RCBC credit card billings jump 67% in Q1

MANILA, Philippines — Billings of the credit card business of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) jumped by 66.8 percent in the first quarter, faster than the average industry growth of 46.9 percent, despite the aggressive rate hikes delivered by the Bangko Sentral ng Pilipinas (BSP).

RCBC Bankard Services Corp. president and CEO Arniel Vincent Ong said the company continued to enhance customer experience in the first three months of the year.

“By continuing what we do, we aim to be the top choice for individuals seeking a credit card that offers unmatched benefits and a truly rewarding experience,” Ong said.

To further enhance its customer experience, RCBC Credit Cards continuously engages cardholders with the “Live Life Unlimited” initiatives, which include several programs like on-demand, in-store, and online installments; international travel privileges including exclusive travel fares, dining, shopping, and wellness promotions, generous, no-cap, flexible Rewards, and unlimited payments to anyone through UnliPay.

UnliPay, in particular, also helped RCBC win the Outstanding Digital CX for bank cards for being a powerful facility that is easy to use.

With UnliPay, cardholders can easily transfer funds/pay anyone using their available RCBC credit card limit.

“These initiatives were well received by cardholders,” Ong said.

Last Jan. 13, the central bank’s Monetary Board issued Resolution No. 5513, raising the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points to three percent from two percent per month or 36 percent from 24 percent per annum.

On the other hand, the existing ceiling on the monthly add-on rate that credit card issuers can charge on installment loans was maintained at a maximum rate of one percent, while the maximum processing fee on the availment of credit card cash advances remained at P200 per transaction.

This after the BSP raised key policy rates by a cumulative 425 basis points since May last year to tame inflation and stabilize the peso.

RCBC Credit Cards, the credit card brand of RCBC, continues its winning streak in 2023 with global recognitions from prestigious award-giving bodies for innovation and customer experience.

During the first half of the year, RCBC Credit Cards won back-to-back awards from the Digital Banker and Retail Banker International (RBI).

Digital Banker is a globally trusted news, business intelligence, and research partner, while RBI is a global subscriber magazine specializing in retail banking and consumer finance.