MasterCard, in cooperation with Citibank in China, today announced the launch of two new credit card programs - PremierMiles and Rewards.
The PremierMiles USD card, targeted at the affluent frequent travelers, will be exclusive to MasterCard. Today's announcement marks a significant leap forward, with the availability of two new programs for Chinese card holders that will deliver wide ranging benefits.
The news was unveiled today at a ceremony to celebrate Citibank's historic launch in China. Citibank is the first bank to be granted a stand-alone issuing license in China, and last month became the first global bank to issue credit cards in the country in this manner, marking a breakthrough for Citibank. Other foreign banks will need to apply and be approved by the Chinese regulatory authorities if they want to issue credit cards in China on a stand-alone basis.
"Over 20 years ago, MasterCard became the first international credit card company to enter the Chinese market, and so today is a historic moment for us, as we're seeing the foundation we established so many years ago bear fruit," said MasterCard's Ling Hai, Division President, Greater China. "We're pleased to have been selected as Citibank's preferred foreign payments card brand for its PremierMiles program - one we believe is a break-through for cardholders in China."
PremierMiles Card is targeted at the affluent segment of frequent business travelers. Cardholders will have the widest range of redemption choices of over 50 airlines, access to over 600 airport lounge worldwide six times per year, and will also have the flexibility of transferring miles to friends and family.
Rewards Card is targeted to the mass affluent and emerging affluent segment of value seekers who are looking for the best deals and maximizing returns from everyday spending. Cardholders can choose freely among three lifestyle segments: Fashionista, Homemaker or Yuppie, to enjoy the preferential return on earning three times points all year round from everyday spending. Both PremierMiles and Rewards cards' miles and points will never expire.