Pan Asia Bank, a late entrant to the credit card market, is offering lower rates of interest to attract users of competitive credit cards. Pan Asia Bank, a late entrant to the credit card market, is offering lower rates of interest to attract users of competitive credit cards. The bank says they plan to offer, debt buying for customers who have expensive credit to swap the outstanding to the PAB card and pay lower interest.
“One business in the credit card is the interest. Where you carry the credit. For you to carry the credit the cost of credit should be cheaper. For that, we have introduced something called Debt Buying. What is Debt Buying; If you are carrying a card and if you are have good credit portfolio at a higher cost, we would say buy this card we will buy your credit at a lower rate,” explains Bradley Emerson, Deputy CEO, Pan Asia Bank.
The credit card market has been growing at over 20 percent annually in the past.
Pan Asia Bank is targeting top spenders in the growing market.
“We are targeting the high end executives and metropolitan individuals. We do have the silver but the prominence would be given to the gold c