Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Card will launch a foreign currency automatic savings service via credit card payments called “Gaika Credit Card Savings.”
The service is aimed at adult individual customers in Japan and supports six foreign currencies: U.S. dollars, euros, British pounds, Swiss francs, Australian dollars, and New Zealand dollars. Using credit cards issued by Sumitomo Mitsui Card, users can set a monthly savings amount from 500 yen to 100,000 yen, in increments of 100 yen. The exchange rate applied is the published rate on the savings date, and there are no handling fees. Applications can be made via SMBC Direct internet banking.
V Points are awarded according to the saved amount, and when saving through Olive Flexible Pay (credit mode), customers can earn up to the equivalent of 3% in V Points. The maximum points rate applies to the Platinum Preferred Card, with up to 3,000 points per month available.
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