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."

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