Citibank Cash Back Gold Card Set to Increase Market Share in Malaysia

Offers Attractive Cash Rebates as High as 3.88%

Kuala Lumpur – Imagine getting up to 3.88% cash back each time you spend with your credit card. Now that dream can become a reality with the launch of Citibank’s Cash Back Gold card.

One of the most powerful cash back cards in the marketplace, the Cash Back Gold card will be quite different from traditional cards as it offers cardholders cash back as high as 3.88%, and around the clock personal assistance via Gold-On-Call Assistance.

“For mass-affluent cardholders, this means that they can get cash back and personalized assistance that will cater to their needs. As cardholders are given the option to receive more cash back, they can now spend more with their Cash Back Gold card. With tangible and instant benefits, cardholders are given the ability to save on their credit card bills as cash will be automatically credited into their account on a monthly basis,” said Vipin Agrawal, Cards Business Director for Citibank Berhad at the launch today.

“We first launched the Cash Back card in 2004 and back then, we were testing the market with this new proposition. In the last few years, the take-up of the cash back card has been increasing. Taking various customers’ feedback into consideration, we designed the Cash Back Gold credit card to fulfill the needs of the mass-affluent and customers who prefer simple cash back into their account, instead of redeeming reward points. As an added benefit, the Citibank Cash Back Gold comes with all other features and benefits of a Citibank Gold card.

“In addition, we have also simplified the structure of the existing Cash Back card by reducing the number of tiers and increasing the amount of cash back offered to cardholders, which will be effective August 1, 2007,” Agrawal added. “The more cardholders use the Cash Back card, the more cash back they earn.”

The Citibank Cash Back Gold card gives customers cash on their monthly credit card spending based on a tiered rate every month. The Citibank Cash Back Gold card offers 0.50% cash back if they have carried forward balance of less than RM5,000; 2.00% for a carried forward balance between RM5,001 – RM10,000; and 3.88% for amounts above RM10,000.

Besides the Cash Back feature, customers will also obtain exclusive privileges available on the Citibank Gold card via Citibank’s Gold-On-Call Assistance. With the Gold Travel service, travel bookings can be made with the help of Citibank’s dedicated travel hotline, including free one-way airport transfer. Besides the delivery of tickets, customers will also automatically obtain free travel insurance of up to RM500,000 when customers charge their airline tickets to their Citibank Cash Back Gold card. All this will be available at no extra cost to cardholders.

The Citibank Cash Back Gold card also offers Gold SOS that provides 24-hour Roadside Assistance and towing services. This service provides customers with emergency towing and minor roadside repairs (changing tires, batteries and jumpstarting cars) anywhere in Malaysia.

Meanwhile, Gold Pleasures, through the Citibank World Privileges program provides cardholders with preferential treatment and discounts up to 50% at 40,000 establishments in more than 30 countries worldwide. In Malaysia alone, the program is available at approximately 2,000 retail outlets, including dining, shopping and entertainment.

Another privilege accorded to Citibank Cash Back Gold card members is Gold Finance. Here, the Citibank Cash Back Gold cardholder may be eligible for a credit limit increase after six months of membership.

Commenting on Citibank’s credit card growth strategy, Agrawal added: “The credit card industry is becoming very competitive, and as Malaysian consumers become more discerning, it is no longer a market where one size fits all. The Cash Back Gold card is another effort by Citibank to cater to the evolving needs of our customers.

Continued Vipin: “With the increase in credit availability and financial alternatives in the market, it has become more important for consumers to develop skills to help them make informed decisions to meet their long and short term needs. Credit cards are one of the most flexible credit tools available. Consumers must understand the importance of using credit wisely. When greater responsibility is exercised, it would be easier for consumers to achieve their personal financial goals.”