EastWest Bank, Puregold launch co-branded credit card

EAST WEST Banking Corp. (EastWest Bank) has launched a new credit card co-branded with Puregold Price Club, Inc., which offers rewards points that can be converted into shopping credits.

The bank on Thursday launched the EastWest Puregold Always Panalo Visa credit card, which offers a conversion rate of one reward point for every P30 spent at Puregold. For other purchases, every P100 spent is equivalent to one reward point.

Cardholders can also accumulate up to P3,000 in their Puregold P-wallet monthly when they convert their rewards points.

“This card is a collaboration between EastWest and Puregold that delivers practical, real-world benefits. It turns regular grocery runs into opportunities to earn cash rebates, which can then be converted into Puregold P-Wallet credits. This helps cardholders stretch their budget while enjoying the ease of cashless payments,” EastWest Bank Chief Executive Officer Jerry G. Ngo said at the event.

The new offering is meant to attract new customers to boost its credit card business, he said. EastWest Bank’s credit cards in force reached 1.4 million last year.

“At the same time, we want to welcome our new EastWest customers who may be applying for their very first credit card. There’s a lot of new-to-card customers in the Philippines. I’m very excited to expand that penetration rate to provide that flexibility to everyone. This collaboration with Puregold builds on that strong momentum that we’ve seen in our credit card business at EastWest Bank,” he said.

“This partnership is rooted in the shared goal… of serving the Filipino household, something that Puregold has done for years by being a dependable part of their everyday lives,” Mr. Ngo said.

EastWest Bank’s net income rose by 25% to an all-time high of P7.6 billion in 2024.

Its shares closed unchanged at P10.10 apiece on Thursday. — A.M.C. Sy