Rizal Commercial Banking Corp. (RCBC), the financial arm of the Yuchengco Group, said it expects credit card spending to increase 50 percent in the fourth quarter of 2024 from a year ago, as people will likely spend on retail and travel.
RCBC Credit Card president Arniel Vincent Ong said the bank expects a significant rise in spending particularly on toys, hobbies, electronics, clothing and department stores.
The growth is driven by gift-giving traditions, the demand for tech upgrades and the custom of buying new clothes and accessories for the holidays, he said.
Spending on travel, groceries and restaurants is also expected to rise as families and friends celebrate the extended holiday season together.
“RCBC Credit Card is seeing strong growth in card usage from current and new cardholders. As of the third quarter, there were more than 1.2 million cards in force and a 43-percent growth in issuing billings compared to the same period last year,” Ong said in a statement.
“Historically, the highest spending occurs during the last quarter of the year. Last year, the increase in spending for the 4th quarter compared to the 3rd quarter was nearly 20 percent,” he said.
To help make holiday shopping more affordable, RCBC Credit Cards teamed up with top establishments to offer zero-percent installment plans and Buy Now, Pay Later options.
The bank also offers special deals where cardholders can receive free items or discounts with purchases at partner stores nationwide.
“Our ‘Spend Anywhere’ promotion allows cardholders to earn cash rebates for domestic and international spending, along with generous, no-cap rewards points for their purchases,” Ong said.
RCBC Credit Cards also organizes online and onsite travel fairs, offering exclusive discounts on travel tickets with airline and travel agency partners.
The bank enhances the RCBC World Mastercard in December by improving its rewards program and lifestyle privileges.
RCBC also updated the benefits for its co-branded card with AirAsia, allowing cardholders to earn more AirAsia points and enjoy a lower 2.5 percent foreign exchange conversion fee.
RCBC also launched RCBC Pay, allowing Mastercard cardholders with NFC-enabled Android phones to make contactless payments both locally and internationally.
