UOB plans to adjust minimum payments by 8%, affecting 2.4 million credit card customers.

UOB points out that the minimum payment for credit cards will be increased from 5% to 8%, affecting 10% of customers in the portfolio of more than 2.4 million cards. It is urgent to find measures to help. Ready to join forces with 5 partners to launch Co brand credit card, targeting middle-upper segment customers. Supporting overall growth of 15% in 2567

Mr. Yuthchai Tayaratchakul, Executive Vice President, Head of Personal Financial Services, UOB Bank revealed that in the case of the Bank of Thailand (BoT) having a policy to adjust the minimum payment for credit cards from 5% to 8% in 2567, it will cause approximately 10% of UOB customers from the credit card portfolio to be affected.

Initially, the bank has discussed with the BoT regarding measures to help affected customers. The credit card limit will be transferred to an installment loan in smaller installments. which will be more flexible

“Currently, UOB has customers who pay in installments with a minimum of 20% of their portfolio and the rest are in full payment groups. Therefore The minimum payment adjustment from 5% to 8% per year may have some customers affected. But not a lot Because most customers are in the upper income group or more than 50% of the 2.4 million credit card customer base are in the income group of 3-5 baht per month.

As for customers who have trouble paying installments, they have already passed their lowest point during the COVID-19 outbreak, causing the number of customers entering the assistance program to decrease. while the loan quality is quite good Currently, non-performing loans (NPLs) are 2.7% lower than the industry's.

Ms. Supornthip Phongsachamnankit, Executive Vice President, Head of Card Business, UOB Thailand Added that Overall, the credit card business still has intense competition. In 2567, it should expand around 8-10%. As for UOB, there is continued growth.

After acquiring Citigroup's retail banking business in 2565, the bank now has 8 million retail customers across ASEAN. and in Thailand increased by 2.4 million people, becoming the third largest credit card business in Thailand. And in 2567, the bank aims to grow credit card spending by 15%.

“UOB credit card spending compared to the market shows strong momentum. After purchasing the activities of Citigroup with spending amount growing by double digits which is growing higher than the market Partly because customers of UOB and Citigroup are not mass groups. But the focus is on the middle and upper segments with high spending.

Currently, there are approximately 2.4 million credit card holders of UOB. Initially, the bank aims for growth in 2567 through Co brand credit cards by another 15%.

The executive further said that One of UOB's goals is to meet the needs of various lifestyles. Normally, there are 2 types of credit cards: the general Core Bank Card, each card will meet the needs of each customer's lifestyle.

But at the same time, the bank has partners who want the bank to find a product solution that can increase brand loyalty for each partner. Therefore, what customers will receive from the variety of benefits of each store will create brand loyalty for partners in repeat purchases.

Recently, the bank has launched a Co brand credit card in collaboration with 5 leading brands: Grab, Lazada, Makro, Mercedes-Benz and Thai Royal Orchid Plus. It comprehensively responds to the diverse lifestyles of customers and makes UOB different in the market with a clear position.

UOB Grab card for living like a city person

The UOB Grab card answers the needs of modern urban life where smartphones play a role in almost every activity in daily life, such as making payments, car sharing, and ordering food. UOB cardholders have nearly one million transactions on Grab each month.

This UOB Grab card offers financial services that meet the needs of a seamless digital lifestyle. and provide superior benefits and convenience to cardholders

UOB Lazada card for avid online shoppers

Credit card spending by UOB cardholders for online purchases will increase by 37 percent in 2566, in collaboration with Lazada, the leading e-commerce platform in Thailand. It reflects UOB's commitment to providing tailored financial solutions with enhanced benefits. from purchasing products online

UOB Lazada cardholders will receive 10 times more reward points when shopping on Lazada. and receive 30 times bonus points in your birth month and the best offers during Lazada's mega campaign, the UOB Lazada card meets the needs of consumers who are avid online shoppers.

UOB Makro card for shoppers looking for value.

According to the results of the 2566 ASEAN Consumer Confidence Study, 30 percent of Thais are concerned about their ability to purchase essential items.

The UOB Makro card is therefore the answer for entrepreneurs and customers who value value for money in shopping by giving reward points for every purchase. which can be exchanged for Makro gift vouchers or redeemed for cash back from the purchase amount at Makro

The UOB Mercedes card is for people who love luxury.

With more than 40 percent of UOB credit card spending coming from high-net-worth customers, the UOB Mercedes Card has been specifically designed for those who appreciate luxury.

Especially the luxury of automobiles This card offers special benefits such as discounts from authorized Mercedes-Benz dealers. and accumulate points multiplied by 8 when booking a Mercedes-Benz and points multiplied by 2 when spending in other categories

UOB Thai Royal Orchid Plus Card (UOB ROP) for those who love to travel.

In 2566, spending in the travel category of UOB credit cards will be quite high. with the amount spent on airplane tickets Accounted for 37 percent of total spending via card.

The UOB ROP credit card is designed for travelers who travel frequently. It also offers exclusive benefits, such as fast-tracking Gold membership status in the Royal Orchid Plus program and converting spending into valuable airline miles.

"This partnership will enable UOB to offer a wide range of financial services to meet the lifestyles and interests of different customers. And it's not limited to Thailand alone. but covers the ASEAN region. This is what makes UOB stand out and be different,” Mr. Yuthachai concluded.