MBF Cards (Malaysia) Sdn Bhd, the credit and charge card unit of MBf Holdings Bhd, expects revenue for the year ending December 31 2008 to rise 20 to 30 per cent on growth in credit card receivables.

The company also expects higher circulation of its credit cards, from 550,000 currently, said president John Ding.

He said over the past five years, MBF Cards' revenue has been growing steadily in the region of 30 per cent per annum.

"One of the new growth areas for MBF Cards this year is in credit-card receivables. We also hope to increase our card holder base to 150,000," Ding told Business Times at a media briefing on Call'nPay, a new pay service by MBF Cards.
For 2007, MBF Cards posted a net profit of RM56 million on the back of RM284 million revenue.

Ding added that the company's net profit is expected to rise by more than 10 per cent this year.

"Non-performing loans are manageable and there has been no decline in credit card spending. As an industry as a whole, the credit card market is still healthy. The economy is buoyant in terms of job market. So when there is income, there is spending," said Ding.

On Call'nPay, he said the new service offers MBF card holders a new method of settling credit card bills by just a phone call a month and will complement all its other offers such as "Got 5" and "Money for Nothing" in promoting card usage.

"People are strapped for time. With our newest service, they just need to make one phone call a month to have their bills settled automatically. This is applicable to MBF credit card holders with accounts in Maybank, RHB and CIMB Bank," he said.

To use the service, card members need to do a one-time free registration by completing the registration form and mailing it back to MBF Cards.

Card members can then instruct any amount they wish to pay by calling MBF Cards' customer service centre, who will then ensure the funds are direct debited from their bank account, with RM1 service charge for each transaction.