United Overseas Bank (Thai) has rolled out new UOB Privimiles credit card to target affluent customers with a monthly income of at least THB100,000 ($2,962).
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The upper-income segment is expected to account for 15% of the bank’s credit-card portfolio within three years.
UOB Thai managing director of personal financial services Yuttachai Teyarachakul said affluent customers currently held few of its 700,000 credit cards in circulation, and it wanted to increase this number.
He added that customers with deposits at UOB of THB3m or more will be eligible for this card with no annual fee.
The bank has also launched this new card at its Malaysia and Singapore units.
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By GlobalDataTeyarachakul said overall credit-card spending in the kingdom in the past three years grew by 10% per year, while spending by Thai credit-card holders overseas increased by 15% per annum and credit-card spending by UOB customers overseas in the past three years grew by 21% annually.
With this new card, UOB expects average monthly spending to exceed THB5,000 as the upper-income segment generally spends an average of THB30,000 per month.
Additionally, the bank is set to launch 30,000 new cards by end of 2015, with plans to increase them to 150,000 over the next three years.
"We did not have credit cards for affluent customers, and we consider that we should have all kinds of cards to serve all segments," Teyarachakul said.
