Cultivates Prudent Money Management From A Young Age
Kuala Lumpur, 28 September 2010 - Hong Leong Bank (HLB) today launched the Hong Leong Junior Debit Card, the "First-To-Market" reloadable prepaid card issued for children aged 18 years and below* to educate them from a young age on financial responsibility and accountability. The launch of this new and innovative product is also in line with Bank Negara Malaysia's continuous efforts of cultivating prudent spending among Malaysians and to promote cashless payment.
Riding on the success of its recently launched Hong Leong Junior Fixed Deposit in August, another "First-To-Market" innovation offering the highest fixed deposit (FD) rate in town at 5% per annum for long term tenures of 4 and 5 years, HLB is now extending the value proposition of this product by offering the new Junior Debit Card for junior savers.
"The new Hong Leong Junior Debit Card is tailored specifically to meet the needs of both parents and children. This bundling not only benefits the parent to save for their children with the high FD rates, but also encourages and nurtures children to save and spend within their limits," said Ms Yvonne Chia the Group Managing Director of Hong Leong Bank. " We also have a corporate responsibility towards cultivating prudent money management habits among the young."
"Consumers these days are prudent in managing their cash, and by providing the reloadable debit card to their child, parents will have complete visibility and control over how much, what and where their child is spending their money ," she continued.
With the junior debit card, children will now be allowed to withdraw cash, reload their prepaid mobile phone credits or make purchases such as books and stationeries, based on the card limit set by their parents or legal guardian - it's just like giving pocket money to their child each month. The card is also linked directly to the Hong Leong Junior Savings account and may be used for retail purchases at over 29 million authorized VISA and MEPS merchants worldwide.
Besides the flexibility and convenience of auto reloading for free, the Hong Leong Junior Debit Card offers a 100% purchase protection plan from VISA's Zero Liability Policy for unauthorized and fraudulent usage . The parent or legal guardian can also view the child's debit card transactions online for free. What's more, having the reloadable prepaid Junior Debit Card is also a safer option than carrying cash!"Given the exponential growth of the debit card with more than 32 million debit cards in circulation in Malaysia, HLB aspires to be a formidable player in the market to promote cashless payment with a differentiated value proposition. We aim to attain about 30,000 new junior debit cardholders in the next 6 months," she added.
In conjunction with the launch, the first 5,000 customers who sign up for the Hong Leong Junior Debit Card will receive the card for free! In addition, the top 10 depositors with the highest growth in the average monthly balance in the combined Hong Leong Junior FD and Hong Leong Junior Savings account from 1 st October to 30 th November 2010, will win a family trip for 4 to Resorts World Sentosa and Universal Studios Singapore - p roduct terms and conditions apply.
* All Hong Leong Junior Debit Card's will only be issued upon approval by a parent or legal guardian.-END-Press Release - 01/10/2010