RHB Bank aims for 40,000 new credit card customers in next year

Malaysian Bank RHB is aiming to gain 40,000 members for its new credit card over the next year, increasing its credit card customer base by 1.7%. The card, launched on 15 November, is co-branded for Sogo, a shopping complex in Kuala Lumpur.

RHB said that it expects 160,000 customers to sign up for the Sogo-RHB credit card over the next three years.

RHB Group Managing Director Kellee Kam said: "To date, the bank has 2.3m credit and debit cards in circulation, which works out to 8% in credit card market share.

"We foresee the total market share and cardholders will also increase in the near future."

Customers will earn one Sogo reward point for every MYR1 ($0.3) spent on the card at the Sogo complex and MYR2 for supermarkets apart from Sogo. The card also offers up to 5% cash back for spending at Sogo, to be credited to customers’ account monthly.

Kam said: "In understanding the needs of the "value seeker" market, we’ve positioned the card as a double reward card so that customers get to earn cash back and points for Sogo’s loyalty card, S-Point."