Citibank Ready Credit targets mid and high income customers
Building on the successful launch of Citibank Ready Credit Premium in 2008, Citibank announced today that it plans to grow its mid and high income client base by offering an expanded range
Online, October 28, 2009 (Newswire.com) - Bangkok - Building on the successful launch of Citibank Ready Credit Premium in 2008, Citibank announced today that it plans to grow its mid and high income client base by offering an expanded range of tailored financial services and products to this segment.
The new Citibank(http://www.citibank.co.th) Ready Credit Premium services will provide customers with greater access to funds and exclusive interest rate benefits.
Mr. Shahnawaz Lalani, Consumer Lending Director, Citibank Thailand said, "Our move to attract mid to high income customers through Ready Credit Premium builds on the successful launch of Citibank Ready Credit. In spite of the challenging business and economic environment we recorded a 7% growth rate last year and currently enjoy a 9% share of the balance in unsecured loans market."
He added, "The mid and high income sector is relatively underserved and our value added products will provide these customers with financial flexibility, loyalty-related rewards and enhanced convenience and access.
"A good example is the Citibank Ready Credit Premium cash card which was designed to serve individuals with monthly income of 30,000 baht and above exclusively. We are confident that this offering will be as successful and well received as the Citibank Ready Credit cash card, which was a first of its kind product for the lower income customer segment."
Mr. Suchira Nasunee, Ready Credit Business Head said other benefits will also be available to customers.
"Ready Credit Premium is offering a promotional interest rate of 20% for 10 cycles. This is on top of 0% interest rate for two cycles. New customers can apply for our Money Transfer Program to enjoy the 0% rate.
"Upon card approval, this program enables customers to transfer their cash from RC Premium into any of their preferred savings or current accounts with ease."
In addition, Ready Credit customers will not be charged any cash advance fees for cash withdrawals. They will also be exempt from VAT charges for cash advance transactions. For short term cash advance usage, withdrawing from Ready Credit will allow customer to save up to 50% on the charges they pay compared to using a normal credit card.
The Citibank Ready Credit Premium benefits and special privileges include:
• A 22% preferential rate for life (one of the most competitive rates)
• Double reward points that can be used to redeem cash rebates and a suite of gifts and vouchers from the Ready Credit Reward Catalogue
• Higher withdrawal limit (B 100, 000 - maximum of 5 times per day)
• No cash withdrawal fee or annual fee
• Repayment of only 4% of outstanding balance or minimum 200 Baht
• Credit Limit of up to 4 times of income
• 0.99% interest rate for 48 month tenor for the "Call for Cash" program
Consumers who have income more than 30,000 a month can SMS: RP1Name to 4520000 to apply. Or call 1588 for further details or visit www.citibank.co.th.
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Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.