Ladies only credit card: For the woman who wants it all

By: Tan Liwei

Understanding what motivates and drives the contemporary women of today is important and advertisers know that the trick to winning the hearts and minds of these women is in their marketing campaigns. Developing innovative strategies to attract this particular niche market can bring in big bucks as there is no doubt that the women of today are decision makers when it comes to making purchases for themselves and their families.

With growing marketing tools promoting a wide array of product that are designed specifically for women, banks are also riding on the bandwagon to launch female-oriented credit card s.

Banks recognize the growing affluent of today's women who have no qualms about spending money to reward themselves as well as their loved ones. The secret to winning the loyalty of this important consumer group is to identify what women want and establishing a meaningful brand connection with them.

The two local banks, United Overseas Bank (UOB) and Development Bank of Singapore (DBS) have their own line of credit cards designed specifically for women, which is the Lady's Card and Woman's Card respectively. With a qualifying income of S$30,000 per annum, it is a card that most women would want to have, beside the usual cards that are mass marketed to the platform. Women with a higher income bracket can distinguish themselves by applying for the UOB Lady's Platinum card.

UOB was the first to introduce a credit card centered solely on women, with a tongue in check tagline “The Man don't get it", it is no wonder that it's such a hit with women. Having a card that truly symbolizes and recognize the importance of being a successful women connote status and prestige. Afterall, you have to be a woman to get that card, as there is no equivalent of such a card for the men.

UOB Lady's card is black in color with a rose in the middle; while DBS Woman's card, with its tagline “for women who' ve earned it", comes with a smaller, eye-catching companion card that will come in handy for cardholders carrying smaller purses or wristlets. Both cards are designed to be sophisticated and fashionable.

These female orientated credit cards come with a complete list of benefits such as free access to gyms and exclusive discounts on female wellness programs. There are also enticing benefits and privileges such as fabulous shopping deals, free concierge services, great beauty treats and special healthcare privileges. All these host of promotions and tie up with merchants who wish to have a share in the pie of the women's market is good news to consumers and is also a win-win situation for all parties. Notably, each bank have their own preferred shopping partner, with UOB Lady's card tying up with ladies' shopping haven Wisma Atria while DBS entices Woman's Card holders with additional perks for shopping at kid's oriented Forum The Shopping mall.

The emphasis of a women's credit card is in its shopping benefits and hence, shopping privileges is the most sought after “carrot" of such cards. For UOB Lady's Card, its online newsletter URBAN inform cardholders of new and current perks. Notably, the card allows for access to beauty and makeover workshops as well as priority invites to fashion shows or preview of sales for branded items. Similarly, DBS has FACETS – its quarterly newsletter that acts as a platform to inform cardholders of latest beauty workshops, opening of new fashion boutiques or spas and hot seasonal sales, to name a few.

With a card that celebrates the success of women, lady orientated credit cards will definitely be here to stay. The trick to capturing brand loyalty is to introduce constant new promotions to capture the ever fickle and short attention span of women. After the success of female only credit cards, who know, it may be just a matter of time before we have credit cards designed solely for male, with the probable tagline “Whatever women have, the men have it better!"

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