Left to right: Jerry Ng, Head of Bancassurance, Great Eastern; Wong Chung Yee, Business Head, Core & Commercial Cards, OCBC; Colin Chan, CMO, Great Eastern; Keith Chia, Head, Customer Marketing, Great Eastern.
Singapore-based Oversea-Chinese Banking Corporation Limited (OCBC Bank) has partnered life insurance company Great Eastern to launch the first health and wellness credit card in Singapore.
Called the OCBC Great Eastern Cashflo Card, this card is the first in the market to offer customers the combined convenience of interest-free installment payments for health and wellness products and services, as well as the option to pay premiums for selected Great Eastern Life and Overseas Assurance Corporation (OAC) insurance plans.
According to Great Eastern's media statement released on August 7, 2014, this new card allows customers who purchase selected new Great Eastern Life plans the option of paying for their premiums exclusively via this card. Customers also stand to earn one percent cash rebates on the eligible Great Eastern Life and OAC insurance plans, capped at S$100 (US$80) per month.
In addition, customers can earn cash rebates, also capped at S$100 per month, for all other retail spend charged to the card:-
- Up to S$500 (US$400) monthly expenditure: 0.3 percent rebate
- S$501 to S$1000 (US$400-800) monthly expenditure: 0.5 percent rebate
- Above S$1000 (US$800) monthly expenditure: 1 percent rebate
"With the OCBC Great Eastern Cashflo Card, customers will now have the best of both worlds and be able to better manage their health and finances more seamlessly," said Colin Chan, Chief Marketing Officer, Great Eastern Life. "As the name of the card suggests, they can better manage their cash flow and stretch their dollar further with attractive interest-free installments. These range from 12 months for Great Eastern policy premiums, to 6 months for healthcare facilities such as hospitals, medical and dental clinics and 3 months for all other retail spend."
"Customers can also enjoy exclusive health and wellness privileges and discounts from Great Eastern's Live Great merchants. With this, we are bringing our Live Great programme to the next level, to help customers Live Great with one card," he added.
To celebrate the launch of the OCBC Great Eastern Cashflo Card, customers who sign up for it will enjoy special promotional deals from retail partners. These include 30 percent off all New Balance shoes and apparel (till end September 2014), Adidas and Subway vouchers, as well as a complimentary box of healthy salad daily from Platypus upon presentation of the card.