With increasing costs, consumers are looking for ways to save that hard earned money.
Israel Skosana, Head of Marketing and Consumer Insights at African Bank says, they’re proud to launch PlatinumPlus+ which we believe is a top shelf or premium offering targeted at financially fit consumers.”
“This unique solution combines a number of products into one bundle. A Platinum Visa credit card, a savings wallet and long term insurance will match the customers’ financial requirements as their needs change over time. The underlying philosophy behind this product is to assist customers to choose the correct products for their needs,” he says.
PlatinumPlus+ cardholders will receive a 3.5% interest rate rebate on the gross rate of 16.5% by simply being financially fit. By paying the monthly minimum balance, their interest rate will drop to 13%. Cardholders will also receive 1.5% cash back for all purchases at any till point, not limited to any particular store or merchant. The more customers swipe, the more they earn cash back rewards.
“Our interest rate and cash back at point-of-sale are among the most competitive rates in the market. Our aim is for our customers to unlock value and additional savings through their financial behaviour,” says Skosana.
To promote a savings culture PlatinumPlus+ also offers a savings wallet into which customers can deposit savings or opt to put their cash back rewards into their savings wallet and earn a highly competitive 5% interest per nnum.
Skosana adds: “When developing this solution, our research highlighted that
customers are looking for a sense of security, protection against retrenchment and crime were amongst the key elements concerning customers.”
PlatinumPlus+ three types of insurance covers are:
Credit Life Cover: caters for permanent and temporary disability, retrenchment, death and compulsory unpaid leave, ensuring that customers are never left out of pocket;
Crime Injury Insurance Cover: it ensures that customers and their family (up to four family members) who are victims of a violent crime, are insured to a maximum value of R32 000 per calendar year; and
Personal Accident Insurance Cover: provides an R8000 cash benefit in the event of an accidental injury or death.
“We have essentially placed the consumer in control with this offering in that they can plan their finances by accessing credit when they need it, by saving to achieve a dream and being insured against unforeseen events,” says Skosana.
Other banks are also offering same patterns to their new and existing clients on how to save and spend, since SA is unfortunately, known for not being a saving country.