BW FILE PHOTOBDO UNIBANK, Inc. has partnered with Visa to launch a credit card with travel-related rewards and rebates that caters to the affluent segment as demand for travel is expected to continue growing.
The BDO Visa Signature credit card features a 1.7% foreign exchange conversion rate for overseas purchases, a 3% travel rebate on overseas and airline spending and 0.3% on everything else, as well as a P2,500 monthly rebate.
The credit card also offers up to P20 million in travel insurance coverage and complimentary access to over 1,600 VIP airport lounges worldwide.
“Over the last year, there was 22% more global travel that we see through the Visa network than there was in prior years. And when we spoke to Filipino travelers, 57% of them are planning to travel overseas in the coming year,” Visa Asia Pacific Regional President Stephen Karpin said at the launch event on Tuesday.
Unlike other travel credit cards in the market, the Sy-led bank said BDO Visa Signature offers instant rebates.
“No one gives you an instant rebate on travel and airline spends. So, this is one of them (benefits)… that and the low foreign exchange rate,” BDO Senior Vice-President and Consumer Lending Group Marketing Head Maria Nanette R. Regala told reporters on the sidelines of the launch.
Cardholders will also have access to over 900 luxury hotels partners worldwide via the Visa Luxury Hotel Collection website, including perks such as best available rate guarantee, automatic room upgrades, VIP guest status, late checkout, and complimentary breakfast, BDO said.
The card likewise has shopping, dining, and travel offers locally and internationally.
New cardholders will receive a P15,000 welcome bonus with a minimum P75,000 ($1,300) spend.
“We seek ways to provide our cardholders better benefits and experiences. BDO Visa Signature is the perfect credit card for the elite traveler… Our cardholders can expect to travel in style and comfort with these exclusive perks and privileges,” BDO Senior Executive Vice-President and Consumer Banking Group Head Rolando C. Tanchanco was quoted as saying in a statement.
“We are thrilled to celebrate this milestone in our partnership with BDO through the launch of BDO Visa Signature, marking Visa’s first product launch with BDO since they began issuing Visa cards,” Visa Philippines Country Manager Jeffrey Navarro said. “BDO Visa Signature is designed to transform the travel experience for affluent Filipino travelers… BDO Visa Signature offers a world of privileges that cater to the sophisticated tastes and demands of our cardholders.”
BDO’s net income grew by 13.26% annually to P21.18 billion in the third quarter of 2024, bringing its nine-month net profit to P60.62 billion, climbing by 12.47% year on year.
Its shares climbed by P2.50 or 1.73% to end at P147 apiece on Wednesday. — Aaron Michael C. Sy
