HSBC is introducing a range of retail discounts, competitions and special offers for credit card customers, tailored to their spending patterns, after failing to increase its share of the credit card market.
A spokeswoman for the bank says the move is “in line with HSBC’s policy of trying to get to know our customers a little better”. However, she confirmed the bank has 2.5 million credit card customers and that this level hasn’t changed since 1999.
HSBC’s new range of offers will replace its reward points system, which will end on July 31. The spokeswoman adds: “We felt the points system was ‘one size fits all’. It doesn’t fit in with our aim of creating a tailor-made service.”
Competitions are likely to tie in with HSBC sponsorship. Specific details on what discounts will be offered have not been disclosed.
The competition for credit card customers among providers is fierce, with newer companies offering lower interest rates and lifestyle cards. Last week Egg announced it had recruited an extra 237,000 credit card customers in the first quarter of this year.