Citibank and MasterCard Worldwide have launched Citi DIVIDEND WORLD MasterCard. Targeted at the mass affluent segment, Citibank’s latest credit card is, reportedly, Singapore’s first that combines the value of cash back with the premier lifestyle privileges.
It has been reported that as of August this year, Citibank Singapore has seen a year-on-year increase of 30% in the total number of Citi DIVIDEND Cards. Further, the number of transactions on the card increased by almost 30%. These figures indicate the increasing importance that customers are placing on cash back returns over other rewards.
John Denhof, business director of Credit Payment Products, Citibank Singapore, said: “Our customers are always looking out for tangible savings in the form of cash back over other types of rewards. Hence, this product combines the best rate of earning cash back with giving customers the widest possible choice of using their rewards. With the Citi DIVIDEND WORLD MasterCard, we are leveraging on the success of the Citi DIVIDEND Card – Singapore’s first cash back card – and enhancing its unique value of cash back across all categories of spend with the exclusive lifestyle and premier travel benefits of WORLD MasterCard.”
Citibank’s figures on its card members’ behavior are supported by the latest results of the MasterCard Worldwide Survey on consumer purchasing priorities. According to the survey, 88% of Singapore respondents said they were going to save more, or as much as they had been saving over the past six months.
Julienne Loh, vice president, country manager, Singapore, MasterCard Worldwide, said: “Our research shows that for the mass affluent in Singapore, the Citi DIVIDEND WORLD MasterCard gives both savings with cash back on their purchases as well as exclusive lifestyle benefits which ensure that cardholders continue to enjoy the best things in life. The World MasterCard premium tier offers a suite of benefits and privileges designed to suit their discerning tastes, including access to MasterCard Moments, an online repository of retail, travel and entertainment privileges. Cardholders also enjoy unsurpassed global acceptance.”
