FOR IMMEDIATE RELEASE
Citibank Singapore Ltd
July 18, 2007
CITIBANK FIRST TO LAUNCH CREDIT CARD WITH S$500 CAP
Citi Clear Card is first among Citibank’s offering for the below S$30,000 income
Targets young adults in the 18 to 35 age category, offering a benefits programme
that meets their lifestyle needs
Citibank today unveiled a first-in-market credit card, granting credit of S$500.
The Citi Clear Card, which will be the first among the offering for the below
S$30,000 income segment, targets young adults within the 18 to 35 age group
with a benefits programme that meets their lifestyle needs.
Citibank is first in the industry to capitalise on the new exemption for card issuers
to grant unsecured credit not exceeding S$500 to those who do not meet the
minimum annual income criteria. The Citi Clear Card targets this new emerging
customer segment, which is estimated to be about 500,000, offering consumers
more flexibility in payment, as well as an avenue for credit.
"The opening of this segment has given us the opportunity to extend our reach to
a new group of consumers with a product that is targeted to their needs. The Citi
Clear Card is a natural extension of the Bank's efforts to build closer relationships
with consumers - following our strong distribution expansion in the past year,”
said Ong Lay Choo, Country Marketing Director, Citibank Singapore.
Alice Fok, Marketing Director, Citibank Credit Cards, added, "We are delighted to
be first-in-market to offer this segment of consumers a convenient, affordable
and flexible payment channel. They will also be able to experience the
innovative services that Citibank provides such as instant card issuance and
biometric payment that offers a fast, easy and secure method of payment.
Cardholders will also have access to a host of privileges and benefits tailored to
Alice added that the launch of the new card builds on the success of the Clear
Card and Clear Platinum and is also in line with Citibank’s strategy to leverage
on a leadership position to bring new and innovative products and services to
consumers, and showcase the choice and flexibility it provides.
Benefits & Rewards
The Citi Clear Card will offer a robust mix of benefits, promotions and services:
• Lifestyle benefits:
A varied bundle of exciting lifestyle benefits such as Sports and Fitness,
Books and Music, Dining, Fashion, Gadgets and Beauty and Wellness.
Examples include discounts at Popular Book Co., dining privileges at 450
F&B establishments, discounts at EpiCentre (Apple Premium Reseller), a
20% discount for music downloads at Clear Online Music Store and
discounts at about 600 locations.
These are in addition to privileges such as Citibank World Privileges
(privileges offered by 25,000 merchants spanning across 30 countries).
• A credit card is increasingly more than a source of funds, it allows
cardholders to tap on a host of payment services like online bills payments
to services such as booking tickets for the theatre or the movies. The
credit card has emerged as the most popular payment mode for online
transactions today, with global acceptance and ease of usage.
• Citibank Rewards – cardholders can earn Citi Dollars which can be
redeemed for a wide variety of lifestyle and travel rewards.
• 24-Hour CitiPhone Banking Service.
Consumers will be able to apply for the Citi Clear Card from 20 July 2007 at
6363 6666 or log onto www.citibank.com.sg
Citi, the leading global financial services company, has some 200 million
customer accounts and does business in more than 100 countries, providing
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, and wealth
management. Major brand names under Citi's trademark red arc include
Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional
information may be found at www.citigroup.com or www.citi.com