Citibank Launches PremierMiles Credit Card
New Travel Card Offers the Best Miles-Reward Program and Complete Freedom in Redemption on Any Travel Related Spend
Singapore – Citibank today announced the launch of the PremierMiles Visa Credit Card, its first travel card in Asia-Pacific, which offers a suite of features and perks to create a comprehensive experience for travelers.
PremierMiles Credit Card revolutionizes travel rewards redemption on credit card spend with its best offer on miles, widest choice of frequent flyer programs and no expiry on Citi Miles.
It is also the first in the market to offer complete freedom and flexibility in redemption against travel related purchases charged to the PremierMiles Credit Card. Cardmembers simply need to call Citiphone to redeem any travel related expenses or purchases made overseas, within 60 days, offering a unique and flexible redemption programme with no restrictions.
The perks do not end with free travel as Citibank recognizes that increasingly consumers have a fresh perspective on travel and as they pursue different travel experiences, they look to their credit cards to enhance their lifestyle. For a luxurious travel experience, cardholders will have other perks such as access to airport lounges worldwide, global travel privileges and a 24 by 7 travel assistance service amongst other features.
“With the robust growth in Singaporeans traveling both in the corporate and leisure sectors, this segment has become a priority for us. The Citibank PremierMiles Credit Card is designed to give customers the best value on their everyday purchases, ensuring that frequent travellers will enjoy the benefits of air miles, free flights that come with it, by providing greater choice and flexibility,” said Mr Anand Cavale, Business Director, Credit Payment Products, Citibank.
PremierMiles cardholders are offered one of the best redemption rates in the market with 1.2 Citi Miles for every S$1 charged to the card which can then be redeemed for any travel related purchases and air miles. Cardholders will also receive up to 20,000 bonus Citi Miles if they spend S$50,000 in the first year, and renew their card membership.
In addition, the PremierMiles Credit Card also gives customers the widest choice in miles redemption from any of the three air travel alliance programmes which are OneWorld, Star Alliance and Sky Team. These alliance programmes has more than 53 airlines represented within them.
An added value for cardmembers is that Citi Miles never expire. They can accumulate and retain their Citi Miles on their credit card till they wish to convert their Citi Miles into air miles on a particular frequent flyer programme, which will then enable them to keep their frequent flyer miles for up to another three years, depending on the programme.
In addition, PremierMiles cardholders will receive an invitation to enjoy a one-year Citigold experience with preferential investment requirements.
Trends for travel spend on Citibank’s credit cards and miles redemption from points accumulated on card spend rose above 15 percent year-on-year in 2007, an indication of demand for this product. According to Visa data , Singaporean Visa cardholders spent S$2.08 billion overseas on their Visa cards in 2006, a 10 percent increase over 2005.
While Singaporeans spent the most in destinations within Asia Pacific (62 percent or S$1.29 billion), the Visa spend data also revealed an increase in the amount spent by Singaporean Visa cardholders in longer-haul destinations in the US and Europe. The US recorded 16 percent (S$328 million) of the total outbound spend in 2006, compared with 15 percent (S$304 million) in 2005. Destinations in Europe recorded 19 percent (S$390 million) of the total spend by Singaporean Visa cardholders in 2006 compared with 18 percent (S$360 million) in 2005.
“Singaporeans love to travel – both within Asia Pacific and to longer-haul destinations. In that regard, we believe that efforts such as the new Citibank PremierMiles Visa Credit Card will receive a positive response from Visa cardholders,” said Ms Meranda Chan, country manager for Singapore and Brunei, Visa International.
Mr Cavale added, “We have invested a significant amount of time and research to truly understand and meet frequent travellers’ unique needs. It became obvious to us that increasing numbers of our customers were traveling more frequently and choosing to convert their credit card rewards into air-miles. And as travel becomes a focus and a lifestyle pursuit for more Singaporeans, they will respond to service and rewards tailored to them - in this case, a card which helps them enjoy premier travel experiences.”
Besides all the benefits specifically catered to travellers, PremierMiles Credit Card also offers the benefits of a Citibank card including Citibank World Privileges, auto-enrolment for travel insurance, 24 by 7 Citiphone Banking and worldwide card replacement.
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