Bank of China Singapore Branch (BOCSG) on Tuesday (22 May) launched a credit card with Qoo10, Singapore’s largest online retailer, aimed at both working adults and students.
The first ever-partnership between a bank and an e-retailer in Singapore, the new card allows holders to enjoy up to 20 per cent rebates on Qoo10, dining and transport, which includes Grab, taxis and public transport.
Holders of the BOC Qoo10 World Mastercard will receive the rebate in the form of Qmoney, Qoo10’s own virtual currency that can be used to offset future purchases from the online store.
Those who spend a minimum of $300 in a calendar month would get a 3 per cent rebate on Qoo10 purchases, and a 0.3 per cent rebate on all other spending.
Cardholders who spend a minimum of $600 a month will get an additional 7 per cent rebate on Qoo10 spending, for a total of 10 per cent. They will also be entitled to a 20 per cent rebate on MRT train and bus fares, and a 5 per rebate on Grab, taxi, and eligible local dining, entertainment and e-commerce expenditure, as well as overseas spending.
The rebate for all other spending remains at 0.3 per cent.
An additional 5 per cent rebate on Qoo10 spending is applicable for those who spend over $600 for the first six months of the card’s launch.
Rebates are capped at a total of $80 of Qmoney per calendar month per card member, topping out at a combination of $40 for Qoo10 spending and $40 for all non-Qoo10 expenditure.
The annual card fee ($190 for the primary cardmember; $95 for supplementary cards) is waived for the first year.
There is also a BOC Qoo10 Platinum Mastercard, with no income requirements for students and a $500 monthly credit limit.
Rebates for the Platinum Mastercard apply with a minimum of $200 spend each month.
The minimum income requirement for adults is $30,000 for the World Mastercard and $18,000 for the Platinum.
“We are excited to collaborate with Qoo10 in the first of such a partnership between a bank and online retailer in Singapore. As consumers today increasingly turn to online retail channels for better bargains, we want to help them maximise that value and bring greater savings to an ever-growing segment of savvy online shoppers,” said Qiu Zhikun, General Manager and Country Head of BOCSG, adding that the bank would “continue to use technology to create innovative products that enhance the customer experience, while supporting Singapore’s vision for a Smart Nation”.
Cho Hyun-wook, Country Manager for Qoo10 Singapore, said the company’s goal is to “continuously improve and evolve our value-add services for our subscribers in the country”.
He said the partnership would allow the company to elevate its offerings for its over 3 million registered users by “allowing them to get more of what they love – better value and convenience even beyond the Qoo10 platform”.