OCBC Bank has set itself the ambitious target of taking the top spot in the country's credit-card business within the next five years.
The bank now lies in the "third or fourth" place in terms of card billings, according to Mr Desmond Tan, its head of group lifestyle financing.
At a briefing to mark the launch of a series of three cards aimed at affluent customers yesterday, Mr Tan said: "Being one of the biggest local banks in Singapore, our vision in the next three, five years of being the top credit- card player is still in sight."
The Straits Times understands that Citibank occupies top spot, followed by United Overseas Bank, with OCBC and DBS Bank in a close fight for the next two positions.
Credit-card spending is a lucrative business for banks, with interest rates of between 24 per cent and 28 per cent charged on outstanding balances.
OCBC's card spending has outpaced the overall market in the past three years due to its promotional efforts.
Spending on its plastic increased 23 per cent last year over 2013, far above the market's 7 per cent growth.
The bank estimates that spending will grow by 30 per cent this year - four times more than the industry overall.
Mr Tan said the bank has been introducing new products or refreshing existing ones after seeking consumers' views on the type of rewards they want.
It has also worked on raising its brand visibility to try to make its products stand out in a crowded field.
"The credit-card market is very, very mature in Singapore, there are just too many banks playing in this space, too many cards out in the market," said Mr Tan, adding that the fight for wallet space is very important.
As part of its battle plan, OCBC yesterday launched a new series of air miles cards. One targets customers with an annual income of $120,000 and above.
Customers with a net asset value of $200,000 or more, as well as clients of its private banking unit - the Bank of Singapore - who have a net asset value of at least US$2 million (S$2.7 million) are also on its radar.