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CITIBANK N.A. has partnered with Rustan Commercial
Corp. to expand the bank’s credit card business in the mass
affluent market.
Citibank launched Citi Rus-tan’s
Card.
Mark Jones, Citibank country
business manager, told reporters the lender expects to match the
100,000 frequent shoppers of Rustan’s in the issuance of Citi
Rustan’s credit cards this year.
This would increase the bank’s
total issued cards to 1.5 million this year.
Jones said Citi Rustan’s Card
is expected to contribute 10 percent of the bank’s loan portfolio
this year.
Citibank earlier said it expects
credit card sales to grow 10 percent to 15 percent this year, and
plans to issue an additional 200,000 cards this year from the
current 1.2 million.
Citi Rustan’s Card, which will
be available in Gold and Platinum, offers 3 percent rebate for all
purchases made at Rustan’s stores.
Rustan’s sells 60 international
brands, purchases of which are covered by Citi Rustan’s Card.
Citi Rustan’s Card follows the
launch of Citi Premier Miles, a traveling card for frequent
travelers, and Shell Citi Visa credit card, which gives rebates on
fuel purchases.
The bank also recently launched
CitiMobile, a text messaging-based credit charging service, which
allows Citi card holders in the country to order food and flowers
for delivery, reload prepaid phones and pay bills through short
message service without swiping the plastic.
--Maricel E. Burgonio
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