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SINGAPORE consumers prefer having choice and flexibility over the credit card spend categories in which they receive rebates instead of having them pre-determined by their bank, said an ANZ survey on 600 credit card holders.
Cardholders interviewed in the survey were presented with a variety of credit card rebate concepts and asked to indicate their preference for each concept.
ANZ said that the majority of participants (66 per cent) liked the concept that allows them to choose the spend category in which they receive the highest rebate (5 per cent).
Fifty-seven per cent did not mind giving up their choice over rebate categories if they got a higher rebate amount (8 per cent) on spend categories determined by the bank, while 40 per cent liked having a relatively lower rebate that applies to all spend categories but is tiered proportionately to the amount spent (up to 3 per cent for spend of S$3,000 and more).
Based on these findings, ANZ on Monday launched a new rebate card - the ANZ Optimum World MasterCard - which it said is the first and only card in the market that empowers customers to choose their rebate rewards to suit their specific needs and lifestyle.
Philip Lim, head of retail banking at ANZ Singapore, said: "Singapore consumers clearly want choice and flexibility over their rebate categories instead of higher rebates on bank-determined categories or a tiered rebate structure on all their spending. Our new rebate card addresses this unmet need in the market."