Citibank Singapore offers train rides as rewards
Citibank Singapore and transport provider SMRT Corporation have teamed up to launch a 'Citibank-SMRT Visa' credit and debit card that has 'EZ-Link' functionality and a travel rewards programme that gives cardholders free train rides with SMRT.
Citibank also plans to open 10 bank branches and 51 'Instant Banking Centres' at SMRT MRT train stations, boosting its presence throughout Singapore and providing SMRT's passengers (who make a total of 2 million trips each day) with easier access to the bank's products and services.
EZ-Link payments The Citibank-SMRT co-branded card offers Visa credit or debit functionality and the full range of Citibank Card privileges and services. One useful feature is the card's ability to function as a contactless EZ-Link Card as well. Cardholders can auto-top-up their EZ-Link account from their card account, and earn rebates with the travel rewards programme.
Cardholders earn up to 400 free SMRT rides per year using rebates from the auto-top-up function, along with rebates earned from credit card purchases (particularly grocery purchases and selected café outlets, which yield higher rebates).
The rebates and rewards that cardholders will earn include: up to 2% on auto-top-ups; up to 5% on groceries and coffee; and 0.3% for all spend beyond the monthly minimum spend of S$600 on the card statement. Cardholders are also eligible for various discounts at participating SMRT retail station outlets.
Growth opportunity Citibank reports double-digit percentage growth across all its business lines in 2006, including mortgages, auto finance, credit cards, 'Ready Credit' and deposits, investments and insurance products.
The 10 new branches at MRT stations will allow customers to open current and savings accounts, purchase basic investment and insurance products, and get approval for loans. Some branches will also have the ability to provide instant issuance of the new cards. The first two branches at Bugis and Tiong Bahru MRT stations will be opened within the next three months while the other eight branches will be opened over the next year.