Lazada’s millennial-friendly credit card is finally in Singapore - and it's offering a year's free shipping, plus tons of points, Business Insider - Business Insider Singapore
by Rachel Genevieve ChiaOnline shoppers, rejoice – after launching in Malaysia, Thailand and Vietnam, Lazada’s credit card for millennials is finally in Singapore.
The card, released in partnership with Citibank on Monday (Dec 9), charges an interest rate of 26.9 per cent a year.
Only those over age 21, with a yearly income of at least S$30,000 and no existing Citibank credit cards can apply.
Lazada’s card offers 10 points for every S$1 spent on the site (12 points from December to February next year as an opening special) and five points on commuting, dining, travel, and entertainment transactions made worldwide.
These points can be converted into airline miles, vouchers, or cash discounts off online shopping, food delivery, and Grab or Go-Jek rides.
However, the bank will only allow customers to collect a maximum of 10,000 points per month.
Cardholders also get S$150 in Lazada vouchers and a S$60 one-year membership to Lazada LiveUp, which offers free shipping on RedMart and on four Lazada transactions a month.
Lazada said in a statement on Monday that the number of Singaporean millennials on its platform (aged 18 to 35) increased by over 40 per cent this year – and they were buying more groceries, household supplies and beauty products online than before, thanks to growing purchasing power.
It added that it aimed to have half a million cardholders across South-east Asia within the next few years, targeting half of all young professionals here.
Citibank Singapore CEO Brendan Carney added that the bank’s customers currently spend a third of their credit card bill online.
About half of its new customers were digitally acquired, and these digital-savvy customers spent three times more than other customers within their first three months, he said.
Citibank Singapore’s head of cards and personal loans, Vikas Kumar, added the bank’s app will issue payment alerts to encourage responsible spending, and is offering lower interest rates to customers who pay their bills on time.
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- The finance app with a 10,000-person waitlist is now offering a debit card in Singapore designed for travellers