Citi and Banamex USA have jointly introduced a new co-branded credit card at select Citibank financial centers in Texas, US.
Through an ongoing pilot program available through eight Citibank financial centers in Texas and working with Citi Microfinance and Banamex USA, Citibank customers can now grant a shared-credit card to a friend or relative in Mexico with Banamex USA’s bi-national card program.
Citi said that this pilot program offers cash-back rewards, 24-hour access to accounts, additional cards at no cost and introductory annual percentage rate (APR) on purchases or balance transfers for 12 months, depending on the type of credit card selected by individuals with established credit history.
Individuals with no credit history will be able to open unsecured Citi Banamex USA bonus credit cards to establish credit history in the US with APRs that automatically reduce with credit and payment performance.
Qualified US applicants with no credit history in the US but with satisfactory credit history in Mexico will be able to use their credit history from Mexico to obtain a Citi Banamex USA card with a lower APR and higher line of credit.
Darryl Hendricks, central division manager for Citi, said: The partnership between Citibank and Banamex USA will assist Citi in its mission to offer credit solutions to the underserved markets in Texas.
Salvador Villar, president and CEO of Banamex USA, added: We know and understand the market needs, which is why we are implementing this program in Texas with which we hope to have positive responses and, of course, excellent results.