Taipei Fubon Commercial Bank Co (台北富邦銀行) launched a new credit card yesterday that features a cash rebate of up to a 3 percent for cardholders who use the card to pay insurance premiums.
“Whatever insurance products they buy, policyholders can use the card to pay the premium of any insurance company and earn the highest cash rebates available on the market,” Thomas Liang (梁培華), president of Taipei Fubon’s retail banking division, said at the launch ceremony.
Cardholders, however, are required to double their spending on the card the month following the insurance premium payment before the bank grants a 2 percent cash rebate on top of the 1 percent rebate the insurers pay back.
For example, if a customer used the card to pay a NT$10,000 insurance premium this month, he or she would receive a credit-card bill for NT$9,900 after receiving the 1 percent discount.
If in the following month the customer spends more than NT$19,800 — more than double the previous balance — he or she would then earn an extra 2 percent cash rebate, or NT$396, the following month. If they don’t spend more than double the premium, they would receive a cash rebate of up to 1 percent depending on the amount spent.
“The goal is to encourage cardholders to use our cards,” said Rita Yang (楊琇媚), a senior vice president in the marketing and sales division.