Consumer Payment Card News

TIME SHARE MASTERCARD

SUMMARY:
First Personal Bank plc and RCI rolled out the RCI MasterCard yesterday in the U.K. which generates reward points toward various travel services. RCI is the worlds largest timeshare exchange organization with two million members and 3,000 participating resorts in 80 countries. Nearly 200,000 British households are RCI members. The card offers one ‘RewardPoint’ for every 10 pounds of purchases with bonus points awarded for purchases of RCI services. The new card carries no annual fee, a 12.9% fixed intro rate and variable 18.9% long term rate. RCI said yesterday it plans to expand the program to other markets including the Middle East, Africa and India where it has another 650,000 members.

FULL STORY:
RCI, the world’s largest holiday exchange company, is set to launch a credit card for its 186,000 timeshare- owning member-families in Britain. Its introduction makes RCI the first travel company to offer a credit card- based loyalty programme to its members.

The new RCI MasterCard, backed by First Personal Bank plc, has been designed to offer members a range of benefits through “RCI Rewards”, a points-based programme for card-holders. This allows members to earn points to exchange for a range of valuable RCI services.

RCI, which organises timeshare exchange holidays through its worldwide network of more than 3,000 affiliated resorts, is also a major provider of flight, ferry, car hire and travel insurance services for timeshare owners.

For every GBP 10 spent using the new card, members will receive an RCI RewardPoint which they can use towards the payment of their timeshare exchange or travel costs. Additional Dividend Points will be awarded whenever the card is used to purchase services through RCI.

Members who transfer to the new RCI card from other credit card accounts will be offered a low introductory APR of 12.9% (fixed) for the first six months and a competitive 18.9% (variable) thereafter. There is no annual fee and members will enjoy a period of 56 days after using the new credit facility before facing interest charges on purchases.

The RCI MasterCard, which is available with optional payment and purchase protection insurance, is provided together with a free “balance transfer service” to allow customers to settle existing credit card accounts.

“We are constantly striving to provide our members with the very highest levels of service and our new credit card continues that approach,” said Steve Alien, Managing Director for RCI UK & Ireland.

“With attractive interest rates, no annual fee and a unique reward system, we believe the RCI card will significantly benefit our members,” he added.

RCI is planning to launch similar card programmes in its European, Middle Eastern, African and Indian markets which account for around 650,000 of its 2- million-strong worldwide membership.

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