One of the biggest banks in the world, HSBC, just announced a partnership with Visa international, in their attempt to introduce a first cashback credit card in Sri Lanka, offering several benefits on daily spending.
According to Verdict, the HSBC Visa Platinum Cashback Card gives users 10% cashback on use at supermarkets or fuel stations and it’s designed to unite all spend on one platform.
But wait, there’s even more!
The new HSBC Visa card will also offer up to 0.1% cash back on other types of spending, as well as up to 50% discounts at over 100 local stores, including restaurants, hotels and travel. If users choose to sign up for the HSBC Home & Away privilege programme, they will instantly get access to more than 250 offers from merchant outlets from all over the world.
The bank announced that first time users will be privileged, as they will receive additional offers, alongside attractive interest rates on installment plans.
“The new proposition is an outcome of data-driven insights and listening to the voice of our customers,” said Nadeesha Senaratne, HSBC Sri Lanka country head of retail banking and wealth management.
“Given the larger relevance on selected categories and the attractiveness of ‘extra-fy’ benefits, we are very confident that the new product will become the latest plastic money in your wallet this year,” he added.
The expectations are very big
Visa is also delighted to be part of this, as country manager Anthony Watson declared, looking forward to attract a lot of customers to their cashback program.
“With an increased rate of credit card penetration in Sri Lanka, we believe that the Sri Lankan consumer is ready to embrace new and value added services that give them extra benefits on their cards.”
It will be very interesting to watch how this market will grow since more and more countries are expressing their interest in programs such as rewards or cashback cards. Also, considering Sri Lanka’s growing touristic potential, we won’t be surprised to hear about more and more banks coming with similar offers here.