Fri, Sep 20, 2019 - Page 12 News List

DBS Bank Taiwan offers credit card for the very rich

BY INVITATION ONLY:Card holders would be offered benefits such as faster airport clearance when leaving the nation or a yacht party if they spend more than NT$18m

By Kao Shih-ching  /  Staff reporter

DBS Bank Taiwan consumer banking managing director Seraph Sun, left, general manager Lim Him-chuan, third left, and Calvin Lin, executive director of cards and unsecured loans, second right, pose during a news conference in Taipei on Wednesday to announce a new credit card aimed at very wealthy people.

Photo courtesy of DBS Bank Taiwan

DBS Bank Taiwan (星展銀行) on Wednesday launched a credit card aimed at the very rich, in a bid to boost its retail banking and wealth management businesses.

The card is the first of its kind for the bank, as it can only be applied for with an invitation, but only those whose assets are worth more than NT$30 million (US$967,555) will be invited, Calvin Lin (林群凱), DBS Taiwan’s executive director of cards and unsecured loans, said yesterday by telephone.

Although the threshold sounds high, the bank believes that the customer base for the card should be huge, as the number of high-net-worth individuals in Taiwan is estimated at 381,000, Lin said, citing a global wealth report by the Credit Suisse Research Institute in 2017.

“We first plan to invite clients who already enjoy our wealth management services to apply for the card, as a way to build up customer loyalty,” Lin said.

The credit card is named “DBS Treasures Sparkle Infinite.”

The bank last released a credit card in October last year.

It released three cards last year, with a new one being released every two months on average.

“We spent more time preparing for this card, as we aimed to provide many exclusive benefits or special rewards for our cardholders, and had to hold a lot of discussions with our partners,” Lin said.

For example, cardholders can enjoy speedy immigration and security clearance in Taiwan Taoyuan International Airport, and with no more waiting in long security lines it should take them less than one hour to arrive at their boarding gate after arriving at the airport, Lin said, adding that the service is provided by Ever Rich DFS Corp’s (昇恆昌) Huan Yu VIP Terminal.

“The speedy clearance service costs about NT$10,000 for regular travelers, so few banks provide such benefits,” he said.

The bank also offers room upgrades and free breakfast at high-end hotels worldwide, and airport pick-up services in a Mercedes-Benz, Lin said,

The bank even would hold a yacht party for cardholders if their annual credit card spending exceeds NT$18 million, he said.

The Treasures Sparkle Infinite is the last missing piece in the bank’s credit card range, as the three cards released last year target travel lovers, the younger generation and shopping lovers.

Credit cards aimed at rich clients “is a niche market, especially when there are already too many credit cards for regular consumers, as those clients have considerable spending power and we can earn handling fees,” Lin said.

The bank has some rivals competing for the very rich clients, such as American Express and Taishin International Bank (台新銀行), but it is confident it can attract customers with its program, he added.

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