Tue, 08 Mar 2005

'MTV' credit card issued for young generation

The Jakarta Post, Jakarta

With at least 15 million potential credit card users remaining untapped in the country, credit card issuers -- mostly banks and hypermarkets -- are now competing to attract young customers.

One credit card issuer, MasterCard International, recently issued an MTV MasterCard credit card in collaboration with GE consumer finance and MTV Network Asia. The card is aimed at fresh university graduates or those starting their first jobs.

"The MTV credit card is one way we are trying to attract the young, professional segment of the market," said MasterCard International vice president and country manager Vadyo Munaan during the card's launch on Friday.

The card offers deals including access to events such as the MTV Music Awards and MTV Summer Summit Concerts in Indonesia and Asia along with discounts at popular youth meeting places.

Chief executive officer of GE consumer finance, Harry Sasongko, said such privileges were provided since "the MTV credit card market segment was specific".

While vice president consumer product networks of MTV Asia Indra Suharjono said the reason for targeting the younger market was because "young Indonesians are not only crazy for shopping but also have strong passion for music".

"We are confident that the MTV credit card will bring benefits to this (market) segment," she said.

To apply for the MTV MasterCard credit card, an applicant must be at least 21 years old and have a minimum income of at least Rp 26 million (US$2,802) a year. They must also submit a copy of their tax number.

Indonesian Association of Credit Card Issuers data says credit cards are currently used for 10 to 12 million transactions a year, worth as much as Rp 30 trillion.

Previously, MTV had worked together with Lippo Bank to issue a LippoBank MTV Card, a debit card, for those aged between 15 and 25. (004)