kulula thanks Virgin Money!

Johannesburg - 1 February 2007. kulula.com today offered its appreciation to Virgin Money for publishing research into the credit card market showing that the kulula VISA credit card has the most attractive and generous rewards programme around. Gidon Novick, joint CEO of kulula.com said: "Thank you Virgin for undertaking this work and getting to the heart of what customers really are getting from the many options available in the market."

The research included a comparison of all major credit cards on the market on various dimensions. The report highlighted that with the average credit card it takes over 5 years and R196,000 of spend to earn a free return flight between Johannesburg and Cape Town whereas on the kulula card it takes only 11 months and R33,000. The report also showed the annual fees on the kulula card to be amongst the lowest in the market at only R150.

Since kulula launched its credit card in August last year it has signed up over 15,000 cardholders. According to Novick "Over 2,000 of these customers have already used their moolah towards free flights." He added "While we encourage our customers to shop and spend responsibly, the appeal of quick and easy free flights has resulted in a very high average spend per card."

Notes:

  • The kulula credit card is underwritten and managed by Firstrand Bank Limited, an authorised financial services provider
  • Customers earn 'moolah' of 3% on spend at any purchases while 6% is earned using the card on kulula purchases
  • Moolah can be used towards any kulula flight, anytime
  • Cards applications are available on-line or by calling 0860 MOOLAH

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