(Hong Kong, 16 July 2008) Citibank and Octopus Cards Limited (OCL) today jointly announce a
strategic partnership to launch a new co-brand card - Octopus
Citibank Credit Card ("The Card"), the first credit card
in the market with the Octopus function. The Card not only
has both credit card and contactless smartcard payment functions,
but also offers Citibank's cashback in addition to the existing
Octopus Rewards scheme that allows customers to make every
reward count.
The Card combines the best of both worlds. Customers can use the Octopus function
for fast and convenient small-value payments at over 50,000 points of
presence in both retail and transport, and the credit card for high-ticket
purchases at an extensive network of merchants all with one card. The
Card will have automatic reload for Octopus as a default feature. In
addition, cardholders can earn cash rebates through their credit card
spending which will be credited for their Octopus usage.
Neil Gardner, Director of Cards Business of Citibank Global
Consumer Group said, "We are very pleased to partner with
Octopus to enhance the market's cashless payment solution
for millions of Hong Kong
residents. This milestone launch demonstrates Citibank's
innovation and technology capability in the cards industry,
as well as Octopus' proven
expertise in contactless smartcard payment market. This co-brand
card puts the two of us at the forefront of the e-money market
and we are
very confident that the Card will be well received by the
market as it is a unique transport-retail payment card that
allows customers to manage
all their needs."
"We are very delighted to be partnering with Citibank to roll
out the first ever co-brand credit card in Hong Kong with
the Octopus function. Today's launch represents a major
milestone not only in Octopus'
history, but also in the development of payment cards in
Hong Kong. For the first time, customers can enjoy a 2-in-1
card with unprecedented
convenience and benefits. We look forward to a fruitful partnership
with Citibank, ultimately delivering a new kind of customer
experience to
the community," said Prudence Chan, Chief Executive Officer
of Octopus Cards Limited.
Key card features/benefits:
- Octopus Citibank Credit Card comes as a Platinum Card and
a Gold Card;
- The Card has both credit card and Octopus functionalities
for use at all merchant outlets accepting Citibank credit cards and/or
Octopus;
- The Octopus will be automatically reloaded from the credit
card;
- At least 0.5% of eligible credit card spending will be
offered as a cash rebate to offset the Octopus Automatic Add Value amount;
- No annual credit card fee; and
- No HK$50 deposit for Octopus.
Online pre-registration for Octopus Citibank Credit Card will
be accepted from July 17 to August 15, 2008. HK$50 Octopus Cash will
be offered to successful registered customers. Other offer details will
be announced soon. Customers can go to www.citibank.com.hk for online
registration. For enquiries, please call Citibank Credit Card hotline
at 8120 8628.
About Citi
Citi, the leading global financial services company, has
some 200 million customer accounts and does business in more
than 100 countries, providing 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,
and wealth management. Citi's major brand names include
Citibank, CitiFinancial, Primerica, Smith Barney, Banamex,
and Nikko. Additional information may
be found at www.citigroup.com or www.citi.com.
About Octopus Cards Limited
Launched in 1997, Hong Kong's Octopus is the world's leading
and most extensive smartcard payment system, with over
2,000 service providers across different businesses including
public transport, parking,
retail, vending and kiosks, schools and leisure facilities,
and access control for residential and commercial buildings,
with over 50,000
Octopus readers deployed in the market. Merchants and Octopus
holders embrace Octopus for both its simplicity and its convenience.
Today,
more than 17 million Octopus cards and products are in
circulation, and the system handles over 10 million transactions
a day, with transaction
value exceeding HK$85 million. In recent years, Octopus
has started to export its unique experience and technology
overseas, offering consultancy
services and holding workshops for parties from different
parts of the world.
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