MANILA, Philippines - Citibank is seeking to grow its Philippine consumer business by rolling out a new credit card product aimed at yuppies.
The new credit card is the American bank's 15th variant in its "plastics" portfolio for the local market.
The Citibank Rewards Card targets young professionals who regularly allocate budget for shopping and factor in recreation into their lifestyle, such as watching movies.
It is also aimed at capturing the growing market of Filipino consumers who are drawn to instant gratification offers.
Bea Tan, head of Citi Philippines' credit payment products, said in a press briefing on Wednesday that the launch of this new product - alongside other credit card initiatives lined up by Citi for the rest of the year - would help "protect" the bank's market leadership in the local credit card industry and support plans to grow Citi's local credit card portfolio by 8-10 percent this year.
Citi has close to a million active credit card issuers and a leading local market share of 21 percent in sales and 22 percent in outstanding receivables at present. It has about 4,000 partner-merchants nationwide.
As Citi marks its 200 years as global company this year, Citi Philippines consumer business manager Sergio Zanatti said the launch of this new product was a reaffirmation of the bank's commitment to anticipate the needs of consumers and drive innovation.
"The bar has been raised from the consumers' point of view. The expectations very high," Zanatti said.
The exclusive features of the new Citibank card are as follows:
Cardholders get a free P100 movie pass for a minimum single-receipt purchase of P2,500 anywhere, including online and international transactions. They no longer have to collect and present charge slips as the passes are credited to their accounts three business days after the purchase and are valid for 30 days. Up to two movie passes can be redeemed per day in participating theaters: Cash & Carry Cinema, Eastwood Cinemas, Festival Cinema, Greenhills Promenade, Greenhills Theater Mall, Robinsons Movieworld, SM Cinema and Water Mart Cinemas.
Cardholders will get a 5 percent rebate whenever they shop at selected partner merchants including Aldo, Aldo Accessories, Celio, Charles & Keith, Giordano, Marks & Spencer, Nike Park, Pedro, Runnr, Toby's, Topshop, Topman, Urban Athletics and Zara.
The card offers 3 percent rebates at The Landmark Department Store, Metro Department Store, Rustan's Department Store and SM Department Store. There will be a 1 percent rebate for all other department stores. Cardholders can use the rebates in denominations of P100 to pay for their next purchase at the participating shops and department stores. The rewards do not expire.
The Citibank Rewards Card also waives annual fees for primary cardholders (P2,000) who spend at least P20,000 per month or P240,000 within their year of membership. Fees can be waived for supplementary cardholders (P1,000) as well if they make at least six purchases every membership year.