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Citibank (Citi), the largest MasterCard issuer, and American Express recently announced a major partnership whereby Citibank will issue 5 of its popular card offers on the American Express network. The new Citi American Express Cards will feature premium benefits and customer service from Citibank and will be honored wherever American Express cards are accepted. The new cards will offer various reward programs commonly associated with Citi cards, including cash back and reward point programs.
Other benefits of the Citi American Express Cards will include:
- No liability on unauthorized purchases
- 24/7 customer service
- Citi Identity Theft Solutions and Fraud Early Warning
- Option to pay over time or pay in full
- Worldwide Car Rental Loss and Damage Insurance
- 24-hour Emergency Assistance Services
- Worldwide Travel Accident Insurance
- Access to more than 2,200 American Express Travel Services locations
- Deals and discounts
- Worldwide acceptance of American Express cards
According to a recent news release, Vik Atal, Chairman and CEO of Citi Cards North America stated:
"We're excited by this new relationship, and the prospect of providing our customers and prospective customers with the superior benefits and services these new cards will have. As always, we're committed to exceptional customer service, and by issuing some of our most popular card products on the American Express Network, we're offering customers many of the features and benefits they want in a credit card."
Peter Godfrey, President of American Express Global Network, added:
"This partnership brings together two highly successful and internationally recognized brands for the benefit of all cardmembers looking for high quality products and service. We are delighted that Citibank is providing consumers with a credit card on the American Express Network that allows them to experience the best of both worlds."
Citi American Express Cards set to be available on January 15, 2006 are:
• The Citi Platinum American Express Card, a no-annual fee card that offers points on purchases through the ThankYou Network, Citi's no-fee rewards program featuring a variety of merchandise, travel and gift cards at leading retailers and restaurants. Cardmembers will have access to hard to find tickets to shows, concerts and sporting events. A 12 month introductory offer provides a 0% APR on eligible balance transfers.
• The Citi Dividend American Express Card enables cardmembers to earn 5% cash back on purchases at supermarkets, drug stores and gas stations; 1% cash back on other purchases and eligible cash advances; and cash back on eligible balance transfers. Cardmembers also pay no annual fee.
• The Citi/AAdvantage American Express Card allows cardmembers to earn one American Airlines AAdvantage® mile for every dollar they spend on purchases - up to 60,000 miles per calendar year.
• The no-annual fee Citi PremierPass American Express Card offers cardmembers one ThankYou Point for every three miles flown on any airline and one ThankYou Point for every dollar spent on purchases - up to 100,000 ThankYou Points per year (50,000 of which can be earned for miles flown).
• The Citi Diamond Preferred Rewards American Express Card offers cardmembers 5 ThankYou Points on purchases made at supermarkets, drug stores and gas stations and 1 ThankYou Point for every dollar spent on other purchases during their first year of cardmembership. After the first year, cardmembers will earn one ThankYou Point on all eligible purchases.
This alliance will result in huge marketing opportunities for both banks. Citibank is the third U.S. bank to offer cards on the American Express network. More such alliances are likely to occur later this year.
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