Citibank eyes 8-10% growth in number of credit cardholders

MANILA, Philippines - Citibank Philippines is looking at an eight- to 10-percent growth in its credit cards-in-force with the introduction of new variants.

 “We want to protect our leadership, and we also want to increase our share in the target market by the end of the year,” said Bea Tan, heads of Citibank Credit Payment Products.

Citibank is the recognized leader in the local credit card business. It counts nearly a million cards-in-force or roughly 20-percent market share of the business.

Citibank has introduced a new credit card, and in the pipeline this year includes a debit card. It has a total of 15 credit cards, either co-branded or stand-alone.

The newest member of the Citibank card family is the Citibank Rewards Card, which offers a year-round exclusive rewards offer, including free movie passes, shopping rebates and annual fee waivers.

Cardholders get a free P100 movie pass for a minimum single-receipt purchase of P2,500 anywhere, including online and international transactions. They are also entitled to a generous five-percent rebate whenever they shop at Citibank 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 three percent rebates at The Landmark Department Store, Metro Department Store, Rustan’s Department Store and SM Department Store. It also includes a one percent rebate for all other department stores.

Card members can use the rebates in denominations of P100 to pay for their next purchase at the participating shops and department stores. And to make sure the rewards never end, these rebates do not expire.

Tan said that the Citibank Rewards Card also waives annual fees for primary cardholders who spend at least P20,000 per month, or P240,000 within their year of membership. Supplementary cardmembers can also enjoy waived fees – the first three get waivers when they each make at least six purchases every membership year.