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UOB revamps Lady's Card rewards programme
AMID changing trends, United Overseas Bank (UOB) has given its Lady's Card rewards programme an overhaul as it seeks to more than double its Lady's Card membership over the next five years.
Having analysed the spending patterns of women on its card, the bank found the top seven spending categories among its female cardmember base were fashion, travel, dining, beauty and wellness, family, entertainment and transport. Spend within these seven categories grew 26 per cent from 2016 to 2018 and accounts for more than half of all spend made on the UOB Lady's Card during that time. Combining this data with Mastercard research, UOB also found that women are looking for "meaningful card rewards" and ways to earn better benefits through their spend.
With the overhauled programme, each quarter, UOB Lady's Card members will be able to select up to two preferred spend categories from which they earn 10 times the reward points. This is equivalent to 20 miles for every S$5 spend. UOB expects the revised programme will boost Lady's Card membership from one in five women to one in three women in Singapore within the next five years.
Over the last five years, two trends in women's credit card spending have emerged - an increase in travel spend and a "substantial" increase in transport spend alongside more ride-hailing options and credit-card acceptance in taxis, UOB also highlighted.
Jacquelyn Tan, head of personal financial services (Singapore) at UOB, said: "Since launching Singapore's first dedicated card for women in 1989, we can see that what works for one set of women today may not for the same set tomorrow. Over many years, we have ensured the Lady's Card has remained contemporary with the changing priorities of women to the point that one in five women in Singapore now holds a UOB Lady's Card. Currently, the bank serves one in two women in Singapore, and through the transactional data and insights we have gained, we are continually upgrading our card to ensure it always meets the lifestyle and life choices of women."
Meanwhile, local fashion designer Priscilla Shunmugam ws brought onboard to refresh the design of the Lady's Card, with the rose motif taking on a Peranakan influence.
"We believe the flexibility around rewards will make the UOB Lady's Card one of the most formidable cards in the market," Ms Tan added.
The bank offers four UOB Lady's Cards, from the entry level Lady's Card debit through to its exclusive UOB Lady's Solitaire Metal Card.