Edgars 'no fee' Mastercard credit card through Standard Bank

06 Sep '05

5 min read

"The risk and reward techniques provide exciting new opportunities through this new credit portfolio," Fergus said. Prior to joining Standard Bank Barry Fergus was Managing Director of Barclaycard International, running credit card businesses in over 60 countries.

"They are looking forward to working with MasterCard to allow more South Africans the convenience of using their new card at any store or business displaying the MasterCard logo, currently 23 million points of representation worldwide," Fergus said.

Edcon and Standard Bank will share in the profits from the credit card, which is expected to be cash positive within 12 months. Standard Bank will be responsible for the credit granting criteria.

Invitations to take up the credit card will be rolled out over coming months to current Edcon store-card holders whose accounts have been well managed for at least six months. Qualifying Edgars customers will receive their credit card offers from August and Jet customers will receive theirs later in the year.

The new credit cards will be either Edgars or Jet branded to capitalise on the existing strong brand loyalty and awareness that these brands have in the market. In the latest Markinor Top Brands Survey Jet was ranked number one apparel retail brand and Edgars rated number two.

"These cards provide a unique value proposition for all Edcon customers but they anticipate that the fee free element will have special appeal to lower and middle income customers," Fergus said.

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