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My Card from Standard Bank – do women really need a credit card created just for them? What was the thinking behind creating this financial product just for women?

My Card – Comprehensive Financial Package

I’ve been blogging about this Standard Bank My Card for women and about its benefits and about the competitions, but I have been wondering in the back of my mind what exactly made Standard bank decide to create this very comprehensive financial package for women that includes a international credit card, facilities, cash back, medical cover, disability benefits, roadside assistance and even a handyman.

According to Standard Bank, a 2008 international survey 70% of South African women claimed to be financially independent; 62% said they contributed half of more of the household income with 49% contributing more than their partner did. 54% stated that they control the family money with a further 29% sharing control with their partner.

Black Diamond Studies

Unilever’s Black Diamond 2008 studies found that black middle class women are becoming an economic force in their own right. Black Diamond women then represented a tenth of the county’s entire adult population and their annual spending power as R120 billion – over 40% of the annual spend of all South African women

So I guess when one takes these facts into consideration it makes perfect sense that Standard Bank created a credit card just for women. Only time will tell how the market responds to My Card.

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