Saudi Arabia: NCB Unveils Unique Bonus Plan for Credit Cardholders

JEDDAH, 16 September 2007 -- The National Commercial Bank (NCB), the Kingdom's leading banking institution, has launched a unique monetary bonus program with multiple levels of earning for NCB credit cardholders that adds significant value to all domestic and international card payments, applying to everyday spending on goods and services everywhere, including places such as supermarkets, hotels, restaurants, rent-a-car companies and fashion retailers.

"This is the first time such a scheme has been launched in the Middle East and its purpose is to provide superior benefits for users of NCB credit cards," said Raimy Sofyan, head of Credit Cards. "It utilizes a state-of-the-art technology platform that automatically adds the bonus whenever a credit card payment is processed. There is no need for any form of points collection or voucher redemption and even if the cardholder forgets about the bonus, we do not. All bonuses earned are shown on the monthly statement and the accumulated amount is credited to your statement twice a year, in June and December. This can either reduce your balance or give you a credit for more spending."

The bonus program applies to the following NCB card types: Intilak Classic and Gold; Horse and Falcon; Tayseer AlAhli Credit Card Classic, Gold and Titanium. The Titanium cardholders gain enhanced benefits from a tiered bonus rate linked to usage which gives up to 2 percent bonus. Existing cardholders do not need to pay for the program and they are automatically enrolled.

Moreover, NCB is partnering with selected merchants where customers will earn extra bonuses varying from 2 percent to 15 percent when using their NCB credit card to pay for goods or services at those participating merchants. Those extra bonuses will be added to the monthly statement of account, and do not affect any other discounts or special offers available. "A large number of popular merchants are participating as bonus partners in the program and there is an active plan to grow this number," he added.

Sofyan further said "our new technology is able to capture these transactions made at participating bonus partners without the cardholder or merchant remembering to offer these to the customers. This makes it very flexible and convenient. It provides value to both stakeholders efficiently."

The multiple levels of earning bonuses are further enhanced when cardholders take up NCB products. For instance, an NCB Auto Lease offer is included in the launch phase.

"Globally, all forms of financial services are continually being shaped and reshaped as technology advances ever further," Sofyan noted.

"At NCB we want to be ahead of the game by investing in the latest technology to ensure that we are always at the cutting edge."