Citibank Malaysia and Shell Malaysia have launched a revamped and improved version of their cobranded Visa credit card that they first launched in 2007, the bank announced April 21.
Media reports indicated that the two companies decided to revamp the card after a low subscription to the earlier version.
Some 100,000 customers already have a Shell Citibank Gold Credit Card, and with the revamped version the bank expects the number to double in the next three years, according to a release from Citi.
Citi and Shell did not respond to PaymentsSource requests for comment.
Citi hopes to achieve that goal through rebates on fuel purchases, Fabio Fontainha, Citi head of consumer markets, said in the release.
Cardholders will receive up to 8% rebate savings per year on purchases of fuel and products at Shell Select stores, according to the release.
Previously, cardholders only saved on the fuel surcharge when paying for fuel at Shell gas stations, but did not get any discounts either for fuel or purchases at Shell Select stores.
Mrinalini Manral, an independent Mumbai-based banking analyst, says Citi’s willingness to offer a rebate on fuel purchases indicates that the previous version may not have receiving sufficient consumer interest.
“Eight percent is quite a carrot for customers and shows that Citi and Shell are willing to turn the corner for this card,” she adds.
The card comes with no annual fee for the first year, after which cardholders annually will pay 195 ringgits (US$65 or 45 euros). The maximum credit limit on the card is 45,000 ringgits, and the annual interest rate is 13.5%.
The interest rates and fees remain unchanged from the previous version.
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