Citibank bullish, sees credit card business growing in RP
Friday, June 13, 2008
Citibank, the world’s largest provider of credit cards, sees its card business in the Philippines growing by double digits this year despite a slower economic growth.
Citibank country business manager Mark Jones told reporters at the launch of its Citi Premier Miles card yesterday that the company expected a robust growth in its credit card business as more people obtained jobs, became wealthy and switched from cash to card payments.
Jones said about five to six million credit cards in the Philippines were issued to some two million people. He said Citibank, or Citi, issued cards to 1.2 million people in the Philippines, with some of them owning two or more cards.
Jones said Citi saw consumer spending rising and remained bullish in the Philippines despite disappointing first quarter economic results.
“The only negative impact of the global developments on the Philippines is inflation,” Jones said.
The Citi Premier Miles card has a built-in market of 40,000 cardholders, which could easily be doubled to 80,000 this year. Citi Premier Miles card replaced the one that was exclusive to Cathay Pacific.
“We expect a huge increase because of its flexibility. We brought it in to replace a card that was discontinued. Now it’s more than just a replacement card, it’s a significant step forward,” Jones said.
Citi Premier Miles covers five frequent flyer programs, namely, Cathay Pacific’s Asia Miles, Singapore’s Kris Flyer, Philippine Airlines’ Mabuhay Miles, Thai Airway’s Royal Orchid Plus and Northwest Airline’s World Perks.
It includes two travel alliance programs, One World and Star Alliance, that allow cardholders to earn and redeem their miles in more than 70 airlines.
Citi card business director Bea Tan said earned miles in the newly launched card do not expire. In addition, travelers are compensated for missed or delayed flights as well as delayed or lost luggage if their travel tickets are paid using Citi Premier Miles.
News Source : http://www.manilastandardtoday.com/ |
