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MAKER OF AMERICA'S NO. 1 CAR AND NATION'S TOP BANKCARD ISSUER ANNOUNCE NEW FORD CITIBANK VISA AND MASTERCARD

 NEW YORK, Feb. 11 /PRNewswire/ -- Ford Motor Company, maker of the best selling car and best selling truck in the United States, and Citibank, the nation's number one bankcard issuer, introduced today the Ford Citibank Visa and MasterCard.
 The new card offers customers the opportunity to earn substantial automotive rebates on the purchase or lease of any new Ford, Lincoln, Mercury automotive or Ford light truck. Customers can earn rebates equal to 5 percent of purchases up to a maximum of $700 per year, for a total rebate of $3,500 in five years. In addition, any balance transferred from a non-Citibank card will enjoy a special 9.9 percent consolidation rate from April through August. The introduction will be supported by a major national advertising campaign and multi-tiered marketing program.
 The Ford Citibank card allows customers to earn rebates on all of Ford's most popular products, including the Ford Taurus, the best selling car in America in 1992, and F-Series, the best selling truck. Rebates also can be applied toward the purchase or lease of the all new Lincoln Mark VIII, or any other Lincoln-Mercury vehicle. Earned rebates can be redeemed in any amount from $50 up to the program maximum of $3,500.
 "In teaming with Citibank, we're joining the largest bankcard issuer to offer the best credit card rebate offer on the best selling cars and trucks in the world," says Robert L. Rewey, vice president - sales operations, Ford North American Automotive Operations. "Both Citibank and Ford are committed to quality in all of their services and products."
 "We decided on this relationship because Ford is the one automobile manufacturer we feel can offer our customers the same level of quality and service that they expect of Citibank," says James L. Bailey, executive vice president in charge of North American Consumer Banking at Citibank. "Together, our companies can offer a level of excellence that no competitors can match."
 How The Rebate Program Works On The Ford Citibank Card
 Five percent rebates are earned on all purchases (excluding cash advances, returns or credits) up to a maximum of $700 per year and a total rebate of up to $3,500 in five years. Rebates will accumulate and be reported monthly on cardmembers' statements. The rebate earned from a Ford Citibank card can be used as a down payment for a purchase or lease and is in addition to the best negotiated price and any other available customer offers.
 To redeem their rebate, cardmembers simply call a toll-free number, request a rebate certificate equal to the amount of the rebate they choose to redeem, and then present the certificate to a Ford or Lincoln- Mercury dealer upon completion of a purchase or lease agreement. The rebate amount is deducted from the best negotiated price, and is in addition to any other rebates.
 APR, Annual Fee Waiver, and Bonuses
 The Ford Citibank Visa and MasterCard has a low variable annual percentage rate of the U.S. Prime Rate plus 9.4 percentage points, currently 15.4 percent. The APR will be adjusted quarterly based on the U.S. Prime Rate as reported in The Wall Street Journal.
 Starting mid-March, Ford Citibank cardmembers will be notified of a special offer where they can transfer a balance from another credit card company to their Ford Citibank card and be charged a 9.9 percent APR on the transferred balance beginning April 5 through Aug. 31. After Aug. 31, the interest rate will return to the cardmember's normal rate. Balances transferred to the Ford Citibank card will not be eligible for rebate credit.
 The $20 annual fee will be waived for all new cardmembers in the first year of their membership. Thereafter they will earn a $50 rebate bonus whenever they pay their annual fee.
 The Ford Citibank card comes with many no-cost benefits and features that have made Citibank the nation's leading issuer of bankcards, including: the Photocard option, which allows cardmembers to have their photographs digitally imprinted into the card; 24-hour emergency card replacement; Fraud Protection; ATM Locator Service; and Citibank's outstanding 24-hour-a-day, 7-day-a-week customer service.
 Citibank is the largest issuer of bankcards in the nation, with more than 30 million cards in circulation.
 -0- 2/11/93
 /CONTACT: Thomas Rhoades of Ford Motor Company, 313-337-3864; Susan Weeks, or Maria Rullo, 212-559-0409, or 212-559-0580, both of Citibank; or Michael Sullivan, or Jo-Ann Harding, 212-593-6389, or 212-715-1513, both of Ruder Finn, for Ford Motor Company/
 (F)


CO: Ford Motor Company; Citibank ST: New York, Michigan IN: AUT FIN SU: PDT

LR-PS -- NY030 -- 5654 02/11/93 11:28 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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