In a statement, RCBC Credit Card president Arniel Vincent Ong attributes the surge to traditional gifting, technology upgrades, and the practice of purchasing new clothing and accessories during the holidays.
Spending on toys, electronics, clothing, and department stores is expected to significantly contribute to the increase, alongside higher expenditures on travel, groceries, and restaurants as families and friends gather for celebrations.
“RCBC Credit Card is seeing strong growth in card usage from current and new cardholders,” Ong said. “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.”
He also noted that spending typically peaks in the last quarter, citing a nearly 20-percent increase in 2023’s fourth-quarter spending compared to the third quarter.
To support this trend, RCBC Credit Cards has partnered with top retailers to provide zero-percent installment plans, including buy-now-pay-later options, and introduced “spend and get” promotions. These campaigns offer cardholders free items or discounts at partner establishments nationwide.
Additionally, the bank is enhancing its offerings, such as the RCBC World Mastercard, which will feature improved rewards programs and lifestyle privileges starting December.
Its co-branded AirAsia card will now offer higher points earnings and a competitive 2.5 percent foreign exchange conversion fee.
RCBC has also embraced contactless payments through RCBC Pay, allowing cardholders with NFC-enabled Android phones to tap and pay for purchases both locally and internationally.
With these enhancements and strategic partnerships, RCBC is poised to capitalize on the holiday spending surge, further cementing its position as a leading credit card provider in the Philippines.
