More than 10 local banks have launched reward programs for credit card holders who link their Quintuple Stimulus Vouchers to their cards, aiming to boost credit card business affected by a domestic COVID-19 outbreak that started in May.
The government-issued NT$5,000 (US$180.5) vouchers are slated to be distributed free of charge from Oct. 8.
People can register for the digital version of the vouchers from Wednesday next week, the Executive Yuan has said.
Most banks’ rewards depend on card holders’ spending and stipulate minimum amounts, banks said.
Taishin International Bank (台新銀行) said that from Oct. 8 to Nov. 31, credit card holders who link their vouchers to their cards would earn 2 percent cash back once they spend more than NT$30,000 in a single month, with a maximum reward of NT$3,000.
Taishin Bank said that it would offer NT$1,000 to those who advertise the program to at least four family members or friends, NT$800 to new clients and NT$200 to those who use their vouchers first, the bank said.
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) said it would raise the cashback rate by 1 percentage point for users of its most popular card, the HSBC Cashback Signature Card, who link their card to the vouchers and spend more than NT$5,000 domestically in a single month, the bank said.
As the credit card offers cash rebates of 1.22 percent for domestic transactions, that would amount to 2.22 percent, the bank said, adding that the program would run through June next year, with a maximum reward of NT$10,000.
DBS Bank Taiwan (星展台灣) said it would grant NT$2,000 to those who apply for its DBS Eco Card, link the vouchers to their new card and spend more than NT$3,000 by Nov. 30.
DBS Bank last year launched a similar program when the Triple Stimulus Vouchers were issued, with the number of applicants growing 10-fold, it said, adding that it expects another spike this year.
Cathay United Bank (國泰世華銀行) said it would offer NT$2,000 worth of bonus points to the first credit card holder who links the vouchers to their card and NT$3,000 each for those who participate in the program by the end of next month.
CTBC Bank (中國信託銀行) said it would hold a raffle for individual bonuses of NT$5,000.
The Financial Supervisory Commission on Tuesday said that voucher-related rewards offered by local banks and other businesses total NT$3.3 billion and that it encourages people to opt for digital vouchers.
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