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Citi and Banamex Team up to Launch a New Credit Card
Citi and Banamex USA have teamed up to launch a new co-branded Citi Banamex USA credit card at Citibank financial centers, situated in Texas, USA. The card offers a pilot program, through which Citibank card holders can grant a shared credit card to a relative or friend living in Mexico with a bi-national credit card program provided by Banamex USA.
This offer is available through 8 Citibank financial centers that work with Citi Microfinance and Banamex USA in Texas. Learn more about this offer's features and options. Does this bi-national card give bi-profit? Keep on reading and you will figure it out.
This credit card offer is available for US residents, as well as for residents of Mexico.
The Citi's officials announced that the pilot program comes with cash back. Just like other cash rebate credit cards, this new deal by Citibank offers you cash back rewards for the money you spend with the card. Among other enticing features customers will find 0% intro APR on purchases and balance transfers for 12 months. Plus, with this card you can get additional cards free of charge and access to your account 24/7. This version of a card is available to customers with established credit history.
As for individuals that have no credit history, they can also open an unsecured Citi Banamex USA bonus credit card that will help build credit history in the US. As a customer with no credit history gets this plastic, his or her APR will be higher than the interest of a card holder with established credit history that allows to qualify for good credit cards, for instance. However, with good payment performance the APR gradually decreases.
The residents of Mexico with no credit history in the US, but with established credit history in Mexico can get a Citi Banamex USA plastic with a higher credit limit and lower interest rate using their credit history from Mexico.
Darryl Herdricks, Citi central division manager believes that Citibank and Banamex partnership will help Citi in its mission to find credit solutions for the underserved markets in Texas.
Salvador Villar, CEO and president of Banamex USA, said that both sides have great expectations for this new credit product. The companies are well aware of the current situation in credit card industry and of market needs. They hope that this new offer will meet credit consumers demands and make their contribution to improving the financial situation on the market.
By the way, here are a few facts from Banamex history.
Banamex (Banco Nacional de Mexico) was founded in 1884. It had 20 million pesos of assets. It performed as commercial and national financial institution for the following 30 years. The bank was authorized by Mexico's government not just to print currency, but to collect taxes and support and promote individual businesses in the country.
In 2001 Citigroup offered Banamex a sales transaction $12.5 billion worth. This US-Mexico corporate merger is the largest in the history of the two countries.
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Articles about credit cards
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