Bankinter Consumer Finance launches bankintercard in Portugal

Bankinter Consumer Finance, the bank’s consumer lending outfit, has recently launched in Portugal bankintercard, its line of open market credit cards that do not require a bank account with Bankinter.

Bankinter Consumer Finance aims to attract 400,000 new customers and reach 500 million euros in new lending in the next 5 years.

The Bankinter subsidiary plans to account for around 15% of Bankinter Group’s income in Portugal in the next five years.

Bankinter Consumer Finance has recently launched in Portugal its line of open market credit cards, branded as ‘bankintercard’. This offer is available to all consumers, as bankintercard customers are not required to have a bank account with Bankinter. To mark the beginning of this business, the subsidiary launched the bankintercard gold credit card.

It also unveiled an ambitious business plan, in which it aims to attract 400,000 new customers and reach 500 million euros in new lending over the next five years. At this point, it plans to account for around 15% of Bankinter’s income in Portugal. To this end, the Bankinter subsidiary plans to launch other business lines in the next two years in addition to the bankintercard, such as personal loans and point-of-sale financing.

Similar to what was done in Spain, its strategy involves developing strong and lasting partnerships and win-win value propositions for partners and customers. Bankinter Consumer Finance expects to launch its first co-branding partnership in Portugal in 2018.

‘Bankinter Consumer Finance is committed to simple, accessible and transparent relationships with its customers who expect to have a wide range of products that satisfy the payment and financing needs of customers and non-customers alike’, says António Seixas, head of Bankinter Consumer Finance in Portugal.

To mark the launch of the new brand in Portugal, Bankinter Consumer Finance released its bankintercard gold, an open market credit card without yearly fees that offers free transfers to current accounts, free insurance for travel assistance and personal accidents, and pays back 5% on purchases made during the first year.

bankintercard in Portugal is being launched during a period of notable growth in internal consumption in this country. We plan to replicate in this market the successful model we have in place in Spain, and we are confident that bankintercard will be successful in Portugal’, says Alfonso Sáez, managing director of Bankinter Consumer Finance.

Bankinter Consumer Finance is one of the highest ranked consumer lending entities in Spain and one of the fastest growing business lines in Bankinter Group. At the end of 2017, it had 1.1 million customers, up 28% from 2016, and 1.5 million euros in its loan book, 42% more than a year ago.

Bankinter Consumer Finance carries out rigorous risk analysis, as required by Bankinter Group. As a result, it has one of the lowest non-performing loan ratios in the entire banking system.