CITICORP: CHOICE CARD(R) HAS OFFERED LOW INTEREST ALTERNATIVE TO CREDITWORTHY CUSTOMERS FOR FOUR YEARS
CITICORP: CHOICE CARD(R) HAS OFFERED LOW INTEREST ALTERNATIVE
TO CREDITWORTHY CUSTOMERS FOR FOUR YEARS
TOWSON, Md., Nov. 18 /PRNewswire/ -- Citibank today issued the following:
The business press (The Wall Street Journal, Nov. 13: The New York Times, Nov. 14) has cited the Choice Card, issued by Citicorp as a leading example of low-rate cards that financial institutions have begun to offer customers. Choice Mastercard and Visa have been successful over the past four years in offering low interest rates to creditworthy customers.
Here are several Choice facts:
-- Choice is one of five credit cards offered by Citicorp. First issued in 1987, the Choice Card was one of the first cards designed to appeal to consumers who are primarily interested in lower rates.
-- The Choice customer base has increased an average of 45 percent per year.
-- Choice has 2 million cardmembers, placing it 12th among bank credit card issuers nationally.
-- Choice Visa and Mastercard offer low fixed rates of 16.9 percent APR on balances less than $1,300 and then drops this rate to 14.9 percent on the portion of the balance above $1,300. There is a $20 annual fee.
-- Choice also offers a no-fee card with an 18.9 percent APR.
Why does Choice cost less?
-- Citicorp designed in Choice Card exclusively for people with a long history of excellent credit. Choice can afford to offer these low rates by only accepting good credit risks and by appealing to consumers who don't want to pay for enhancements such as Price Protection, Extended Warranty and Free Gifts which are built into Citibank Visa and Mastercard at $20 and 19.8 percent. The Choice Card provides all the essential features needed in a credit card such as excellent customer service, wide acceptance and cash access. For more information or to apply call 1-800-462-4642.
BRAND RATE FEE PREMIUM FEATURES DATE
(Visa & Mastercard) 19.8 pct $20 Price Protection 1977
(Visa & Mastercard) 16.8 pct $50 All the above plus 1982
Gold Card Enhancements
Citibank AAdvantage 19.8 pct $50 Frequent Flyer miles 1987
(Visa & Mastercard) 14.9/16
9 pct at
$1,300 $20 None 1987
(Visa & Mastercard) 18.9 pct None None 1990
Diners Club -- $80 Club Rewards Insurance 1954
/CONTACT: Gene Oaksmith of Choice, 410-832-4353, or Bill Ahearn of Citibank, 212-559-0409/
(CCI) CO: Citicorp ST: Maryland IN: FIN SU: JT-KW -- NY096 -- 4691 11/18/91 18:08 EST