Aeon aims for top cat status
Article Abstract:
Aeon Credit Service Asia has become a well known credit card company after the launch of its Hello Kitty MasterCard in Hong Kong. About 60% of the company's card transactions comes from credit purchase, compared with previous 20%. It has 470,000 cardholders. It expects to gain 60,000 customers by February 1999 and 80,000-100,000 by the end of 1999. It plans to launch three affinity or charity cards by the year end. It offers discounted products to cardholders who spend at least HK$2,000 a month. It is expanding its customer base via Jusco Department Store. From October. Jusco Privilege cardholders can become Jusco MasterCard members with monthly charge of HK$20. It hopes to issue one card with one popular cartoon, aiming at young consumers with high purchasing power. To minimise volatility of interbank rate, it uses fixed interest bank loan at 6.5%-7.5% to fund its cost. It charges interest rate of 36% for credit cards, 24% for purchase financing, 36%-40% for personal loans and 15%-16% for vehicle financing. *
Comment:
Becomes a well known credit card company after the launch of its Hello Kitty MasterCard in Hong Kong
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Manhattan tightens card approval policy
Article Abstract:
Owing to the slowdown in retail market and increase in unemployment rate, Manhattan Card Co. has tightened its credit policy in card approval. The income requirements for its gold master cardholders are increased from HK$120,000 a year to HK$180,000. The purpose is to be in line with the increased rewards for its Chase Gold Card. The company expects its bad debt rate to increase to 1.9% by the end of 1998 from the current 1.6%. It now acquires 15-16% of the credit card market. For the first four months of 1998, its card receivable increased 16% from the same period of 1997. Meanwhile, the number of cards issued rose 15%. *
Comment:
Tightens its credit policy in card approval, owing to the slowdown in retail market and increase in unemployment rate
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
aeon hopes to raise $600 mn
Article Abstract:
Aeon Credit Service (Asia) plans to raise HK$600 mn cash from the issue of certificates backed by credit card receivables. Citicorp International will be as exclusive financial adviser. The company would use the fund to enlarge Aeon's credit card base and to expand other business in Hong Kong. It will also invest some receivables to trust company which is owned by independent investors or to keep program in limit. *
Comment:
Plans to raise HK$600 mil cash from the issue of certificates backed by credit card receivables
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
User Contributions:
Comment about this article or add new information about this topic: