The latest installment of the world’s biggest credit card company has revealed its latest offer for its customers.
Santander has announced it will allow people with no previous credit history to apply for a new, ppp-backed credit card with a loan amount of up to $2.99 million.
“Santanders ppp (pioneered payment protection) technology provides a secure payment solution for our customers that can be used by anyone who is interested in using it,” a statement from Santanders spokesperson said.
The statement said that the company was launching a pilot program in Sydney, Melbourne, Brisbane and Perth on Wednesday and Thursday to test how well the technology worked with customers.
“We are looking forward to seeing the impact the pilot will have on customers in the future,” the statement said.SANTANDERS PROMOTING PROPERTY LOAN ACCOUNTSS The company has been expanding its portfolio of assets, from car dealerships to a supermarket chain and a property development in Brisbane.
“These are assets that are important to Santander and the wider business.
They represent significant cash flow,” a Santander spokesperson said in a statement.”
In recent years, we have seen the value of our investment portfolios, which we use to fund investments in our business, increase from $1.9 billion in 2007 to $4.4 billion in 2020.””
As we move forward, we will look to continue our long-term strategy of creating value for our investors through the purchase and sale of assets,” the spokesperson said of the new program.
In a statement released on Thursday, Santander said it would expand its loan originations from its existing network of 20,000,000 consumers to a network of 10,000 million.
Santiago de Carvalho, the chief executive of the consumer credit regulator ACRA, said Santander had been a “strong and consistent partner” for the industry.
“They’ve been very responsive and very transparent, and they have done a very good job of making sure the people that are going to buy from them are not the ones that are vulnerable to fraud,” Mr de Carralho said.
“This is the first time we’ve seen the use of a ppp card that isn’t secured by a credit history.
It’s a really interesting new business model, and I think it’s going to create opportunities for the rest of the industry.”
He said he hoped the new offer would encourage other credit card companies to consider investing in a new ppp system, particularly in Australia.
“It’s going have a significant impact on the way the industry works,” Mr De Carralham said.
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