HK banks focus on women in their latest credit-card marketing campaigns

Banks in Hong Kong are launching credit cards designed to appeal to professional women, seeking to cash in on the health, beauty and fashion budgets of this growing niche market.

Singaporean lender United Overseas Bank (UOB) and Oriental City Group (OCG), who pioneered themed credit cards in Hong Kong two years ago with a card catering for aspiring golfers, last week launched a women's Visa card.

Other banks are targeting women. Dah Sing Bank in November launched co-branded credit cards with Japanese fashion labels Suzuya and Vertical Club in Hong Kong, giving card-holders deep discounts when buying the labels in the SAR. Citibank recently partnered with Water Oasis Group, which produces the H2O+ line of skin-care products, to give card-holders discounts on products and beauty treatment at its clubs.

The response has been encouraging, according to Citibank's head of card market Weber Lo Wai-pak. He said Citibank was at one point not printing the cards fast enough to satisfy customer demand.

OCG chief executive officer Henry Yu said: 'Females, in a way, are under peer group pressure to spend a lot of money. We believe there is a significant market potential in terms of payment and credit development for this market.'

He said there are between 1.2 million and 1.5 million professional working women in Hong Kong, who travel around Asia for work and pleasure. They spend an average of HK$700 to HK$1,000 per month on health products - mostly weight-loss medication. Some bills reach up to HK$8,000.

While there are other female-targeted cards in Hong Kong, UOB and OCG insist their health and beauty card is ahead of the pack.