With the rise of online shopping during the Covid-19 pandemic and lockdowns throughout the country, many experts believe that the usage of online platforms will continue to thrive even after the pandemic is long gone. Lazada and UnionBank thinks so too as they team up to launch the county's first e-commerce co-branded credit card.
This is a great strategic move on Lazada as competition between online platforms such as Shopee and Zalora remain fierce in the Philippine market. We might see shoppers move their loyalty from Shopee to Lazada with the new UnionBank Lazada credit card because it will simply give them more value when shopping online on Lazada.
Rewards and perks
As I always mention not all cards are made equal and deciding on what credit card someone gets will ultimately depend on the person. With that being said let's look at the card benefits.
Every ₱200 spend on Lazada, gets you ₱6 Lazada credits
Every ₱200 spend on other merchants, gets you ₱1 Lazada credit
Free Shipping*
Sale vouchers and exclusive access to Lazada sales
Welcome gift of ₱5,000 Lazada e-wallet credits
₱250 discount vouchers (min. ₱5,000 spend) on five of Lazada's Mega sales every year
*The card offers free monthly shipping at Lazada of up to P50 for a minimum purchase of P2,500 at the same platform.
Its basically a 3% cash back when you shop on Lazada and a 0.5% cash back at all other merchants.The only catch is the cash back can only be used on Lazada. The real value would really come from that ₱5,000 welcome gift and exclusive access to Lazada sales.
The card comes with an annual fee of ₱3,000, which is waived the first year.
Should you get the card?
This question all depends on you and how much you shop online and how much you value Lazada credits. I personally shop a decent amount online but not necessarily Lazada so this card wouldn't be worth it for me. If you do shop online a lot and especially through Lazada then this card might be worth having especially on those big mega sales.
Worth it or nah? Let me know what you think!
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The card also comes with a virtual card. For more info check the official UnionBank website here.
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