Citibank Singapore has announced that it will launch its Citi clear credit card, which will grant credit of S$500, representing a market first.
Citibank is first in the industry to capitalize on the new exemption for card issuers to grant unsecured credit not exceeding S$500 to those who do not meet the minimum annual income criteria. The Citi clear card targets this new emerging customer segment, which is estimated to be about 500,000, offering consumers more flexibility in payment, as well as an avenue for credit.
The Citi clear card offers significant lifestyle benefits such as dining privileges at selected establishments and discounts at about 600 locations.
Alice Fok, marketing director for Citibank Credit Cards, commented: We are delighted to be first-in-market to offer this segment of consumers a convenient, affordable and flexible payment channel. They will also be able to experience the innovative services that Citibank provides such as instant card issuance and biometric payment that offers a fast, easy and secure method of payment. Cardholders will also have access to a host of privileges and benefits tailored to their needs.
The launch of this card is also in line with the group’s strategy to bring new and innovative products and services to consumers, and showcase the choice and flexibility it provides. It will be available from July 20, 2007.