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CITIBANK AGAIN LOWERS CREDIT CARDS RATES FOR PREMIER MEMBERS; 1.7 MILLION ADDITIONAL CARDMEMBERS EARN PREMIER MEMBERSHIP

CITIBANK AGAIN LOWERS CREDIT CARDS RATES FOR PREMIER MEMBERS; 1.7 MILLION
    ADDITIONAL CARDMEMBERS EARN PREMIER MEMBERSHIP
    NEW YORK, Sept. 30 /PRNewswire/ -- Citibank today announced that it is again lowering the interest rate for its most highly qualified Classic and Preferred Visa and MasterCard customers.  Cardmembers who have already attained Premier Membership based on their longevity with the bank, payment history, and card usage, will have their rate dropped from 13.9 percent to 13.4 percent for Citibank Preferred accounts and from 15.9 percent to 15.4 percent for Citibank Classic accounts.  At the same time, the bank announced that an additional 1.7 million cardmembers have been reviewed and now qualify for Premier Membership.  The new rates are effective with the next billing cycle which begins Oct. 1, 1992.
    "This shows that lower rates are clearly an incentive toward more responsible credit behavior for cardmembers," said Richard Srednicki, the head of U.S. Card Products for Citibank.  "Since we're also the only major issuer that reviews and qualifies new accounts for lower rates quarterly, we're confident that we will see the number of accounts in Premier Membership continue to grow."
    To qualify for Premier Membership and earn the new, lower variable rate, cardmembers must have an account for 12 months or more, consistently manage their account responsibly by making timely payments and staying with their credit limits, and have total purchases since the account was opened of at least $1,000 for the Classic card and $3,000 for the Preferred card.
    Citibank will again review its portfolio of accounts in December and will extend Premier Membership to additional qualified cardmembers at that time.  The new, lower variable rates are adjusted quarterly and are determined by the prime rate as published in the Wall Street Journal plus 9.4 percentage points for the Classic card and 7.4 percentage points for the Preferred card.
    "When we introduced Premier Membership in April, we said that we'd eventually like to see all of our customers earn our best rate," said Mr. Srednicki.  "We will continue to do everything we can to place the control of pricing in the hands of our individual customers, and we look forward to extending Premier Membership to even more cardmembers at the end of the next quarter."
    Citibank is the largest issuer of bankcards in the country, with over 30 million cards in circulation.
    -0-             09/30/92
    CONTACT:  Susan Weeks of Citibank, 212-559-0580; or Michael Sullivan of Ruder Finn, 212-715-1513, for Citibank
    (CCI) --  -- X567  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
Words:424
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