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16.11.2007 /Credit cards
 Citibank's Credit Card Holders will save up to 10% on their X-mas shopping
1st time in Russia Citibank introduces 10% cashback on purchases made by any credit card issued in Russia
ZAO Citibank has announced the launch of an unprecedented credit card promotion whereby its customers can get 10% cash back on the amount exceeding the minimum spending threshold, which is being set individually. At the same time there is no limit of the maximum amount of cash-back possible. The promotion will last till end of November and the cash back amounts will be credit to the accounts by 14th of December.
According to Citibank's information volume of spend on credit cards during X-mas period increases from 10% to 30% on average. At the same time the growth is being registered in most of spend categories. Besides usual growth in the category of gifts purchases (including kids toys, clothes and small electronics), we also register significant increase of spend on groceries and even larger buys (furniture and expensive home appliances). Also we see growth in the travel related segment of spend (tickets, hotels, travel goods) and spend at the gas stations.
Results of the research done by Citibank among its customers in 2007 clearly show that the most desirable reward for cards usage is either immediate discount at POS or cash back on their day-to-day purchases (more then 40% of respondents). Together with the mentioned increase of spend it is considered very topical during x-mas period.
In response to the needs of our customers who actively use their credit cards, Citibank has decided to reward them with real money, which customers would be able to spend at their own discretion. In Citibank this promotion is considered as another step towards implementing Citibank's strategy of promoting credit cards as a convenient way to pay for daily expenses. Before, Citibank was the first in Russia to introduce a grace period on credit cards in 2005 and to issue Cash Back credit cards, which return 1% in cash back on a monthly basis in the beginning of 2007.
Selim Ergoz, Citibank Head of Credit Cards, said: "We receive very positive feedback from customers using our Cash Back Credit Card. They say, how they appreciate the opportunity to use the money, saved on the things they were to buy anyway, for buying gifts for their significant ones and themselves. That makes us very confident that additional 10% for x-mass shopping would make the preparation for the holidays even more pleasant".
George Denisenko, Citibank Credit Card Portfolio Manager, commented on the promotion: "We plan to spend several million rubles on cash back payments during the promotion. We regard this as an investment in Russia's credit card market in general. Our task is to show, with the help of various stimuli, the convenience, security and benefit of using credit cards in day-to-day life."
To qualify for the cash back promotion, customers must, in November 2007, make credit card purchases in an amount in excess of their monthly average credit card spending. Customers will receive cash back of 10% of the amount exceeding the minimum spending threshold provided that the debt on these purchases is not paid off as at December 10, 2007. This promotion is open to the holders of any Citibank MasterCard credit cards in all Russian cities and regions where there is a Citibank branch or office. Customers may call 24-hour Citiphone to find out the minimum threshold amount.
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