Banks here ramping up efforts to attract younger card holders

Banks here are stepping up efforts to attract younger customers by filling their card programmes with youth-centric features, with one lender even targeting children as young as seven.

- Zenith Wong

In October, OCBC Bank and Standard Chartered Bank launched new cards aimed at young people, as did charge card company DCS Card Centre (formerly Diners Club Singapore).

Banks are eager to capture the attention of young people and earn their loyalty in the hope that they will become long-term customers.

The StanChart debit card released on Oct 15 is aimed at those aged 13 to 18. It links to a mobile application, which will include features to gamify the act of saving, offering rewards for each "milestone" hit.

For example, users can interact with a virtual vending machine on the bank's mobile banking app, SC Mobile, when they make a qualifying transaction, such as depositing or spending a minimum sum within 30 days of their account opening. The virtual machine will dispense a capsule that contains a cash reward of up to $10 into their account.

OCBC's debit card, which is aimed at those aged seven to 15, features characters such as Stitch and Spider-Man in a collaboration with entertainment giant Disney.

Card holders can earn decorative Disney pins as rewards for depositing their first $10 within 30 days of opening an account, making their first two deposits of $500 by the end of 2024, or for referring their friends to OCBC.

DCS has launched its first credit card, Flex, aimed at young adults aged 18 to 35. The card offers the option of receiving investment credits as a monthly reward: 8 per cent of card holders' spending will be refunded in the form of investment credits that are automatically credited to their iFast accounts within the statement month. iFast is a fintech wealth management platform from which users can invest in various financial products.

Applicants can also choose if they want to be rewarded with cashback or travel miles.