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CITI launches premium credit card in China
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Citibank launched its top-tier credit card product ULTIMA in Shanghai yesterday, targeting the rising affluent in China’s mainland such as business elites and entrepreneurs.
The launch of ULTIMA credit card came two years after the US-based bank issued its sole-branded credit cards on the mainland. Membership for the new card is by invitation only.
The product is well aligned with the bank’s aim to be a leader in the affluent segment, said Andrew Au, chairman and chief executive officer of Citi China.
China’s mainland is the fourth market after Singapore, Hong Kong, and India that roll out the new credit card. The average monthly spending of cardholders in those three markets is around US$10,000, according to Citibank.
Zhang Kai, Citi China’s consumer business manager said the credit card business plays a key role in expanding customer base.
“As China’s economy grows, the number of high net worth individuals is growing rapidly. They are looking for lifestyle experiences that are unique on their own,” said Zhang.
The ULTIMA card is in partnership with MasterCard for the US dollar-denominated card, and China UnionPay for the yuan-denominated card.
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