epigram
Jun 6, 08, 9:34 am
Business Times - 06 Jun 2008
BANKS
Amex launches new card in its Platinum series
By CHARMIAN KOK
AMERICAN Express launched its Platinum Reserve Credit Card yesterday, catering to clients with a median income of between S$150,000 and S$500,000 a year.
According to Amex, the segment - estimated to be worth about S$4.5 billion in card billings with 85,000 potential consumers - is currently under-served.
The Platinum Reserve Credit Card, together with the existing Platinum Card and Platinum Credit Card, make up the new Platinum Series.
Recording double-digit growth of more than 30 per cent in premium card billings last year, the launch of the new series and credit card signals a move by Amex to capture an even bigger share of the affluent card market.
The series was introduced to meet the rapidly growing and diverse needs of Singapore's affluent segment, said Amex senior vice-president and general manager for Greater China and South-east Asia YC Koh.
'In Singapore, not only are we witnessing greater affluence, we have observed that these consumers have developed more sophisticated lifestyles with diverse needs,' he said.
Explaining Amex's strategy to meet the evolving needs of premium customers, he added: 'Their needs have expanded from being homogenous to being more diverse. One size no longer fits all.'
The Platinum Reserve Credit Card is aimed at people who have 'achieved significant milestones in their career and evolved to a more sophisticated and discerning lifestyle,' according to Mr Koh.
The card will offer more personalised and experiential-based benefits like a Platinum Wine Club and Platinum Villas for complimentary stays.
The Platinum Credit Card is aimed at aspiring and upwardly mobile people with a median income of S$50,000 a year. The Platinum Card targets the 'global elite' and is offered by invitation only.
BANKS
Amex launches new card in its Platinum series
By CHARMIAN KOK
AMERICAN Express launched its Platinum Reserve Credit Card yesterday, catering to clients with a median income of between S$150,000 and S$500,000 a year.
According to Amex, the segment - estimated to be worth about S$4.5 billion in card billings with 85,000 potential consumers - is currently under-served.
The Platinum Reserve Credit Card, together with the existing Platinum Card and Platinum Credit Card, make up the new Platinum Series.
Recording double-digit growth of more than 30 per cent in premium card billings last year, the launch of the new series and credit card signals a move by Amex to capture an even bigger share of the affluent card market.
The series was introduced to meet the rapidly growing and diverse needs of Singapore's affluent segment, said Amex senior vice-president and general manager for Greater China and South-east Asia YC Koh.
'In Singapore, not only are we witnessing greater affluence, we have observed that these consumers have developed more sophisticated lifestyles with diverse needs,' he said.
Explaining Amex's strategy to meet the evolving needs of premium customers, he added: 'Their needs have expanded from being homogenous to being more diverse. One size no longer fits all.'
The Platinum Reserve Credit Card is aimed at people who have 'achieved significant milestones in their career and evolved to a more sophisticated and discerning lifestyle,' according to Mr Koh.
The card will offer more personalised and experiential-based benefits like a Platinum Wine Club and Platinum Villas for complimentary stays.
The Platinum Credit Card is aimed at aspiring and upwardly mobile people with a median income of S$50,000 a year. The Platinum Card targets the 'global elite' and is offered by invitation only.