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SC Launches Chip Enabled Credit Cards

Standard Chartered Bank Head of Marketing Caroline Mbui and her counterpart Corporate Affairs Manager Anne Kabugi hold dummy chip enabled credit cards

Standard Chartered Bank Head of Marketing Caroline Mbui and her counterpart Corporate Affairs Manager Anne Kabugi hold dummy chip enabled credit cards

Nairobi, 17th March 2011. Standard Chartered Bank has entered the credit card market with the new chip enabled Platinum and Gold credit cards. The new credit cards are also the first in the market to offer rewards and cash back on spending.

The Platinum Credit Card is a new category of elite credit cards by visa and is a first in the Kenyan market. The Standard Chartered credit cards are built on the new chip technology. This new technology diverts from the old magnetic stripe and has been used in many developed markets to curb frauds through card scheming.

Speaking during the launch yesterday, Kariuki Ngari, the Bank’s Executive Director for Consumer Banking said the entry is in line with the retail business’ customer-centric approach.

“This product is in line with our strategy of offering best-in-class banking solutions to our chosen market segments. Our customer-centric approach is anchored on three key pillars – service, solutions and relationships. We want to differentiate our customer experiences through friendly, faster and accurate service; tailor made solutions for our customers’ financial needs; and recognizing and rewarding relationships,” he said.

“With the increased rates if card scheming in Kenya, we have decided to divert from the old magnetic strip technology to enhance the security of our credit cards. The new cards come on the chip and pin technology which has been used successfully in my developed markets to reduce cases of card skimming. We hope that other players will take cue and help curb this vice,” said Kariuki.

Platinum Card holders will save up to Kshs6, 000 per year on the cash back offer as they get to earn 5% of their spend to a maximum KShs500 every month when they fuel or dine on the card. This is a significant saving for the customers as the annual fee for the card is KShs7, 000. On the other hand, the Gold Card holders will earn 5% of the total spend per month to a maximum of KShs250 if they use the card to fuel.

Platinum Card holders will earn 1.5 points for every KShs100 spent while Gold Card holders will earn one point on the same spend. “The Standard Chartered Platinum and Gold Credit cards are like none other in this market. To start with, the Platinum Visa Credit card is in the new elite category of cards from Visa International. It is a status symbol. The rewards and cash back offers will give the customer significant benefits,” said Kariuki.

The minimum credit limit on the Platinum credit card is KShs.600, 000 and KShs.200, 000 on the Gold credit card.

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