BWI: Citibank India Strengthens Its Cards Market Leadership with New Strategy

Press release from Business Wire India
Source: Citi
Tuesday, May 22, 2012 03:04 PM IST (09:34 AM GMT)
Editors: General: Consumer interest, People, Travel & tourism; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Travel & tourism
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Citibank India Strengthens Its Cards Market Leadership with New Strategy
Anticipates Customer Needs with Best-in-Class Airline Agnostic Credit Card

Mumbai, Maharashtra, India, Tuesday, May 22, 2012 -- (Business Wire India) -- Citibank India today reaffirms its strategy to be a leader in the cards segment by strengthening the offerings of India's first airline agnostic card, Citibank PremierMiles Credit Card. In response to the changing preferences and behavior among consumers in India, Citibank has mutually agreed to exit its co-branded card partnership with Jet Airways to introduce a more advanced Citibank PremierMiles Credit Card.

Based on consumer insights and market estimates, not only has the number of air travelers seen strong growth in the past 12 years due to greater affordability and affluence among the emerging affluent class, air travel itself has become extremely fragmented amongst the seven domestic airlines. Today, the Low Cost Carriers (LCC) segment contributes around 50% of the total air travel in India, compared with 1999, when LCCs were not present, at the time of Citibank launching market's first cobranded airline card with Jet Airways. As consumers become more sophisticated in their air travel, LCCs are now perceived as "smart" travel. Citibank customer research also showed that nearly 94% redemptions of miles are being made for the domestic sector and that almost 50% of travel is being planned a week in advance.

The Citibank PremierMiles Credit Card gives the customers what they need; by freeing them from the limitations of choosing one loyalty program over another, while giving them the unparalleled flexibility of earning and redeeming miles across 100 domestic and international airlines.

Anand Selvakesari, Country Business Manager, Global Consumer Group, Citi India, said, "Citibank India has maintained its leading position in the market by meeting and anticipating the changing needs of its customers. Our research shows that with the fragmentation in the aviation industry there is a significant increase in domestic traffic vis-à-vis international, consumer preference has shifted to low cost airlines and travel has become spontaneous. Keeping these in mind, we strongly believe that an airline agnostic card, the Citibank PremierMiles card, is the way for the future for cards in this industry segment."

Muge Yuzuak, Business Manager Cards and Personal Loans, Citibank India, said, "This card reflects our commitment to serve products that are strong, research-backed and customer-centric. The flexibility and value offered by the Citibank PremierMiles Credit Card is unmatched in the industry today."

"All of our valued Citibank Jet Airways card customers will have the choice to transfer to the Citibank PremierMiles credit card programme which offers many new privileges, including a special 10,000 bonus miles free credit to their new PremierMiles account. JPMiles earned on the existing co-branded card, will continue to be seamlessly transferred to Jet Privilege programme through the validity of the existing credit card," Muge added.

The key features of the Citibank PremierMiles Credit Card include:

-- Airline agnostic credit card: Flexibility to earn and redeem miles across 100 airlines, in particular across all 7 domestic airlines.

-- Superior earn rate: 10 Miles per Rs.100 on all airline spends and 4 Miles per Rs 100 on all other
spends.

-- Open architecture: Redemption on airline, hotel and car rentals.

-- Convenience: Exclusive, simple to use PremierMiles portal: www.premiermiles.co.in enabling consumers to plan and book their end-to-end travel from choice of airlines, hotel options and ground transportation providers. Miles can also be redeemed at short notice, upto three hours prior to departure.

-- Never expiring miles, 'No quota' for redemption and 'No Blackout' dates.

-- Other Privileges include dining, movies, shopping and lounge access.

-- Annual fee of Rs 3000 only, which include 10,000 miles introductory offer. Earn 3000 Miles on every annual renewal.

-- Citibank Jet Airways credit card customers to be offered a special annual fee of Rs 1000 only, which also
include the 10,000 miles introductory offer.

About Citi:

Committed to India for over 110 years, Citi takes pride in being a premier locally-embedded financial institution backed by an unmatched international network. Citi's presence in India spans 42 Citibank branches across 30 cities and over 700 ATMs. With capital invested of around US$4 billion, Citi is the single largest foreign direct investor in the financial services industry in India and offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi is an employer of choice to approximately 7200 employees in India. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI). In line with our commitment to make a positive difference in the communities where we work, Citi India's citizenship programme targets its strategic efforts in the priority focus areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods.

Additional information may be found at http://www.online.citibank.co.in/press-room/citi-in-india.htm

To view the photograph, please click on the link below:
From Left to Right: Anand Selvakesari, Country Business Manager, Global Consumer Group, Citi India, Muge Yuzuak, Business Manager Cards and Personal Loans, Citibank India and Harpreet Grewal, head Credit Cards Product, Citi India.
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Pic_1(525).JPG
Pic_1(525).JPG


CONTACT DETAILS
Jane Ong, Citi, +91 (22) 40015056, jane.g.ong@citi.com
Debasis Ghosh, Citi, +91 (22) 40015009, debasis.ghosh@citi.com
Ritish Das Gupta, IPAN Hill and Knowlton, +91 9870247298, rdasgupta@ipanhillandknowlton.com

KEYWORDS
CONSUMER, PEOPLE, TOURISM, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, TRAVEL

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