Citibank launches co-branded credit card

Global financial giant Citibank NA has launched its latest credit card in the Philippines, which it co-branded with one of the most influential stores in the country.

Called the Citi-Rustan’s card, it is the country’s first and only luxury shopping credit card that offers up to three percent rebate for all purchases made at Rustan’s Department Store, Rustan’s Supermarket and Stores Specialists Inc. stores.

“On top of this great deal, cardholders can also enjoy a 0.5-percent rebate on all other purchases plus preferential discounts, priority services, exclusive offers, and special benefits at partner establishments,” said Mark Jones, Citibank country business manager and global consumer group head.

He said the latest plastic money is an “aspirational brand as it helps affluent customers spend more, in places they like, and in the most pleasant way.”

The card will come in gold and platinum categories as it is mainly addressing the affluent segment of society.

Jones, calling it a perfect match, admitted that it is the second of its many card models co-branded with a prestigious local firm. The first is the Citi-Mercury Drug card.

 “We hope to distribute up to 100,000 Citi-Rustan’s card within the next six to 12 months,” he added.

At the start of 2008, Citibank’s card base already stood at 1.2 million and is forecast to reach 1.5 million by yearend. It is the largest credit card issuer in the Philippines accounting for over a fifth of the five million cards-in-force.