Citibank Vietnam launches travel credit card

“We think the card market here is just beginning. We see real opportunities to come in,” Brett Krause, managing director, Citi country officer for Vietnam, said at a press conference in Ho Chi Minh City on Friday.

(L-R) Hoang Thanh Ha, public affairs officer, Citibank Vietnam, Brett Krause, Citi country officer, and Surath Chatterjee, regional head for credit cards and personal loans, Citibank Asia Pacific, introduce the Citibank PremierMiles Credit Card in Ho Chi Minh City Dec 10, 2010

The Citibank PremierMiles Credit Card leverages Citibank’s partnerships with major airlines in the region to offer best in class features and benefits to customers in Vietnam, he added.

Customers earn 1 Premier Mile for every VND20,000 ($1) of spend and cash advances on the card, 1000 Bonus PremierMiles upon renewal and 5000 Bonus PremierMiles for spend over VND500 million ($25,000) in one year.

Premier Miles can be redeemed for free flight awards on most airlines flying out of Vietnam, including Vietnam Airlines, Singapore Airlines, Cathay Pacific Airways (and Asia Miles partner airlines), Thai Airways and Delta Airlines to destinations around the world.

The Premier Miles that customers earn never expire, said Mr. Krause.

“The Citibank PremierMiles Card introduces a new and unique concept in credit cards to the Vietnamese market.

“It is the most prestigious and rewarding card ever introduced to
Vietnam, and at the same time it offers comprehensive protection backed by best-in-class technology and service.

“The Citibank PremierMiles Card is a reiteration of our commitment to bring world-class products and services to Vietnam.”

Citibank and MasterCard have collaborated to launch the card, Mr. Antonio Corró, country head and chief representative for Indochina, MasterCard, told the press meeting.

“MasterCard’s latest travel survey revealed that one in four consumers across Asia/Pacific is looking to travel. Catering to the needs of avid Vietnamese travelers, MasterCard is pleased to work with Citibank to launch the card.”

Vietnam is the 8th market in Asia where Citibank has launched the card, said Mr. Surath Chatterjee, regional head – credit cards and personal loans, Citibank Asia Pacific.

“We are very confident of good results here,” he said.

“We will continue to leverage our global and regional resources to bring class-leading products and services to our local customers in Vietnam.

“Vietnam is a priority market for us and we will invest in products and strive to pioneer many such innovations in Vietnam in the future.”

He added that no cash collateral was required to apply for this card. Further, while a bank account with Citibank is recommended, it is not required, giving the customers the ability to choose to pay for the card from their existing bank account.

Citibank says the card includes such benefits as an EMV chip for additional security for your transactions, complimentary membership to Priority Pass (worth $99) which gives customers access to 600 VIP airport lounges around the world, travel insurance benefits, discounts and privileges at over 6,000 merchants across Asia with Citibank World Privileges.

The travel insurance benefits including personal air travel accident insurance coverage of VND20 billion, luggage loss cover of up to VND20 million, delayed luggage cover of up to VND10 Million and flight delayed cover of up to VND10 million.