Citi To Make Aggressive Push Into Australian Prepaid Credit Card Market

Post by NeilMc on March 4, 2010 · Under Business News, Company News, banking, credit cards · Comment 

Global banking giant Citi intends to make an aggressive push into the Australian market for prepaid credit cards. The prepaid credit cards are typically issued by businesses who wish to reward their customers.

Citi currently issues prepaid credit cards for Ford Australia, and will unveil a raft of deals with a least ten other major companies.

Ford Customers who purchase a new car are rewarded with a prepaid card with $250 in credit that can be used at any retail outlet in Australia that accepts credit cards.

Citibank is the second card issuer in Australia which offers prepaid credit cards, joining ANZ, which issues generic cards that can be purchased at convenience stores.
Citi prepaid cards can be branded with a company’s logo.

Citi believes the size of the Australian market makes it an attractive option, and since the cards are completely prepaid, there is no credit element involved.

“Australia is the first market we’ve launched this product in the Asia-Pacific region. We have it in 10 countries and we have 1300 clients. Instead of receiving a cheque you receive a branded card which for the corporate is practically a billboard in their customer’s wallet.” Citi’s Jason Tiede said.

“In terms of the Australian market we looked at high-level demographics, per capita income, and card acceptance rates, and we really looked for an environment where there’s great competition between consumer companies,” Mr Tiede added

Compare Australian Credit Cards Deals

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