Cairo – Citibank N.A. Egypt, a member of Citigroup, has unveiled the most powerful credit card program in Egypt, giving access to the lowest rates on the market for credit card services.
Citibank Egypt has reduced the credit card interest rates in Egypt for all purchases made using its premium Silver and Gold credit cards – just 1.5% a month for all repayments made using the "Easy Installment Plan." The bank has also reduced annual membership fees to as low as LE (LE is an acronym livre égyptienne, French for Egyptian pound) 100 for up to six cards and cut cash advance and international currency fees by at least 50%, while still offering a full range of premium services like internet and telephone banking, best value reward points, and ongoing discounts at best-in-class outlets.
The new service offering not only makes Citibank Egypt the most competitively priced card-issuer on the market, but also brings the most comprehensive range of benefits to customers. The bank is aiming to avail first-rate service to the vast majority of the market at the most competitive cost possible.
Citibank Egypt is reducing its credit card interest rate under its "Easy Installment Plan" which customers may request at their convenience, through Citibank’s 24 hour CitiPhone banking, in payment of their credit card purchases. Easy Installment Plan offers credit card holders peace of mind, as they can make purchases in the full knowledge they can repay them at a set rate over a set period of time. The new rate for installments is a 0.84% flat monthly rate on the original value, equivalent to 1.5% monthly on a reducing balance and therefore matching the lowest credit card rate on the market – while providing world-class service.
Furthermore, through Citibank Egypt's "Easy Installment Plan," customers can make purchases or request a check for an advance, then decide how and when to pay back on equal monthly installments. Customers enjoy the convenience of determining the value of the installment by selecting any tenor they choose, from six months and up to three years, while enjoying further reduced fees for cash advances and foreign currency transactions.
Customers will now have annual fees that are the lowest in the market and each customer can have a core card, up to four supplementary cards to offer to anyone they choose and an e-Card for internet, all for a reduced annual fee of only LE 100. The same package will cost Gold card customers only LE 200 per year.
In line with the new program launch, Citibank will give all its credit card customers the opportunity to compete to win a free plasma screen TV every week throughout March and April. As a welcome offer to new credit cards customers, they will have three additional chances in the plasma TV contest, in addition to free shopping promotions once they make their first transaction. Customers will also receive one point for every pound spent with their Citibank credit cards, which can go towards a variety of gifts from fast food meals to international flights.
The new credit card program falls within a series of customer service and product initiatives that the bank is currently rolling-out as part of an expansion plan covering all major consumer banking services such as banking accounts, consumer loans and auto loans.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.