EastWest expects double-digit growth momentum of its credit card business and to continue to increase its market share.
EastWest eyes credit card dominance in its 30th year
The Gotianun family-led universal bank bared the industry-leading performance results for the first half of 2024. Revenues of its credit cards business grew by 30% to Php 5.5 billion in the first six months of the year from the Php 4.3 billion of the same period last year. Its accounts receivables for the year-on-year period jumped 35% to Php 61.0 billion, surpassing industry levels. Total billings also rose 39% YOY to Php 52.0 billion.
The bank expects its credit cardholder base to widen to 1.4 million this year. As of the first half of 2024, EastWest’s cardholder base stood at 1.3 million, a 17% growth from last year.
Aylwin Herminia P. Tamayo, Senior Vice President and Credit Cards Business Head of EastWest, said the bank expects more young professionals to become financially literate and join the mass and affluent markets which currently account for 30% and 20%, respectively, of its consumer group.
To further attract these target market segments, EastWest is rolling out a slew of promotional offers in celebration of its 30th anniversary. “This reinforces our commitment to providing personalized and accessible financial solutions which now underpin our consumer lending services,” said Ms. Tamayo.
For the entire month of August, EastWest credit cardholders can avail of the following promo perks:
- Php 7 off per liter on all Euro 5 fuels at Unioil until August 31, 2024.
- 50% off with a minimum spend of Php 2,500 at North Park, Next Door, and Kopi Tiam until August 31, 2024.
- Php 300 off with a minimum spend of Php 1,000 when you link your EastWest credit card for the first time on the Grabfood app until August 31, 2024.
- Php 1,500 off with a minimum spend of Php 3,000 at Firehouse Pizza (Crimson Hotel Filinvest City, Manila), Azure Beach Club (Crimson Resort and Spa Boracay), AKA by Naoki Eguchi (Crimson Resort and Spa Mactan), Puso Bistro and Bar (Quest Hotel and Conference Center – Cebu), Baker J (Quest Hotel Tagaytay), and The Ridge Café (Timberland Highlands Resort) until August 31, 2024.
- Php 750 off with a minimum spend of Php 3,000 at Mequeni Live (Quest Plus Conference Center, Clark) until August 31, 2024.
- 30% off or up to Php 750 in discount with a minimum spend of Php 1,500 at Chikaan sa Cebu (Cebu) until August 31, 2024.
- 30% off on regular priced menu items from Mondays to Thursdays with no minimum spend required at The Abalone Buffet Restaurant, Ching Hai Chinese Restaurant, Coral Seafood Restaurant, J Lounge, and Maru Korean Restaurant, all at Jpark Island Resort and Waterpark, Cebu until March 31, 2025.
- EastWest Priority Visa Infinite, EastWest Visa Platinum, EastWest Platinum Mastercard, EastWest JCB Platinum, EastWest Singapore Airlines KrisFlyer World and Platinum Mastercard cardholders can also enjoy a 50% discount with a minimum spend of Php 5,000 at any of the participating restaurants of the Wildflour Hospitality Group from August 16 to October 15, 2024.
- EastWest Priority Visa Infinite, EastWest Visa Platinum, EastWest Platinum Mastercard, EastWest JCB Platinum, EastWest Singapore Airlines KrisFlyer World and Platinum Mastercard cardholders also get 50% off on buffets at Yawaragi in Hotel Okura Manila, available from Friday to Sunday for a minimum of 2 to a maximum of 10 diners until September 30, 2024.
- EastWest JCB Platinum credit cardholders also get 40% off at Yamazato in Hotel Okura, available daily and for dine-in only for a minimum single-receipt spend of Php 5,000. Cardholders will enjoy a maximum discount of Php 8,000 per single-receipt transaction until September 30, 2024.
Similar stories:
Tags:
lifestyle
