OCBC expects 30% growth in cards business this year

OCBC on Monday said that it expects to grow its cards business - in card spending terms - by 30 per cent this year.

This comes as it launches Singapore's first air miles card that lets card holders redeem flights on all airlines, and at any time, the bank announced. This product will be available only to its high net worth and affluent customers.

Holders of the new Voyage card can redeem flights with reward points directly through the bank within hours, said Desmond Tan, head of group lifestyle financing at OCBC, at a media briefing. This is unlike existing systems, where miles redemption can take weeks, and card owners are not guaranteed a seat by the airline that the miles are tied to.

The bank will also waive the administrative fees typically linked to point conversions.

OCBC's cards business grew 23 per cent last year, ahead of the industry average of 7 per cent, the bank said.