Mitsubishi UFJ Nicos Co. Ltd. has launched three versions of a new JCB-branded credit card as part of a strategy to secure more cardholders in Japan, according to the credit card unit of Mitsubishi UFJ Financial Group.
â€œNow we have 100,000 MUFG credit card users, and we expect that the three new cards will bring us another 100,000 users by October 2011, we want more people to apply for credit cardâ€ a Tokyo-based spokesperson for the issuer tells PaymentsSource.
The issuer designed the three cardsâ€“the MUFG Card Gold Prestige JCB, the MUFG Card Gold JCB and Initial JCBâ€“for specific consumer segments. The company designed the Gold Prestige card for consumers older than 20 (excluding college students), the Gold card for consumers older than 18 (excluding college students), and the Initial card for all consumers ages 18 to 29. Stable income is a requirement for each card.
The cards also come with different benefits. For example, Gold Prestige card provides overseas travel-accident insurance coverage for up to 50 million yen (US$607,519 or 436,185 euros), while the coverage for Gold and Initial cards is up to 20 million yen.
But Gold Prestige users pay an annual fee, 10,500 yen, that is five times more than the 2,000 yen annual fee Gold and Initial card users pay.
Consumers may apply for the cards online; they also may apply for the Gold card at the Bank of Tokyo-Mitsubishi UFJ.
Mitsubishi UFJ Nicos has been expanding its partnerships with international credit card issuers, including China Unionpay, Visa Inc., MasterCard Worldwide and American Express Co. (See story).