|Relaunch of Scotiabank PriceSmart Diamond MasterCard |
Sasha Harrinanan Thursday, April 20 2017
Cash back on purchases is what more and more customers want as a benefit of their credit card use, says Anya Schnoor, Managing Director of Scotiabank Trinidad and Tobago Limited (Scotiabank).
Hence the new benefits that come with the now gold coloured Scotiabank PriceSmart Diamond MasterCard - three percent cash back on all PriceSmart purchases and one percent cash back on all other purchases. In addition, new card holders will get a welcome bonus of TT $200 when they spend a minimum of $950 in first four statement cycles.
The new card was launched in TT recently at The Residence Bar and Lounge, One Woodbrook Place, Tragarete Road, Port-of-Spain.
PriceSmart’s Senior Vice President of Marketing and Member Relations, Jose Luis Marin, told Business Day that “another important difference is that before, in order to get the three percent cash back, you needed to spend US $1,000 a year. Now you don’t have to reach that cap to get three percent cash back.”
Both companies assured that all of the new features also apply to current card holders. PriceSmart has already launched the new gold card in the Dominican Republic. Marin said the company plans to roll it out in Barbados and Jamaica “during the next couple of months.”
PriceSmart and Scotiabank first entered a partnership eight years ago; the card was light blue in colour. The co-branded credit card has led to what Scotiabank’s Managing Director, Anya Schnoor, described as “a very successful partnership.”
Business Day asked Schnoor about the timing of the relaunch, given the current economic conditions.
She said the aforementioned benefits would be especially welcomed by customers because “in these hard economic times, you want to make sure that when you’re buying your household items, you maximise the type of rewards that you can get back.”
Speaking specifically about the timing, Schnoor explained that, “just as PriceSmart reviews their products and their market, Scotiabank is always asking ‘What would our customers, at this point, really appreciate from their financial institution?’ The answer is, they would like is a cash back. This new card also has our new chip and pin technology, which is an added benefit and security feature for our clients. So there are lots of reasons to get this new card and of course, join PriceSmart.”
Responding to the same question about the timing of the relaunch, Marin said “It’s always important to always enhance the value proposition of the credit card. That’s always something that we do in every market.”
“The same principle applies to the credit card and to items we sell - we are always trying to lower the cost so we can transfer those savings to the members.”
Asked by Business Day if PriceSmart has observed a change in customers’ spending habits over the last year or so, Marin acknowledged there’s been “a decrease in the economic spending power of the members “ but said the company continues to see “great comparative growth in terms of transactions and people continue to shop with us.”