Bank of Saint Lucia (BOSL) launched its new ‘Leaf’ card this week, and unlike the Bank’s other credit cards, this one provides customers with a moderate limit. Interestingly, that’s the key selling point.
‘Leaf’, which stands for ‘Love. Environment. Access. Funds.’, was unveiled at the Bank’s headquarters on Tuesday.
The card was introduced as a serious game-changer, one that is geared toward all individuals, especially younger individuals and those seeking a second option, and one that is also easy to obtain.
Here’s the whole concept behind it, according to BOSL’s Deputy Managing Director of Operations, Lyndon Arnold.
“It’s intended for persons who wouldn’t necessarily qualify for our standard credit card which has a higher limit and higher requirements. This one is entry level so it’s really… to get them into (the) habit of building their credit,” he said, adding that it ties in with the establishment of the Credit Bureau.
“Once you can get into the discipline of maintaining the credit card (and) paying your balance on time, that information will eventually be (fed) into the Credit Bureau, which will then facilitate you having a better credit score, allowing you to get better interest rates on loans,” Arnold said.
BOSL has provided a limit of up to $2,500.00 on its latest credit card.
For many individuals, it’s ideal, the Deputy M.D. indicated.
“It’s a safer card and if persons are concerned about their exposure to online transactions, the extent would be up to $2,500.00 compared to our other cards that go up to several thousands. The reality is that whilst we will take all the measures to protect you, (depending) on where you shop, you can fall victim to fraudsters and based on what your exposure may be, you lose more,” he explained, noting that with ‘Leaf’, “it provides a ceiling to your level of exposure.”
‘Leaf’ can be used locally, regionally and internationally. It can be used for Amazon purchases, at a supermarket for instance, or even to watch a movie at the local cinema.
As the Deputy M.D. explained, “The card can be used just like any other credit card; you can use it at any point of sale terminal island-wide or even when you travel – anywhere ‘Visa’ is accepted it can be used.”
He also pointed out that ‘Leaf’ comes with the same rewards “that one would get on our normal credit cards: so, you pay your balance, get ‘my rewards’ which are free points, which you then can use to shop. Unlike some cards where it’s only for air miles, this one allows you to shop anywhere. Once you build up sufficient points you can redeem those points for almost anything.”
Like his colleague, the Acting Senior Manager for Marketing and Corporate Communications at BOSL, Genevieve Downes, said that the ‘Leaf’ has several perks.
She also said that parents with children who attend university and who don’t want to give them “this big card”, can consider ‘Leaf’.
That way, they’ll be able to “buy groceries, books and stuff like that (and) they can transfer money onto there as well,” the Acting Senior Manager explained.
According to her, this card is not only unique but special, “because we realized that we missed out on a market where some customers just couldn’t qualify for a card so we wanted to fill that gap. The best thing about this card is that it is environmentally friendly, and of course, it’s a pretty card so we’re happy in terms of the design.”
BOSL also launched a television commercial to celebrate the event.
“We’re just trying to fill every single gap with our customers and cater the different products and services to fit those needs. We have some other initiatives that we’ll be rolling out so customers should pay attention to what’s coming,” the Acting Senior Manager said.
To obtain ‘Leaf’, customers should be able to produce a recent pay slip, job letter, and a valid form of ID.
They can apply for the ‘Leaf’ at their earliest convenience and can do so online, however, “if you want to speak to someone you can come to our customer service reps at any of our branches around the island,” the Acting Senior Manager advised.