UPDATE1: JCB, Malaysia’s CIMB to issue credit card for affluent Indonesian women
――Updates Nov. 13 story with comments, background in paragraphs 3-8
JAKARTA, NNA – Japanese credit card company JCB Co. and its Malaysian partner PT Bank CIMB Niaga are issuing their third, joint credit card in Indonesia, now targeting affluent women as they advance in the workplace.
CIMB Niaga JCB Precious Card is available to women with monthly income of at least 12.5 million rupiah ($840). It comes with health insurance coverage up to 100 million rupiah for breast and cervical cancer and offers no-interest repayment installments for spending on beauty care and fashion.
PT Bank CIMB Niaga has set the first-year target of 35,000 to 40,000 accounts, Lani Darmawan, director of consumer banking at the bank, said, adding that the new product is expected to help raise the annual growth rate of credit card transaction values for the bank to over 10 percent this year, up from 9 percent last year.
“Usually, women don’t do shopping just for themselves, but also for their families. And in Indonesia, they (women) often serve as financial managers of their households,” she said.
The JCB-CIMB team has issued two types of credit card in Indonesia: Ultimate for wealthy individuals with monthly income of at least 37.5 million rupiah and Platinum for those making a minimum 7.5 million rupiah.
The credit card market in Indonesia has the potential to grow if middle- to high-income earners increase in the country. With 267 million people, it is currently the fourth largest in the world.
The number of issued credit cards in Indonesia stands at around 17 million, 6% of its population, compared to 300 million cards in Japan, more than double its fast-aging population of 127 million, according to Koichiro Wada, the head of PT. JCB International Indonesia.