HONG KONG, CHINA - Media OutReach - July 28, 2017 - Citigroup Inc. (NYSE: C)
Citi announced today the launch of the Citi Cash Back Visa Card, which offers cardholders unlimited 2% cash rebate on local dining and hotel transactions, unlimited 1% cash rebate on other local spending, and unlimited 2% cash rebate on foreign currency spending, which effectively means having the 1.95% currency transaction fee waived -- the most comprehensive year-round cash back rates offered in a single credit card in Hong Kong.
The Citi Cash Back Visa Card provides a simple and straightforward way to reward cardholders who prefer hassle-free reward redemption. The cash rebate, upon reaching HK$200 or above, will be automatically credited to the card account in the next statement cycle for offsetting outstanding balances and new purchases. No registration and reward points conversion are required.
"As the world's largest credit card issuer, we are committed to delivering competitive card products that are relevant to our customers' spending habits and preferences. Hongkongers are known for their love for food and travel. With the new Citi Cash Back Visa Card, they are able to earn unlimited 2% cash rebate when dining out, including hotel spending which in Hong Kong are often not counted as eligible dining transactions. The unlimited 2% cash rebate on foreign currency spending also makes the Citi Cash Back Visa Card the ideal credit card for travelling abroad and shopping on overseas websites," said Lum Choong Yu, Head of Cards and Unsecured Lending for Citibank Hong Kong.
A research commissioned by Visa reveals that cash rebate is the most preferred credit card feature across all customer segments in Hong Kong. "Hong Kong people love cash rebate over other card features. Consumers have told us they want a reward program that is simple to earn and easy to redeem. We are excited to see the launch of the Citi Cash Back Visa Card with its clear and unlimited cash rebate earned," said Caroline Ada, Country Manager of Visa Hong Kong and Macau.
"Customers have different needs but one thing they share in common is their preference for attractive rewards, simplicity, and convenience when choosing a credit card. With the competitive cash back rates combined with the automatic, easy-to-understand reward mechanism, we are confident that the Citi Cash Back Visa Card will become the go-to cash back credit card for Hongkongers," Lum added.
In July, Citi launched a new feature on the Citi Mobile App, which enables convenient credit card activation and creation of logon ID on mobile phones. Customers who are not registered Citibank Online users can also set up credit card ATM PINs through the app. This follows the introduction of an innovative digital platform for credit card application in early 2016.
"With over half of our customers already digitally active, making banking easier, faster, and safer by leveraging digitization and mobile technology remains a top priority for us. We will continue to accelerate our effort in enhancing our mobile banking capabilities to deliver a remarkable digital experience to our cardholders," Lum concluded.
Key Features of Citi Cash Back Visa Card
- Unlimited 2% rebate on local dining transactions
- Unlimited 2% rebate on local hotel transactions (not restricted to spending in hotel F&B outlets only)
- Unlimited 1% rebate on other local spending
- Unlimited 2% cash rebate on foreign currency spending (which effectively means the 1.95% currency transaction fee is waived)
- No cap on rebate earned, no spending requirement
- Free Global Purchase Protection up to HK$60,000 against damage, loss, or theft within 30 days of purchase
- Annual fee waiver upon meeting HK$100,000 annual spending
Early Bird Welcome Offer -- 10% rebate on the first HK$15,000 spent (equivalent to HK$1,500)
From now until August 31, 2017, new customers who successfully apply for a principal Citi Cash Back Visa Card upon meeting the spending requirement of HK$15,000 within the first two months are entitled to:
- 8% rebate on the HK$15,000 spent (equivalent to HK$1,200); and
- The first 6,000 applicants who successfully submit their principal card applications within the promotion period from now until August 31, 2017 will earn an extra 2% cash rebate on the HK$15,000 spent (equivalent to HK$300).
Terms and conditions apply. For more details, please visit, Citibank.hk/cashback
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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