Reward Card Business Heats Up! Magna Against All Others

With 500,000 active customers and more than 70 partners at more than 250 locations, Magna, which is jointly owned by Prism Services Inc of Barbados and Neal & Massy Holdings of Trinidad comes close to monopolising the market.

Its regional markets also include Antigua, Grenada and St Vincent.

In Jamaica, Magna also has co-branded cards with Scotiabank, JIIC and Guardian Life, deepening its penetration in the market.

Sure Loyalty, the new kid on the block, has been challenging Magna with its own purple card since July 2012. It has grown to 20,000 customers and 11 partners, but has got some way to go before posing any great threat to Magna.

[Source: Gleaner]