Standard Bank has launched MyCard, a
credit card targeted at South African women, after
research showed 62 percent contributed half or more to household
Seventy percent of South African women
surveyed in 2008 said they were financially independent, with 49
percent contributing more than their partner. Fifty-four percent
stated that they control the family’s money with a further 29
percent sharing control with their partner.
MyCard benefits include expanded medical
insurance to cover disability benefit and diseases specific to
women, a 20 percent discount on regular doctor’s visits and a 24
hour emergency advice line. Twenty-four hour roadside
assistance and handyman services are also available.
“Today, woman influence the majority of
financial decisions in households, from decisions on new homes,
food, vacations and even bank accounts,” said Leila Fourie,
Standard Bank Group’s South African card division.
“Standard Bank has taken account of all these
factors and has developed a product that will cater for, and reward
women for the role that that play in executing financial
Unilever’s Black Diamond 2008 studies found
that black middle class women are becoming an economic force in
their own right. Black mIddle class women represented a tenth of
the country’s entire adult population and their annual spending
power was ZAR120 billion ($16.2 billion) – over 40 percent of
the annual spend of all South African women.
“We wanted to ensure that the card had substance as a concept,”
“We had to offer real benefits to women rather than launch a
credit card whose only difference was its feminine design.”
In a bid to provide consumers with maximum choice, MyCard allows
shoppers to receive cash back on all purchases as a cash payout on
a gift card.