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Media Release - 04 July 2012

Diners Club launches niche payment solution for SMEs

  • One Account, one solution - Diners Club and MasterCard® providing rich rewards and benefits, plus unmatched global acceptance
  • Enhanced data - ATO compliant expense tracking and Diners Club GST reporting
  • Full merchant acceptance - no more out of pocket expenses

July 4, 2012: Diners Club has teamed with MasterCard to launch Australia's first dual charge card product and fill the void for a customised payment solution for small-to-medium enterprises.

The Diners Club dual charge card solution provides Members with two cards for one account: a Diners Club card with enhanced data and reporting capabilities; and a Companion MasterCard card delivering the convenience of worldwide acceptance, both online and in store, at more than 33.3 million locations across the globe.

Richard Wilde, Head of Diners Club Australia, said, "Many financial institutions try to provide business clients with card payment solutions that are basically re-badged consumer products, with little customisation. By combining the benefits of global acceptance from MasterCard, with the enhanced reporting of a Diners Club card, we have a payment solution that truly suits the specific needs of business."

The Diners Club dual charge card provides enhanced data and reporting for businesses. Members benefit from transactional information displaying GST purchases and FBT liable purchases, as well as a single GST compliant statement which can be used as acting proof of purchase for taxation purposes.

In addition, each business client has a relationship manager to develop customised solutions that suit their individual needs. Businesses have the ability to pool rewards, impose merchant restrictions and limit spending at card level. They can also choose from billing and liability options.

Andrew Cartwright, Country Manager MasterCard Australia, said "in line with our ongoing commitment to product innovation, we are pleased to extend the suite of MasterCard products available to Diners Club Members."

The Diners Club Business Solution provides direct competition to other payment cards. Like debit and credit cards, charge cards provide a convenient payment solution but have no pre-set spending limit and the balance must be paid in full at the end of each payment cycle.

"Diners Club already has an existing strong portfolio of small and medium business clients who use the card to control their finances, pay their balance in full and enjoy the flexibility of no pre-set spending limit. They also enjoy the convenience of the rich features and benefits, only available to Diners Club customers," said Mr Wilde.

With the new Companion MasterCard, Diners Club Members now have the opportunity to maximise reward points balances with every purchase and benefit from unlimited reward points earn and no points expiry. Frequent travellers can take advantage of entry to over 450 international airport lounges, travel insurance and a discounted limousine service.

A single PIN, consolidated GST compliant statement (both online and paper), seamless application and outstanding commitment to customer service - sets Diners Club as leading in market.

- Ends -

Media Contact:

Natalie Goodrick Tel: +61 2 8225 1631 Email: Natalie.Goodrick@citi.com

Diners Club:

Diners Club is Australia's only specialist charge card company, providing innovative payment and financing solutions to the personal, corporate and business sectors. Diners Club offers a range of charge cards. Charge cards differ from credit cards as they have no pre-set spending limit and the balance must be paid at the end of each payment cycle.

The company is renowned by both personal cardholders for its market leading rewards program and superior customer service and by business cardholders for Diners Club's GST reporting solutions and tailored expense management systems.

Citigroup is the sole shareholder and owner of Diners Club Australia and is part of the Citi family of companies.

Additional information may be found a www.dinersclub.com.au.

Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides 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, transaction services, and wealth management.

Additional information may be found at citigroup.com, citi.com or citibank.com.au; or on Twitter@citi or @citibank, on Facebook at /citi or /citibankaustralia, on linkedin.com/company/citi, on youtube.com/citi and at out blog http://new.citi.com.