kulula.com to launch credit card
BREAKING NEWS: Ahead of Virgin's official entry into the financial market next Monday, low-fare airline kulula.com today, Wednesday 21 June, 2006, announced its first foray into the financial services sector with the launch of a kulula-branded VISA credit card, centred around an innovative rewards programme, issued under license of FirstRand Bank, and managed by division FNB. The kulula credit card, still subject to regulatory approval, will be officially launched to the public within the next few months and card will offer cash back for every rand spent, to be used for flights on kulula.com. Gidon Novick, executive director of kulula, says, \"kulula's reward programme will significantly exceed the traditional reward offerings and we expect it to cause a real shake-up in the market, particularly as the ease of use of our reward programme will be unmatched. \"The average reward programme for credit cards linked to frequent flyer programmes is currently less than 1% back to the card-holder in miles or points. Furthermore, frequent flyers often can't book the flights they want even when they have these points and have to wait ages to accumulate the required number of miles to enjoy a discounted flight.\" \"We see good potential to increase the number of consumers using credit cards in South Africa, particularly when the card is linked to a great rewards programme and a highly competitive and innovative interest rate proposition. We also expect the uptake of the card to be high among consumers who already use a credit card each month and have an interest in travel.\"
BREAKING NEWS: Ahead of Virgin's official entry into the financial market next Monday, low-fare airline kulula.com today, Wednesday 21 June, 2006, announced its first foray into the financial services sector with the launch of a kulula-branded VISA credit card, centred around an innovative rewards programme, issued under license of FirstRand Bank, and managed by division FNB. The kulula credit card, still subject to regulatory approval, will be officially launched to the public within the next few months and card will offer cash back for every rand spent, to be used for flights on kulula.com. Gidon Novick, executive director of kulula, says, \"kulula's reward programme will significantly exceed the traditional reward offerings and we expect it to cause a real shake-up in the market, particularly as the ease of use of our reward programme will be unmatched. \"The average reward programme for credit cards linked to frequent flyer programmes is currently less than 1% back to the card-holder in miles or points. Furthermore, frequent flyers often can't book the flights they want even when they have these points and have to wait ages to accumulate the required number of miles to enjoy a discounted flight.\" \"We see good potential to increase the number of consumers using credit cards in South Africa, particularly when the card is linked to a great rewards programme and a highly competitive and innovative interest rate proposition. We also expect the uptake of the card to be high among consumers who already use a credit card each month and have an interest in travel.\"