HSBC toasts highest ever credit card spend in December

Industry leader HSBC said yesterday that in December its credit card holders spent the highest ever amount in the history of the business.

This disclosure sans specific values was made by HSBC Sri Lanka and Maldives CEO Nick Nicolaou at the launch of revolutionary HSBC Visa Signature Card last night.

He said that despite stiff competition HSBC credit cards hold a market share of 50% by spend and 27% in terms of number of cards in circulation. As per Central Bank’s latest available data, the industry had grown by near 9% to a base of 845,888 activate credit cards as of end October 2011, with an outstanding balance of Rs. 35.7 billion up from Rs. 31.6 billion in December 2010.

Nicolaou indicated that some attractive promotions such as Dine for Free, Stay for Free and more recently Nail It, contributed to the record spend especially in December along with the upbeat spirit during the festive season.

“Our promotions and new product launches are a win-win for all. HSBC succeeds when our customers and partners succeed,” Nicolaou emphasised.

Via the launch of first ever Visa Signature Card in Sri Lanka, HSBC said it was taking the credit card market and delighting of customers to a new level. The exclusive HSBC Visa Signature Card was described as a class above with five pillars offering superior travel and many lifestyle benefits.