There’s a new credit card out—and it’s not from a bank, its from Home Credit Philippines
Home Credit is first non-bank institution to issue credit cards in PH. And they have formally revealed the new credit card moniker, Home Credit Philippines or HCPH.
Home Credit Philippines (HCPH) is officially the first non-bank financial institution to be given the green light to issue credit cards, as the Bangko Sentral ng Pilipinas (BSP) awarded the company with the certificate of authority as a credit card issuer.
HCPH, which has been in operation in the country for five years, is the first to foray into the credit card business after the BSP decided to open the industry to new players in 2015. The company has already started gradually rolling out the product to its customer base, who have availed of the company’s in-store financing for gadgets and other goods, and cash loans.
When asked about their decision to get into the credit card industry, Chief Executive Officer Annica Witschard said that “our business is all about being there for the customer for all their financial needs—and giving them the freedom to use the financial tool that best suits them. The addition of a credit card provides customers even more options than before, and enhances the customer experience like never before.”
“We are thrilled to have the distinction of being the first non-bank in the Philippines to issue a credit card, as Home Credit continues to expand, digitize and innovate its products and services in the Philippines,” Ms. Witschard added.
Before the BSP opened the industry to non-banking institutions, credit cards were exclusively offered by banks to banked clients. With Home Credit’s entry in the industry, even unbanked customers now have a chance of getting approved for a credit card, through the same easy application and fast approval that Home Credit’s consumer loans have become known for. The company recently announced that their installment loan approval time is now as fast as one minute, thanks to its tech-driven underwriting process.
Home Credit’s credit card is equipped with terms and benefits similar to other basic cards. It has a loyalty program which entitles the holder to earn cashback for transactions as well as freebies and discounts from partner merchants. The card also offers 0% and conversion of straight transactions at low-interest rates. Moreover, it abides by high-security standards with technologies like EMV Chip, PIN notifications, 3D Secure, and SMS notifications to protect consumer information.
The launch of their credit card comes as HCPH closed the full 2018 year with more than four million Filipinos in its customer base, and over 1.2 million registered users of its My Home Credit mobile app.