Ashford W. Meikle, Staff Reporter
WRAY
First Global Bank Limited is set to enter the lucrative credit card market when it launches its dual-currency Visa credit card this week.
"We wanted to ensure that we did it right and at the right time," president of First Global Bank, Wayne Wray, told Wednesday Business. "It brings together our customers and lets them know that they are in control of their finances."
While it has been one of the fastest-growing banks - in both loans and deposits - First Global had not previously offered credit cards to its customers, even as other banks repackaged their credit cards and offered new products to the high end of the consumer credit market.
For example, both Scotiabank and FirstCaribbean International banks have, over the past year, introduced their Visa Platinum cards which target high net worth individuals.
According to data from the Bank of Jamaica, as at the end of September, total credit card receivables stood at almost $124.5 billion, up 14.5 per cent over the same period last year.
This is a function of supply and demand, one executive told Wednesday Business. Jamaicans are getting more comfortable with cards and they (credit cards) are also more accessible.
Mr. Wray agrees. "Customers have been clamouring for it," he said. "We see it as a branded and loyalty card which will cement ties with our customers."
And the cards will not be issued to all. Mr. Wray said, "We'd like to think we do have a targeted product."
