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Citi Card entered the Romanian market

Autor: Bancherul.ro
2008-05-30 10:42
Romanian citizens can now profit from a unique security features package for their credit cards. Citi Card, the world’s leading credit card, entered the Romanian market in its two versions: Classic and Gold, said the bank in a statement.

“Bringing the number 1 credit card in the world is a reaffirmation of Citibank’s commitment to the local market. Citi Card Visa is a key-product for the bank, at international level, and represents an important strategic step for new investments in our operations in Romania”, said Shahmir Khaliq, Citi Country Officer. “We expect to be one of the leading card issuers in the market over the next few years”.

"The decision to enter the Romanian market was carefully evaluated and followed an extensive research study performed by Citi’s traditional partner in Europe, Research International. The conclusions of the report were that credit card ownership is still considerably low in Romania. Out of the total bankcards issued, only 7% are credit cards and their usage, still mainly related to cash withdrawals from ATMs or bank branches is affected by barriers such as: habit and security concerns”, said John Hays, Country Business manager of the Consumer Bank, Citibank Romania.

“Citibank Romania now issues a card which is accepted in millions of locations all over the world and has the most innovative security features package in Romania. Moreover, we are also committed to play a big part in the financial education of the Romanian society", added John Hays.

"This new credit program constitutes a remarkable entry into the Romanian credit card market of one of the most successful card issuers in the world and I am confident it will be a very strong driver of card usage at merchants in our market” said Catalin Cretu, general manager Romania, Visa Europe. "An important benefit for cardholders is the package of security measures, unique on the Romanian card market, that are a key protecting shield for consumers.”

On a security level, there are at least 5 services through which Citi Card Visa ensures the most complex package of security measures on the Romanian market. The cardholders can now personalize their credit cards with their picture and signature. There is a monitoring system that tracks the credit card owner’s shopping habits and identifies suspicious transactions. Any such transaction is verified by phone with the credit card owner and, in case the fraud is confirmed, the credit card is blocked.

Also, future Citi cards owners can benefit from the Citi Alert service, which informs the customer on every transaction through SMS or e-mail.

Another unique characteristic introduced by Citi Card Visa on the Romanian market is the customers’s possibility of choosing their own PIN code, which is set by phone, through the CitiPhone service (0801 024 – 842, the blue line, with local tariff; +40 (372) 124 842 – mobile and international).

The CitiPhone service can be used to block a stolen/ lost credit card. CitiPhone service can be also used to request details referring to the current balance and, and to make utilities payments, to communicate complaints, to announce personal data changes (name, address), etc.

“The innovation is present on all levels, both in security terms and in fast operation and access to information terms”, added John Hays. “An example of such innovation includes the fact that up to 6 extra credit cards can be issued, without charges, for the same account. The owner of the main credit card can set limits for the supplementary credit cards”.

Other services attached to Citi Card Visa are: “Equal Payment Plan” – it offers the possibility of reimbursing the amount of money in equal installments with a lower annual interest rate; insurance of the credit used – it covers the amount of money used from the credit card, in case of temporary or permanent loss of the work capabilities, job loss or death.

Customers will have the first year annual fee waived if just one transaction is made on the card within the first two months after its issuance (cash withdrawal or retail purchase). The free services offered by Citi Card Visa also include: blocking and reissuing the new card, monthly account statement, setting the PIN code, the card transactions monitoring system, the card’s personalization with the customer’s picture and signature, the CitiPhone service etc.

In order to obtain a Citi Card Visa, the customer doesn’t have to own a current Citibank account and a co-debtor is not requested. The applicant must be aged at least 21, and the minimum income for a Citi Visa Classic is of 570 RON – for employees and retired persons – and 1500 RON – for entrepreneurs and freelancers. For Citi Visa Gold, the minimum income accepted is 2000 RON.

The interest rate is of 27.99%, APR: 31.88%, the cash withdrawal commission: 2%, not less than RON 5, and the grace period: 54 days.