChart smart credit card offers a number of benefits for local digital natives, with an emphasis on affordable credit, digital rewards and advanced self-service features.
In addition to Foodpanda and Netflix, customers receive a discount on digital payments from Daraz, Pizza Hut, Pathao Rides and Spotify.
“All the cards are due to the fact that none of these discounts are available on our other cards,” said Tawfique Imam, head of unsecured products at Standard Chartered Bangladesh.
Tawfique made these remarks during a press conference at the Pan Pacific Sonargaon Dhaka on Sunday.
“With this credit card, you can save as much as Tk 22,000 per year on the purchase of goods and services,” he added.
Before the introduction of the new credit card, bankers conducted extensive customer research and found that younger customers prefer the simple borrowing features available on their card.
In addition, this unique credit card is the first carbon-neutral credit card on the market and is provided with the Certified Carbon Neutral logo.
“Approximately 67% of our employees are millennial and their shopping habits and needs evolve as technology advances,” said Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh.
With a large percentage of people in this age group, Standard Chartered decided to implement something that would uniquely attract millennia and support their lifestyle.
The card also allows holders to contribute to community support services for disadvantaged young people, especially girls, and it is a privilege to sign up for educational or lifestyle sites,” Bijoy said.
The smart card will continue to evolve in terms of consumer’s attitudes and feedback, thanks to Visa Card, an innovative banking partner in this project, he added.
According to the Bangladesh Bank, the value of credit card transactions was TK 1.934 crore in June, an increase of 13.25 per cent from a month earlier and 115.46 percent year-on-year.
The total number of credit cards in circulation at the time stood at 17.73 lakh.
According to Sabbir Ahmed, head of consumer, private and business banking at Standard Chartered Bangladesh, smart cards meet the daily needs of youths and the bank’s other dynamic customers.
“The smart card aims to improve our customers’ lifestyles, offer good value for money and meet our customers’ everyday shopping needs,” said Ahmed.
With the smart cards consumers can save more in their daily expenses. Cardholders can also take advantage of the flexibility of interest- free payments to meet unexpected financial needs or complete their purchases with ease.
The card also offers other benefits such as zero interest InstaBuys with no processing fee that is applicable for 3 months for retail transactions of over Tk 15,000.
From the second year, an annual fee is also charged, which provides an exemption from annual costs of more than 3 lakh, he added.
This will accelerate digital transactions and help Bangladesh achieve its goal of becoming a cashless society, opined Bitopi Das Chowdhury, the bank’s head of corporate affairs.
