Singapore's banks jostle for bigger female card stake

Singapore's top bank, DBS, has launched its pastel-coloured Women's MasterCard, entering a space pioneered by UOB, which rolled out its Lady's Card six years ago. UOB has 80,000 subscribers, and is now planning to launch a platinum version for women. The DBS card offers what the bank calls 'platinum privileges' -- that is personal concierge services -- and is targeted at women who earn at least S$30,000 a year. As part of the package, DBS is also giving cardholders a mini version. Cardholders also get a 10 per cent discount off taxi fares and an additional 0.5 per cent interest on three-month fixed deposits with the bank. DBS' print-led campaign by Relationship Marketing Group uses different creatives to target women of various ages. In all of them, the concept involves celebrating women. The ad pitched at 20-year-olds features a woman dancing with joy, and the copy reads: 'For climbing the corporate ladder in three inch heels'. The look is feminine in contrast to UOB's in-your-face attitude for its black Lady's Card. According to DBS, it received more than 5,000 applications in the first week of the launch. Said Raymond Ang, managing director and head of cards and unsecured loans with the bank's consumer banking group: "Our research indicates that there is ample space in the minds and wallets of women in Singapore for a card that's just for them." According to Nielsen Media Research, DBS spent $1.7 million promoting all its credit cards last year. In that period, UOB spent $492,000 promoting its Lady's Card alone. Justin Barry, CEO of TBWA\Singapore, believes neither bank has created a product that truly addresses the needs of women. "I don't think either of them have brought anything earth-shattering to market. A woman's card is a good idea but they should be asking women what services they really want."