Close  

East-West to issue motorist credit cards for Hyundai car owners

MANILA, Philippines—The Gotianun-led East West Bank has teamed up with the fast-growing Korean car brand Hyundai to offer a premium motorist lifestyle credit card offering a lot of exclusive perks for Hyundai car owners.

Under the partnership launched Wednesday night, a premium lifestyle motoring credit card “Hyundai Mastercard” shall be issued by East West Bank as an additional sweetener to members of the One Hyundai Club, the first distributor-based car loyalty program in the country.

ADVERTISEMENT

About 5,000 Hyundai customers had been pre-selected for the first batch of this co-branded credit card, Fe Perez-Agudo, president of the Philippine Hyundai distributor Hyundai Asia Resources Inc. (HARI) told reporters.

East West president Antonio Moncupa said the partnership was underscored by the fact that Hyundai was the most popular brand among car buyers with existing consumer loans with his bank.

FEATURED STORIES

With this Hyundai MasterCard, cardholders instantly get a 3-percent rebate on fuel purchases at any gasoline station nationwide as well as a 0.5 percent rebate on other retail purchases at any merchant worldwide. As much as a P1,000-rebate is earned on every statement per month. Rebates shall be redeemed as Hyundai vouchers and can be used to pay for services, parts and labor and accessories at all authorized Hyundai dealerships.

The card also offers exclusive discounts at all authorized Hyundai dealerships. Bearers shall enjoy a 10 percent discount on preventive maintenance services – including purchases of parts and labor and selected accessories. It also comes with 24/7 roadside, medical or travel assistance. These are on top of year-round special discounts and privileges from partner merchants – from dining, shopping, travel, to health and fitness.

East West – which became a more significant player in consumer banking in 2009 when it acquired the local consumer finance units of AIG – is now the fifth biggest credit card issuer in the country with about 700,000 active cards. It is the sixth biggest in terms of credit card receivables.

The bank also obtained approval from the Bangko Sentral ng Pilipinas to upgrade its operations to a universal bank from a regular commercial bank subject to conditions related to an increase in public ownership. “We need to sell shares and be publicly owned then be listed within three years,” Moncupa said.

Moncupa said the bank has been expecting to sustain brisk growth in consumer lending, particularly in auto and mortgage lending. “If we don’t grow by more than 20 percent, we will be very sad,” he said.

HARI, the official distributor of Hyundai automobiles in the country, expects sales volume to grow by at least 20 percent this year after selling 20,000 units last year.

Rising to Top 3 in the automotive industry and thrice named Hyundai’s Asia-Pacific Distributor of the Year in less than a decade of its operations, HARI has a 34-branch dealer network and a roster of popular vehicles, including the Grand Starex, Tucson, Santa Fe, Genesis Coupe, Getz, i10, Elantra, Accent, and Sonata.

ADVERTISEMENT

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS:
For feedback, complaints, or inquiries, contact us.
newsinfo

One-year extension of 2019 budget sought

August 19, 2019 05:35 AM

globalnation

POEA cracks down on 21 foreign, 19 local recruiters

August 19, 2019 05:30 AM

newsinfo

DENR to LGUs: Set up landfills or face sanctions

August 19, 2019 05:19 AM

newsinfo

Davao artists seek space at Kadayawan

August 19, 2019 05:17 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.