United Overseas Bank (UOB) and Mastercard have launched a credit card aimed at business executives from small and medium-sized enterprises (SMEs), the two firms said yesterday.
The annual membership fee for the UOB Regal Business Metal Card is $680, inclusive of goods and services tax. The card offers users unlimited access to airport lounges and complimentary access to 60 golf clubs worldwide, including the Sentosa Golf Club here and the North Country Club in Hokkaido, Japan.
Card members will also get a one-year "Accor Plus" membership, as well as entry to AccorHotels' Asia-Pacific loyalty programme at over 800 hotels and 1,100 restaurants, which gives dining discounts of up to 50 per cent and a "Stay 4, Pay 3" accommodation offer at participating hotels.
Senior executives may also get up to 50 per cent off on weekday lunches at the Grand Hyatt Singapore and complimentary champagne with Mastercard epicurean experiences at restaurants, including Fukudaya in Japan and Balthazar in Australia.
Travel and entertainment topped the list of business spend for about 70 per cent of respondents in a poll conducted by the two firms.
The survey noted that 75 per cent of SME senior executives said they go abroad up to two times a quarter, spending an average of $4,800 a month on business-related travel. Respondents also said they spent an average of $2,300 a month on business entertainment, including golf sessions and meals with clients.
Ms Jacquelyn Tan, UOB's head of personal financial services here, said: "The number of SMEs using UOB commercial credit cards has increased by more than 65 per cent over the last five years. Of these, most use their cards for travel and business entertainment. We have designed the UOB Regal Business Metal Card... to help them enjoy greater value and cost savings."
This is the third collaboration between UOB and Mastercard in Singapore this year. They previously launched the KrisFlyer UOB co-branded credit card and the newly revamped UOB Lady's Card.