New premium card for Hong Kong’s growing affluent class takes a step up from Visa PlatinumVisa yesterday announced the latest addition to its premium credit card portfolio – the Visa Signature Card. Visa Signature is positioned above Visa Platinum and has been designed for affluent consumers seeking to trade up to a higher level of service. Visa Signature card privileges are particularly suited to frequent business and leisure travellers.
Visa Signature is the latest credit card product to be introduced by Visa since the successful launch of Visa payWave, Hong Kong’s first contactless credit card, in 2008. Hong Kong’s affluent class continues to grow and segment with a widening gap, creating a need and business opportunity for both Visa and its issuers to introduce a product that caters to the special requirements and lifestyle of this new segment of affluent consumers. Visa Infinite remains at the pinnacle of the portfolio followed by the new Visa Signature and Visa Platinum, providing the affluent class more variety and choice.
Equally, consumers are seeking greater recognition through the card they carry in their wallets. Visa research shows that affluent consumers are status conscious and likely to move up to a more prestigious card if they are qualified.
Tom Tobin, country manager, Hong Kong and Macau of Visa, said: "The premium card segment is an important focus area for Visa and it continues to show positive growth. While the affluent class grows in size, so our knowledge of these consumers deepens. The Visa Signature card has been packaged with exclusive privileges in travel, dining and entertainment to benefit both issuing banks and their cardholders." In FY 2011 , Visa Infinite and Visa Platinum cards generated USD18.9 billion in Hong Kong, compared to USD15.0 billion in FY 2010 , indicating a 25.8 percent growth.
The Visa Signature card is supported by a wide-ranging benefits package specifically designed to match the interests of affluent consumers. Visa research shows that travel is the number one interest area for Hong Kong’s affluent consumers who take on average 7.9 international trips per year of which 5.2 are for business and 2.8 for leisure. Visa Signature card benefits for frequent travellers include airport transfers, and discounts on flights and tour packages. Also included in the benefits package are discounts and offers at some of Hong Kong’s most famous restaurants and fashion brands along with access to some of the finest golf clubs both at home and abroad. Dining out, entertainment and golf all feature in the top interests among this consumer group.
Like the Visa Infinite, Visa Signature cardholders also have access to their very own "Visa Signature Concierge" service available around the clock, giving cardholders access to a host of lifestyle services such as hotel bookings and flight reservations. As with all Visa credit cards, Visa Signature is accepted by tens of millions of merchant locations worldwide and 1.9 million ATMs.