Bank of China partners Qoo10 to launch credit card for online shoppers

Bank of China has launched a co-brand Mastercard credit card with Singapore online retailer Qoo10.

Cardholders can enjoy up to 20% rebate when they spend on Qoo10, dining and transport, including Grab, taxis and public transport.

The rebate will come in the form of Qmoney – Qoo10’s very own currency – which can be used to offset future purchases.

Those who spend a minimum of $300 in a calendar month would get a 3 per cent rebate on Qoo10 purchases, and a 0.3 per cent rebate on all other spending.

Cardholders who spend a minimum of $600 a month will get an additional 7 per cent rebate on Qoo10 spending, for a total of 10 per cent. They will also be entitled to a 20 per cent rebate on MRT train and bus fares, and a 5 per rebate on Grab, taxi, and eligible local dining, entertainment and e-commerce expenditure, as well as overseas spending.

The rebate for all other spending remains at 0.3 per cent.

An additional 5 per cent rebate on Qoo10 spending is applicable for those who spend over $600 for the first six months of the card’s launch.

Rebates are capped at a total of $80 of Qmoney per calendar month per card member, topping out at a combination of $40 for Qoo10 spending and $40 for all non-Qoo10 expenditure.

The rebate cap will be waived during the first three months of the card launch as well as selected spike sales periods in October, November and December.