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Media Release - 28-05-2001
Citibank Platinum Cardholders Take Flight
Sydney, 28th May: Citibank has taken credit card loyalty to a new level with Platinum credit cardholders now able to redeem reward points directly for the best available domestic and international airfares.
The first of its type in Australia, the Take Flight(tm) service is exclusive to Citibank Platinum credit cardholders, who can redeem loyalty points for the exact cost of a fare, or use points and top up with cash.
Take Flight(tm) has been introduced in association with Thomas Cook Direct which offers Citibank Platinum cardholders flights on preferred partner airline, Qantas, as well as other domestic and international airlines when suitable Qantas flights are not available.
Citibank Director of Payment Products Julian Potter said customer research demonstrated a need for greater flexibility and simplicity with flight rewards programmes.
"Our findings showed Platinum customers wanted to travel on any airline, at any time and for the best fare, without restrictions.
"The value proposition of Take Flight(tm) lies not only in its flexibility and immediacy but also in the value of the fare. The cheaper the available flight, the less points required," Mr Potter said.
In addition, Take Flight(tm) offers a fast track option with the ability to purchase an airfare by combining both points and cash.
Since the launch of Take Flight(tm) in May, the majority of bookings have been on short notice, underscoring the demand for flexibility.
"We have also seen several Platinum cardholders use their points and cash to book flights for their whole family, taking advantage of all available special fare deals. " Mr Potter said.
On average, Citibank Platinum cardholders spend over $4,000 a year on travel, representing a significant portion of the total spend on the card.
"After the initial Platinum launch in late 1999, we conducted extensive research into improving the product offering and found that our customers preferred the Take Flight(tm) proposition to the previous Companion Flies Free Service.
"Take Flight(tm) gives cardholders another option when using their loyalty points, and guarantees them a seat at shorter notice."
Based on an average 14 day advance Sydney to Brisbane fare of $201.74 (including GST and taxes) Platinum cardholders can use 100,000 Citibank Rewards points and choose to pay the additional $101.74 for the fare or alternatively make a straight reward points redemption.
Launched in October 1999, Citibank Platinum is the first and only Platinum credit card in Australia.
Citibank Platinum has one of the most comprehensive overseas travel insurance products of any credit card in Australia, with high limits for lost luggage and travel documents and resumption of overseas journeys.
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Please E-mail: newsroom.australia@citigroup.com
Citigroup (NYSE: C), the preeminent 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, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com