ANZ takes print route in Pt100 debut

<p>HONG KONG: ANZ has entered Hong Kong's crowded and </p><p>highly-competitive credit card market, with the launch of its Pt100 </p><p>platinum card, a move that has sparked scepticism in financial circles </p><p>over its long-term viability. </p><p><BR><BR> </p><p>The bank - which is the largest card issuer in Australia and New Zealand </p><p>- however insists its foray into the business is viable as it is </p><p>exploiting dissatisfaction in the marketplace. </p><p><BR><BR> </p><p>Rapp Collins Worldwide Hong Kong managing director, Sean Cooper, said: </p><p>"Research has indicated that people want real benefits. They want low </p><p>interest rates, cash rebates, no annual fees and relevant and straight </p><p>offers." </p><p><BR><BR> </p><p>Rapp Collins produced the print campaign which ran in major English and </p><p>Chinese language newspapers including the South China Morning Post and </p><p>Apple Daily. </p><p><BR><BR> </p><p>Most credit card issuers currently deploy loyalty rewards programmes, </p><p>such as a points-for-gifts redemption system, or they attach lifestyle </p><p>benefits to their products to make them more appealing. </p><p><BR><BR> </p><p>But Cooper said the market is changing. "Up to 90 per cent of the middle </p><p>to upper end of the market collect points, but research shows that </p><p>between 60 and 70 per cent of them don't redeem points on a regular </p><p>basis." </p><p><BR><BR> </p><p>This shows that the offers are proving less appealing now. Cooper said </p><p>this has provided ANZ with the opportunity to enter the market despite </p><p>the intense category competition. </p><p><BR><BR> </p><p>While Pt100 is not being offered to everyone, the qualifying income - of </p><p>at least HKdollars 35,000 (USdollars 4,500) per month - is much lower </p><p>than rival platinum products. </p><p><BR><BR> </p><p>Hong Kong is the first Asian market in which Pt100 has been </p><p>launched. </p><p><BR><BR> </p><p>Similar roll-outs in other regional markets are likely in the near </p><p>future. </p><p><BR><BR> </p>