Citibank, IndianOil unveil 'CitiBusiness'

New Delhi, Sept 11: Targeting small businesses and professionals, Citibank today launched 'CitiBusiness' in association with oil marketing company IndianOil, and aims fuel transaction of worth Rs 400 crore by March 2008.

Carrying a reward programme, the card delivers up to five per cent savings on fuel purchase at IndianOil petrol stations, including a 2.5 per cent surcharge waiver.

''Through this newly launched card, we hope fuel spend of Rs 400 crore would be achieved by the end of this financial year,'' Citibank Business Manager (Cards and Unsecured Loans) T R Ramachandran told reporters here.

He said the card provides a credit limit of Rs 5-10 lakh depending on the financial statements of the consumers and discounts on business-related requirements from 11 service providers.

As part of the IOC-CitiBusiness Turbo Rewards Programme, customers will get four points per Rs 150 spent on fuel purchase at the IOC outlets and one point per Rs 150 on all other spends, which can be redeemed against fuel purchases at IOC outlets.

IOC and Citibank had come together in 1997 for the first time and launched the country's first co-branded fuel credit card, followed by the IndianOil Citibank Debit Card in 2003 and the Gold Card in 2004.

Last year, the Bank has partnered with Maruti to introduce the loyality programme, 'Maruti Suzuki Autocard'.

Currently, Citibank has over ten lakh credit card customers.

On the occasion of the launch, IndianOil Executive Director (Retail Sales) A M K Sinha said the IndianOil is mulling to introduce similar sort of card in the rural market.

''In view of the overwhelming response we are getting from our 'Extra Power Fleet Card' launched on a pilot basis, we are gearing up to penetrate rural areas by introducing the card,'' he said.

UNI