CIMB Bank PH Launches Virtual Card for Credit Product Users

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CIMB Bank Philippines, Inc. has launched its virtual card powered by its revolving credit product REVI Credit to boost its digital banking services in the country.

With the virtual card, REVI Credit users can purchase online from any online merchant accepted by Visa. This includes e-commerce platforms, deliveries, travel bookings, etc., said CIMB Bank PH.

“When we launched REVI Credit, it was a breakthrough product that gave Filipinos easy and flexible access to credit,” CIMB Bank PH Managing Director Vijay Manoharan said in a statement on Wednesday.

“The next natural step was for us to make REVI also available for online purchases and transactions, particularly as a provider of digital banking services. This is also in pursuit of our mission to drive greater adoption of the in the country, which has always been our goal since we started this journey in 2018,” Mr. Manoharan added.

There is no annual fee for the virtual card. The card is also supported by monitoring and fraud prevention tools and capabilities.

Customers can only access card details after entering their PIN on the CIMB Bank PH app.

“With the launch of our virtual card, REVI Credit users can do just that. They will be able to make the most of their lines of credit and ultimately use them to fuel their passions and life purpose,” Manoharan said.

CIMB Bank PH launched REVI Credit for all its customers in December 2021.

The service gives customers access to higher credit limits of up to P250,000 and interest rates as low as 1% with no annual fee. It also allows customers to convert a portion of their lines of credit into cash or a term loan at any time, making it ideal for emergency needs.

Through REVI Credit, the bank has extended a cumulative credit limit of 4.3 billion pesos since the launch of the product.

REVI Credit users can activate their virtual cards on the CIMB Bank PH app. Customers will also earn no interest on transactions made using their virtual cards when they pay on time this month.

CIMB Bank PH currently has over 5.7 million customers in the Philippines and over 1 million lending customers.

The commercial bank provides mobile-centric digital banking solutions and services. Its total assets in March stood at 23.191 billion pula, according to central bank data. — Keisha B. Ta-asan

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