Monday, September 20

Credit card usage by Malaysian women rises 129 per cent

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KUALA LUMPUR: Credit card usage by Malaysian women increased 129 per cent over the last five years, while for men, it grew 71 per cent over the same period, said United Overseas Bank (Malaysia) Bhd.

In a statement yesterday, the bank said women had been using their credit card to pay for basic necessities such as insurance, groceries and utilities, as well as niceties such as travel and lifestyle shopping.

Managing director and country head of Personal Financial Services, Ronnie Lim said the growth in women’s credit card usage for both necessary and discretionary products and services, reflected their greater earning capacity and balanced spending priorities.

“As more women join the workforce and enjoy greater financial security, their disposable income has also increased.

“It is good to see that Malaysian women are prioritising their own personal development as they direct some income towards life-enriching activities and pleasures like travel, dining and fashion,” he said.

In 2016, women and men cardholders respectively spent 15 per cent and 12 per cent more than the previous year on insurance-related products.

At the same time, women spent 10 per cent more on groceries, while men’s grocery expenditure increased by a mere two per cent compared to 2015.

Additionally, women’s credit card usage grew significantly in travel and lifestyle shopping, which saw them spending  28 per cent more on travel and 13 per cent more on lifestyle shopping compared to 2015.

Meanwhile, the men’s expenditure in both categories increased by 14 per cent and five per cent respectively.

In keeping with the preferences and spending habits of Malaysian women, UOB Malaysia has launched a campaign from today until Aug 31, 2017, where its Lady Card cardholders have the chance to win a return trip to Paris, Milan or London.

They will also be in the running to receive RM1,000 cashback when using their credit cards to make purchases at home or abroad before the end of Aug 4.

All Lady Card cardholders will also receive a 10 per cent cashback on selected fashion purchases made in a weekend, and may convert their payment for designer purchases of RM2,000 and above, into a six or 12-month installment plan at zero per cent interest. — Bernama