By Alex Y. Vergara
As the world becomes more segmented and people’s expectations and requirements become even more specialized, the Bank of the Philippine Islands, in keeping with the needs of its premier clients, recently introduced the BPI Visa Signature credit card.
As BPI officials led by Jojo Ocampo, BPI’s Head of Unsecured Lending and Cards Group, and Jenelyn Lacerna, BPI’s Head of Business (Cards and Payment Group), attest, the new credit card takes into consideration the affluent market’s lifestyle, preferences and buying habits, and provides them with the “power” to easily and more quickly “curate” their respective lifestyle experiences.
“BPI Visa Signature is the result of extensive research done locally, so we can develop an exciting value proposition that reflects and elevates the lifestyle of our affluent clients,” says Ocampo. “We’ve seen a rise in spending in the past few years for luxury travel, experiences and products, and we want to provide our affluent clients a product that will further enhance their lifestyle.”
But why the need for yet another credit card? Aren’t premium credit cards with fairly huge credit limits enough to cater to more affluent clients? Perhaps, but since preferences of big spenders are also quite diverse, BPI and Visa saw a need to further offer them more options through BPI Visa Signature, the bank’s “most exclusive card.”
“We always try to think of a product that would address the evolving needs of our clients that’s why we came up with BPI’s Visa Signature card, which provides the most comprehensive privileges,” says Lacerna. “It’s no surprise they love to travel, dine, shop and relax. With BPI Visa Signature, we found a way that would cater to all these needs, especially when they travel. We want to be there for them from the moment they book a trip until the end of their trip, providing them with the most satisfying rewards.”
There are quite a number of credit cards geared for the affluent market, Lacerna adds, but what sets BPI Signature apart is the combination of features the bank has thought of in anticipation of what a specific group of customers need—people with fairly huge disposable incomes (at least P80,000 a month) who not only love to travel, but are connoisseurs of the finer things in life, from high-end dining and shopping experiences to smart deals and unusual finds.
“And unlike other credit cards, our cardholders have the backing of BPI’s 850 branches. We are thus able to put in privileges in the card that are sometimes not available to cards issued by multinational banks,” she continues.
By just showing their cards, for instance, cardholders are entitled to such benefits or privileges as preferential rates when they buy foreign currencies and third currencies in all BPI branches.
One does not have to be a BPI depositor to be eligible to get the credit card, “but our depositors are privileged since all they have to do is to go to the branch’s relationship manager,” says Ocampo.
Ocampo adds that, in terms of credit cards, BPI has a portfolio of nine different types. Why so many? The one-size-fits all approach no longer works these days because customers, apart for bing more segmented, are becoming more discriminating.
“For instance, we have a card for ‘starters’ or millennials who are just starting to join the workforce,” she says. “We have cards for shoppers who love to shop in Ayala malls. We have cards for motorists who frequently gas up at Petron. What we’re seeing is we do have a niche of clients whose needs are more discriminating and who want to get better value for their purchases, and this is it.”
While BPI gives out base rewards, which allows certain cardholders to exchange their points for rebates or gifts in the form of electronic vouchers, it’s only BPI Visa Signature which allows them to book and buy tickets using their points.
“Your points are now your currency to book flights, hotel stays, car rentals and limousine services using just one platform,” says Lacerna.
Meanwhile, the so-called worldwide concierge provided by Visa allows cardholders access to book, say, shows and restaurants, among others, outside the country.
What’s more, the BPI Visa Signature can earn them premium rewards points, enjoy discounts at a wide range of luxury hotels through Visa’s Luxury Hotel Collection, and dining privileges on the Visa Epic Experiences platform, says Stuart Tomlinson, Visa Country Manager for the Philippines and Guam.
“We’re confident that this card will be extremely successful, as it is thoughtfully designed to meet the lifestyle preferences of today’s affluent Filipino consumer,” he says.
Says Dan Wolbert, Visa’s Head of Business Development for the Philippines and Guam: “When we think of affluent people across the globe, there are certain consistent things they look for. Not a few look for various elements related to travel. They’re always looking for consistency, convenience and value for money.”
Finally, Lacerna says that BPI felt strongly in naming it Signature because the credit card “is really yours. You can do what you want with it.” Although it is segmented toward affluent users, the options and possibilities the card brings are almost limitless.
