Citibank, the leading credit card issuer in Malaysia recently launched its latest campaign, "Stay For Sure."
Running from June 1 to August 31, 2006, the objective of the campaign is to encourage customers to consolidate their purchases on their Citibank credit cards. As incentive, free hotel stays will be given to Citibank credit card holders. To qualify, Citibank credit card holders must spend a minimum of RM8,000 (using their Citibank credit cards) within the next three months.
"We’ve designed a promotion that assures our customers a guaranteed reward, provided the requirements are met. We’re encouraging our cardholders to keep using our card as they stand to truly benefit from it. Furthermore, card consolidation enables customers to track their card spend more effectively, thus making them to be more conscientious of their finances," explained Vipin Agrawal, Cards Business Head, Citibank Berhad.
The Citibank "Stay For Sure" promotion is open to all credit card customers of Citibank – Platinum, Gold, Clear, Silver, Cash Back, Choice and Ready Cash. While the hotel stay can be redeemed and used between July 1, 2006 and February 27, 2007, reservations must be made by November 30, 2006.
Vipin also highlighted that given how the credit card market has grown, competition has moved to the next level – it is no longer merely about how many cards a bank has issued, it is now about which cards are used most frequently by customers. On average, industry statistics indicate that each person in Malaysia carries about three credit cards in their wallets.
Commented Vipin Agrawal: "People may carry several credit cards in their wallets. But with Citibank’s focus on loyalty and usage, the incidence of use of a Citibank credit card is certainly higher than that of others. From an industry-wide perspective, Citibank also tends to give higher credit lines to customers. With attractive usage promotions and merchant offers, we will continue to make Citibank credit card the primary card in customer’s wallet," he added.
For those who are not Citibank credit card holders, to get the free hotel stay all they need to do is apply for the Citibank credit card and swipe their card three times for any amount, within forty five days.
From March 2006, there were 8.03 million cards in force in Malaysia with usage amounting to RM10.9 billion.* In terms of credit card evolution, Citibank research indicates that Malaysia is still in the early stages of credit card product evolution where the penetration rate of 60% of target population is lower than other mature markets.
Citibank currently leads in the industry with a market share of 20% on card spend, significantly ahead of the next competitor. With wide product range, high credit lines and attractive benefits and privileges, Citibank intends to maintain continuous loyalty from its customers.
For more information on Citibank products or for updates on Citibank's latest promotions, please visit our website at www.citibank.com.my/.
* Data taken from Bank Negara Malaysia
