Sumitomo Mitsui Banking Corp. and Sumitomo Mitsui Card Co. said Monday they will jointly issue automated teller machine cards with credit functions targeting people in their 20s and 30s, starting Nov. 10.
The bank, a unit of Sumitomo Mitsui Financial Group Inc., said it will be the first Japanese bank to offer age-specific financial products.
Card holders will not be charged for withdrawing cash at night, weekends and national holidays or credit card member fees for the first five years.
The bank expects the card to lure customers in their 20s and 30s to its accounts; it hopes to expand revenues from settlement fees, mortgage loans and investment trusts, bank officials said.
The age bracket accounts for a majority of new customers who open bank accounts and 70 percent to 80 percent of subscribers to credit cards, they said.