It is no secret that various promos offered by banks and financial institutions in Indonesia and other countries around the world are one of the ways that the banking industry can attract new customers and keep their loyal clients. Particularly, through their credit cards and debit cards offers. In fact, every bank seems to be competing to establish partnerships with various merchants to provide attractive promos for their customers. Bank promos are not only beneficial for the customers but also for the banks themselves as they can help increase the number of new customers and volume of transactions for the bank.
Types of Bank Promos
There are several kinds of bank promos to attract new customers and encourage existing clients to continue using their services. Among them, the 3 commonly offered are cashback, discounts, and reward programs. So, what are their differences? Let's discuss.
Cashback
The most common form of promo offered by the banks is cashback. Cashback can be defined as a sum of money that is given back or returned to customers (usually directly into their account) after they make a financial transaction using debit cards, credit cards, or the increasingly popular digital payments. Cashback is usually given when customers make transactions at certain merchants that collaborate with the bank, including other financial transactions like bank transfers. Through cashback, customers can enjoy the benefits directly.
Discount
Other than cashback, another frequently offered bank promo is discounts. To make the discount promos more attractive, banks or other financial institutions usually work with various merchants from various categories, such as lifestyle, food & beverages, retail, travel, electronics, and supermarkets. Thus, both individual and corporate customers can enjoy the benefits. For example, discounts on the travel and food & beverages categories will be beneficial to corporate customers, as they can save on business travel expenses or entertain clients. Conversely, discounts for the lifestyle category are generally more beneficial to individual customers.
Rewards ProgramÂ
In addition to cashback and discounts, another form of promo provided by banks and financial institutions in Indonesia is a reward or point program, in which customers will get points from every transaction that can be accumulated. Points earned by customers can then be redeemed with various prizes such as discount vouchers, cash, or exchanged for certain products and services that they can choose from.
Get to know different promos offered by Banks In Indonesia
After getting to know the different promos offered by Banks in Indonesia, let's take a closer look at the promotions available to new customers and loyal clients. If used wisely, various cashback, discounts, and rewards promotions can also be beneficial for growing your businesses while supporting business operations. Let's explore some promotions that you can consider.
Aspire Virtual Debit Card
As a trusted partner in developing your business, Aspire offers various solutions for your business's financial needs, including the Aspire Virtual Debit Card, which is an alternative to corporate debit cards issued by banks in Indonesia. With the Aspire card, you can enjoy unlimited 0.5% cashback promotions for financial transactions made through the Aspire Card at our various partner merchants worldwide.
To enjoy the cashback offered by Aspire, you only need to follow these 3 simple steps:
- Create a hassle-free Aspire account to get your Aspire card.
- Use your Aspire card for transactions with merchants that have partnered with Aspire.
- In the following month, the cashback earned from your various transactions will be credited directly into your account.
So, which merchants have partnered with Aspire for the 0.5% cashback program? Here are some of the merchants that have collaborated with Aspire, where you can receive cashback for every transaction:
- To support your digital marketing needs, Aspire has partnered with various digital marketing platforms on social media such as Facebook Ads, LinkedIn Ads, Google Ads, Microsoft Ads, and Tik Tok Ads.
- Aspire has also teamed up with various merchants like Grab, Traveloka, Agoda, Garuda Indonesia, Singapore Airlines, Emirates, Air Asia, Qatar Airways, Go-Car, Tiket.com, Pegipegi, Telkomsel, XL Axiata, Smartfren, and Biznet to support your business mobility while earning a 0.5% cashback.
- Moreover, for your SaaS subscription needs that can support your business, Aspire has collaborated with software providers such as Amazon Web Services, Google Suite, Mailchimp, Shutterstock, Shopify, Microsoft 365, GoDaddy, and many others, allowing you to receive a 0.5% cashback for your transactions.
To learn more about Aspire Card, the cashback promotions you can enjoy with the Aspire Virtual Debit Card, and information on how to get your Aspire Card for free and instantly, please find out more here.
BNI
As one of the state-owned banks, BNI has branches in various regions in Indonesia and several other countries. It also has an extensive national network. Not only that, but BNI also offers a diverse range of banking products for personal, SMEs (Small and Medium Enterprises), and corporate needs, which you can find and learn more about on their official website.
Like other banks, BNI provides various cashback and discounts at a variety of merchants, including supermarkets, restaurants, cafes, travel, and fashion, for credit card and debit card holders. Here are some attractive promotions from BNI Credit Cards and Debit Cards that you may consider:
- Garuda WOW (Wonderful Wednesday) Promo: For every transaction made through the Garuda Indonesia website and app every Wednesday until December 27, 2023, you have the opportunity to receive direct discounts starting from Rp125,000.
- Until November 15, 2023, you have the chance to get cashback of up to Rp1 million for the purchase of an iPhone 15.
- You have the opportunity to receive vouchers and attractive gifts for shopping at various supermarkets and minimarket merchants throughout Indonesia.
- You can also convert your BNI credit card transactions into installments with a repayment period of up to 36 months at an interest rate of 0.65%.
CIMB Niaga
The monthly bank administration fees can be burdensome for customers. One of the promotions offered by Bank CIMB Niaga is the waiver of administrative fees for opening an Octo Savers account. Additionally, for new customers, Bank CIMB Niaga offers many other attractive promotions, including a cashback promotion of Rp500,000 + Rp68,000 for opening an Octo Savers account. For the convenience and flexibility of its Octo Savers customers, CIMB Niaga also provides various facilities, such as:
- Free cash withdrawal transactions at various bank ATMs in Indonesia up to 20 transactions.
- Free transfers to various local banks in Indonesia up to 20 times for transactions through OCTO Mobile & OCTO Clicks.
- Free top-up transactions up to 20 times for various e-wallets through Octo Mobile.
Furthermore, for customers using CIMB Niaga debit and credit cards, there are various attractive promotions and discounts that you may consider, as reported on the official CIMB Niaga website:
- Bonus vouchers of up to Rp500,000 for JCB OCTO Card credit card holders who make transactions on partnered e-commerce platforms.
- 20% discount on room rates at various hotels within the Accor network in Indonesia with the CIMB Niaga ALL Accor Live Limitless card.
- Cashback for various transactions on Tiket.com when using the Mastercard credit card.
- Ease of converting your CIMB Niaga credit card transactions into installments with low interest rates of up to 24 months through the Octo Mobile application.
UOB TMRW
The digital bank from UOB Bank, UOB TMRW (often referred to as TMRW), offers many promotions for its customers. As reported on the official TMRW website, new customers have the opportunity to receive a GoPay e-wallet balance of up to Rp1 million. TMRW also provides the convenience of waiving administrative fees for transfer and bill payment transactions through TMRW. TMRW offers monthly fee waivers for its customers and deposit interest rates of up to 3.75% per year.
For holders of TMRW debit and credit cards, customers also have the chance to enjoy various attractive discount and cashback promotions, such as:
- For those with high mobility, you can enjoy cashback of up to Rp50,000 for transactions with the TMRW Credit Card in the MyBluebird app.
- TMRW Credit Card holders can also enjoy discounts of up to Rp3 million for the purchase of Emirates airline tickets.
- Opportunity to receive up to Rp500,000 IKEA Shopping Voucher and the convenience of converting your IKEA transactions with the TMRW Credit Card into 0% installment plans for up to 24 months.
- Cashback of Rp25,000 every month for transactions using UOB EZ Pay at various participating merchants.
BCA
With a vast network of 1,200 branches, 17,000 BCA ATMs, over 400,000 merchants, and support from 500,000 BCA EDC machines, BCA is one of the preferred banks for many customers in Indonesia. Not only that, in Indonesia, there are already 65,000 merchants cooperating with BCA, accepting payments using BCA credit and debit cards.
In addition to being supported by numerous branches and ATMs throughout Indonesia, BCA also offers various attractive promotions in collaboration with various merchants. Some attractive promotions from BCA Credit Cards and Debit Cards that you may consider, as reported on their official website, include:
- Up to Rp150,000 discount for transactions at various supermarket and minimarket merchants in partnership with BCA.
- Up to 10% discount with BCA Visa Corporate Credit Card for Emirates airline ticket purchases through the website.
- The opportunity to get a 10% discount for accommodation bookings through AGODA with BCA Mastercard Credit Card.
- Ease of converting your BCA Credit Card transactions into installments for up to 9 months with a low-interest rate.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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