CONTENTS 3)
Editors’ Note
4)
Message from the CEO
5)
Innovation at the Centre of Your Sagicor Bank Experience
6)
Vision Board 2019
7)
Why Building Your Credit Score is Important
9)
Spotlight on Your Business: Rotii Express
10) 4 Credit Card Terms You Should Know 11) Getting Financially Healthy in 2019
EDITORS’ NOTE
Nicole Campbell
Chelsea Murray
Co-editor/Marketing Manager, Cards & Channels
Co-editor/Marketing Officer, Cards & Channels
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appy new year from the entire team at Sagicor Bank! We sincerely thank you for making the Sagicor Gateway part of your quarterly read in 2018 and hope that you had a memorable holiday season. It gives us great pleasure to present you with our first edition for 2019 and we are kicking things off with a bang! In this edition, we’ve teamed up with Dr. Michael Abrahams, renowned Gynaecologist, Comedian and Columnist who gives us food for thought on getting financially healthy in 2019. Additionally, Sabrina Cooper, Vice President of Payments at Sagicor Bank provides the inside scoop on the payments industry and how Sagicor Bank’s innovations can grow your business. We’ve included a guide on the importance of building a good credit score and shared even more benefits of being a Sagicor Bank Credit Card cardholder. Please don’t be shy. We would love to hear from you, feel free to give us your feedback at SBJ_ClientFeedback@sagicor.com. Thank you again for choosing Sagicor Bank!
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INNOVATION
at the Centre of Your
Sagicor Bank Experience In a drive to address the problems faced by the unbanked or underbanked, Sagicor Bank launched SWYPE, a mobile point of sale solution geared towards increasing sales for micro and small merchants (MSME) by enabling them to accept debit and credit cards with a mobile device. The affordable banking innovation promotes business growth and also gives merchants and additional layer of security by reducing cash dependence in the business. The client experience surrounding the use of this innovation has also increased as merchants benefit from electronic receipts and automated daily settlement of their card sales.
SABRINA COOPER Vice President- Payments, Sagicor Bank
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he business of banking has evolved over the years, causing commercial banks to change with it. Clients no longer fill banking halls and patiently wait to conduct simple transactions but rather seek the best service that satisfies all their needs. In 2018, we made it a priority at Sagicor Bank to give our clients an innovative banking experience with the launch of two new products – SWYPE and MyCash. For all of us here at Sagicor Bank, offering a superb client experience remains at the centre of our business operations. We take pride in delivering easy, simple and personal services that satisfies our clients’ needs. We strive to always add value to our clients’ experience and to forge a strong bond with them. To achieve this, we think outside the box and are innovative in our solutions that will improve our clients’ experience while solving problems. Coupled with enhanced banking regulations and the rise of smartphones, innovation is now becoming easier and of course Sagicor Bank has taken advantage of these opportunities. Here is a quick overview of the banking products that are focused on making your experience easy, simple and personal!
Sagicor Bank also launched its first prepaid card, MyCash, in collaboration with Digicel and Mastercard. A result of years of research and technological development, this banking solution brings a feature-filled mobile wallet and prepaid Mastercard. MyCash is a simple banking solution that eliminates the need to carry cash and gives clients, who under normal circumstances would not be able to shop online or make electronic payments, the chance to do so. MyCash is also a tool for sending and receiving money instantly at a low cost. Our two latest innovations- SWYPE and MyCash- have a symbiotic relationship. SWYPE provides the micro sector with the ability to accept card payments, while MyCash affords the same micro sector the ability to make card payments – a holistic and innovative approach to banking.
In 2015 Sagicor Bank launched e-Bank. The solution allows our clients to perform varied transactions conveniently online over a highly secure software. Without stepping a foot in-branch, clients can pay their bills, transfer money to other Sagicor Bank clients or to other local banks, request Managers’ Cheques, view their transaction history and manage their investments. Additionally, clients can set-up SMS banking to receive SMS alerts for all their credit card transactions and debit card transactions over J$20,000. The need to innovate is indisputable, making the process a journey and not a destination. Sagicor Bank will endeavor to always leverage new technologies and partnerships to bring to the market new banking innovations. We are excited about the future and look forward to putting a smile on our clients’ faces in 2019 and beyond!
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At Sagicor Bank, we want you to achieve all your goals and dreams. Here’s a blank slate for you to write down what you want to achieve in 2019, on your very own Sagicor Bank Vision Board.
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WHY
Building Your
Credit Score is
IMPORTANT
Nowadays, having good credit affects more than the ability to qualify for a credit card or a loan. Several institutions are now checking your credit history to ensure you have good credit before they extend their products and services to you. HERE ARE 5 MAJOR REASONS GOOD CREDIT IS IMPORTANT:
1- It impacts your ability to start a business. Many persons dream of starting their own business and this requires a notable amount of money that may not be readily available. In this case, a small business loan may be required and you will need to have good credit to qualify for it. 2- It may affect your job search. Some employers check credit reports as a part of the hiring process. If you haven’t demonstrated financial responsibility, a potential employer may be hesitant to hire you, as they might believe that your debt level is too high for the salary being offered. Additionally, some employers check credit reports before giving a raise or promotion.
“Bad credit reports can mean higher payments.” 3- It affects where you live and how much you pay. Before you can purchase a house, mortgage lenders need to know that you won’t default on your mortgage. If you have a bad credit report, the lender will consider you risky and will be hesitant to give you a mortgage loan. If you are approved for a mortgage, your credit will affect your interest rate. Bad credit reports can mean higher payments. On the other hand, landlords can also use your credit report to decide whether or not to rent a property to you as they consider your lease to be like a loan. 4- It affects what you drive and your car payment. Unless you purchase a car with cash in full, you will be required to get a car loan. Your credit will affect whether or not you qualify but also the amount and interest rate of the loan. 5- It can affect your monthly bills. Good credit is needed to establish utility services, for instance, cable, telephone and water. Utility companies may run credit checks to confirm your ability to pay for the services you are borrowing. Each time you need to borrow money or even to procure services, your credit is called into question. This is why maintaining good credit is so important – ensure you build a good credit history.
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Sp
tlight
ON YOUR BUSINESS
ROTII EXPRESS A
t Sagicor Bank, we strive to provide easy-to-use, efficient and affordable products for our clients. In 2018 we introduced SWYPE the first mobile pointof-sale device to give clients the power to accept debit and credit card payments anywhere, anytime. Small, sleek and easy to set up, it connects to any Android device via our free app. Not only are deposits automatically settled to your account but our low rates also ensure more of your money remains in your business. See what some of our clients have to say about this new exciting product!
Kaydian Bachan, Owner “My partner and I have always had a passion for food. We believe that food is an art which should be served at the highest quality and at its healthiest. One of the many roadblocks that we faced and we also think is common amongst small/start-up businesses, is that most financial institutions are not very accommodating. It is very challenging just to open a business account. Delora Gooden, our Merchant Services sales agent at Sagicor Bank reached out through our business page, not knowing us personally. Her professional approach plus the time and patience she exercised won us over.”
Rohan Reid, Owner “Delora introduced us to Sagicor Bank’s new mobile point of sale device, known as “Swype”. Swype is definitely a convenient choice for our customers as more than 90% of our business is delivery based, so customers enjoy the added convenience of being able to pay by card. The affordable rates and rental charges are also suitable for small businesses.”
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Credit Card Terms You Should Know Understanding credit card terms makes it so much easier to compare whether or not you are getting the best features and benefits available in the market. Sometimes the terms used can be a little daunting but it doesn’t take long to become familiar with some of the key terms. In this edition of Sagicor Gateway we’ve put together a glossary to highlight 4 common credit card terms.
INTRODUCTORY RATE Many times banks offer a special “introductory interest rate” for clients who are applying for a credit card for the first time. This simply means that the interest rate is either waived or a low interest rate is offered for a period of time, after which the rate will increase. For example, Sagicor Bank is offering an introductory interest rate of 0% for three months for applicants who sign-up before January 31, 2019. INTEREST-FREE DAYS ‘Interest-free days’ on your credit card refers to the maximum period of time that interest will not be charged on a purchase if you pay the closing balance by the due date. This interest-free period usually starts from the beginning date of your statement period, and will vary for each purchase, depending on when it was made. Sagicor Bank offers up to 55 days interest free on purchases made at the beginning date of your statement period. ADDITIONAL CARDHOLDER Some credit cards allow you to have an additional cardholder, which means you could get an extra card for your partner or a relative to use. You will still be responsible for all credit card bills as the card is in your name and a small fee may be charged however, you will be able to accumulate more rewards points for every US$1 spent. At Sagicor, you can add an additional cardholder for as low as JMD $1500.* GOLD AND PLATINUM CARDS Gold and platinum cards can offer additional features, such as rewards programs, concierge services, travel rewards and complimentary travel insurance as well as cashback offers. Sagicor Bank offers a 20% discount to gold card holders to access the Club Kingston & Mobay VIP lounges and unlimited access to all platinum and business cardholders. To learn more about these benefits, this visit www.sagicorjamaica.com. *Fees may vary depending on card type.
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Getting Financially Healthy in 2019
Dr. Michael Abrahams, Obstetrician and Gynaecologist
So you did not achieve a number of your 2018 resolutions. No worries! 2019 gives the opportunity for a new start and another chance to achieve your goals. This year, we suggest you include financial health on your agenda. In this edition, Dr. Michael Abrahams shares his perspective on why financial health is just as important as physical and mental health.
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he definition of health, according to the World Health Organization (WHO), is a “state of complete physical, mental, and social well-being, and not merely the absence of disease or infirmity.” It is not rocket science really. It is obvious that if any of the above-mentioned factors are out of whack, you will not experience optimum health. But there is an aspect of health that we often fail to consider, and that is financial health, which can affect the other components of health mentioned in the definition above. For example, poor financial health can impact your physical health if you are unable to afford appropriate medical care such as surgery and medication. Also, financial problems are a common cause of depression, and can lead to fractured relationships. But what exactly is financial health? The term is used to describe the state of one’s personal financial situation, which is influenced by income, savings and investments, and expenses, which may
be fixed or non-discretionary. An individual’s financial health is measured by a variety of factors. Net worth – the value of everything a person or business owns, minus their debts and liabilities – is an important factor to be considered in determining financial health, for obvious reasons. The higher your net worth, the more likely you are to be financially healthy.
Poor financial health can impact your physical health. A person’s overall net worth represents the monetary resources at their disposal, but can be affected by debt, such as credit card bills, mortgages and various loans. Financial health, like other types of health, is therefore not static, but can indeed fluctuate, being influenced not only by the abovementioned factors but also by the fluctuation of prices of goods and services over time, as well as infla-
tion. Although you may be earning a very good salary, if it remains unchanged while the local currency continually declines, and the costs for goods and services skyrocket, your financial health will be at risk. Conversely, if your flow of income is steady, your expenses remain stable and there are strong profitability ratios on your investments, then your financial health will be robust. As with your physical and other forms of health, it is unwise to take risks with your financial health. Get financial advice from qualified professionals. One of the most important things that you can do is to create a budget and stick to it. This keeps track of money being earned and spent. It is essentially that the goals you set are realistic. An important principle is to spend less than you earn and avoid racking up debt. Do not fall into the trap of keeping up with the Joneses. Doing this is not only unhealthy mentally, but also financially. Ensure that you are not living above your means, and diversify your investments. So, are you financially healthy?
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Sponsorship Wrap!
Sagicor Bank takes on The Collection Moda and the Jamaica Food and Drink Festival cashless while helping our business clients to capitalize on sales opportunities. Check out some of the highlights from The Collection Moda and Jamaica Food and Drink Festival.
THE COLLECTION MODA
As the final quarter of 2018 moved full speed ahead, the Sagicor Bank team was front and centre as we participated in numerous events, giving patrons the opportunity to go
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JAMAICA FOOD AND DRINK FESTIVAL
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BRANCH LOCATIONS Nursita Gray-Bariffe Branch Manager Sagicor Bank Tropical Plaza
DOMINICA DRIVE 17 Dominica Drive, Kingston 5 DUKE & TOWER ST. BRANCH 17 A Duke Street, Kingston FAIRVIEW 21B Fairview Shopping Centre Bogue Montego Bay, St. James
MANOR PARK Shop 13, Manor Park Extension Plaza, 184 Constant Spring Road, Kingston 8
HALF-WAY-TREE BRANCH Half Way Tree, 6C Constant Spring Road, Kingston 10
MAY PEN 6B Manchester Ave, May Pen, Clarendon
HOPE ROAD Block C, 85 Hope Road, Kingston 6
MONTEGO BAY Sagicor Commerical Centre, Howard Cooke Boulevard, Montego Bay, St. James
LIGUANEA Liguanea 106 Hope Road, Kingston 6 MANDEVILLE 5-7 Ward Avenue, Mandeville, Manchester
OCHO RIOS Units 5 & 6 , 8 Rivers Town Centre, Buckfield, Ocho Rios, St. Ann PORTMORE Shop #34, Portmore Pines Plaza, Portmore, St. Catherine
SAVANNA-LA-MAR 56 Great George Street, Savannah-La-Mar, Westmoreland ST ELIZABETH Corner. High & School Streets, Black River, St. Elizabeth TROPICAL PLAZA Tropical Plaza Shop #25 12½ & 14 Constant Spring Road, Kingston 10 UP PARK CAMP Up Park Camp, Kingston 5
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SAGICOR BANK ABM LOCATIONS
CLARENDON
ST. THOMAS
ACCESS CAMBIO 25 Main Street, May Pen
YALLAHS Yallahs PO
AZAN’S PLAZA 37 Main Street, May Pen
KINGSTON & ST. ANDREW 138 SL UWI UWI, Mona BUSTAMANTE HOSPITAL FOR CHILDREN Arthur Wint Drive, Kingston 5 CROSS ROADS BRANCH 15A Old Hope Road, Kingston 5 DOMINICA DRIVE BRANCH 17 Dominica Drive, Kingston 5 DUKE AND TOWER STREET BRANCH 17A Duke Street, Kingston HALF-WAY-TREE BRANCH 6C Constant Spring Road, Kingston 10 HOPE ROAD BRANCH 85 Hope Road KEN LOSHUSAN SUPERMARKET Shop 1A, 29 East Kings House Road, Kingston 6 LIGUANEA BRANCH 106 Hope Road, Kingston 6 MANOR PARK BRANCH Select Grocers, Manor Park Plaza
ST. CATHERINE
MICHI SUPER CENTRE 2-6 Savannah Avenue, Kingston 20 NORMAN MANLEY Arrival Area, Norman Manley Airport ONE RETIREMENT LIMITED 1A Retirement Road, Cross Roads R DANNY WILLIAMS 28-48 Barbados Avenue, Kingston 5 SISPET – PAPINE 15 Chandros Place, Kingston 6 TEXACO 54 Half Way Tree Road TOTAL, DUNROBIN 85 Constant Spring Road, Kingston TOTAL, MANOR PARK 186C Constant Spring Road, Manor Park Plaza TROPICAL PLAZA BRANCH Shop #15, 12 ½ & 14 Constant Spring Road, Kingston 10 UP PARK CAMP BRANCH Up Park Camp, Kingston 5 UP PARK CAMP ATM #2 Up Park Camp, Kingston 5 YORK PHARMACY 91 Half Way Tree Road, Kingston 10
ST. ELIZABETH
MANCHESTER
DESTINY MALL 7 Portmore Parkway, St. Catherine
BLACK RIVER BRANCH Corner High & School St, Black River
MANDEVILLE BRANCH 5-7 Ward Avenue, Mandeville, Manchester
EWARTON TEXACO 45 Main Street, Ewarton, St. Catherine
INTOWN SUPER CENTER Main Street, Santa Cruz
PORTLAND PORT ANTONIO BRANCH 28 Harbour Street, Port Antonio, Portland
HERITAGE MALL #1 12 Burke Road, Spanish Town, St. Catherine HERITAGE MALL #2 12 Burke Road, Spanish Town, St. Catherine ISLAND PLAZA, 72 King Street, Linstead
ST. ANN MONEAGUE JDF Camp, Moneague OCHO RIOS BRANCH Eight River Town Centre TOTAL, OCHO RIOS 32 Dacosta Drive, Ocho Rios
PORTMORE BRANCH Shop #34, Portmore Pines, Portmore St. Catherine PORTMORE TOWN CENTRE Lot 26-27 Merchantile Avenue, Portmore St. Catherine OLD HARBOUR 10-12 East Street, Old Harbour
WESTMORELAND
SOVEREIGN VILLAGE Portmore Pines
CORAL SEAS- NEGRIL Coral Seas Plaza, Norman Manley Boulevard, Negril, Westmoreland
SPANISH TOWN SHOPPING CENTRE Burke Road, Spanish Town
SAV-LA-MAR BRANCH 56 Great George Street, Savanna-La-Mar, Westmoreland
TOTAL A1 MOTORWAY Elrick Park Pen, St. Catherine
SANTA CRUZ Lincars Supermarket, 95 Main Street, Santa Cruz SAMFO PLAZA, SPALDING Shop #4 Samfo Plaza, Main Street, Spalding
ST. JAMES ATL BOGUE Lot C1 Bogue City Centre, Montego Bay FAIRVIEW BRANCH 21B Fairview Shopping Centre, Bogue Estates, Montego Bay HILTON (STAFF AREA) Hilton, Rosehall WHITTER VILLAGE, IRONSHORE Shop #CG2, Whitter Village Complex, Ironshore, MONTEGO BAY BRANCH LOJ Shopping Centre, Howard Cooke Blvd, St. James DONALD SANGSTER INTERNATIONAL AIRPORT Montego Bay, St.James
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CONTACT US SAGICOR BANK (HEAD OFFICE) 17 Dominica Drive, Kingston, Jamaica
FOR CLIENT SERVICE AND EMERGENCY ENQUIRY Jamaica, Toll Free: 888-SAGICOR (888-724-4267) USA / Canada: 877-SAGICOR (877-724-4267) Europe/Worldwide: + 800-4-SAGICOR (+ 800-4724-4267) Email: SBJ_CardServices@sagicor.com