Mumbai: In a bid to grow its credit card business in the growing air travelling space, Citibank India today launched 'Citibank PremierMiles Credit Card', which will be an airline agnostic card.
With this, Citibank has mutually agreed to exit its co-branded card partnership with Jet Airways, which was in existence from 1999, the foreign bank said.
"Our research shows that with the fragmentation in the aviation industry there is a significant increase in domestic traffic vis-a-vis international, consumer preference has shifted to low cost airlines and travel has become spontaneous. Keeping these in mind, we strongly believe that an airlines agnostic card is the way for the future for cards in the industry segment," Country Business Manager, Global Consumer Group of Citi India, Anand Selvakesari told reporters here.
According to the bank, Low Cost Carriers (LCC) segment contributes around 50 percent of the total air travel in the country compared to 1999, when LCCs were not present.
As more redemption of miles is being made for the domestic sector, the new card would help to cash in this growing opportunity, the bank said.
Referring to Citibank-Jet Airways card customers, Muge Yuzuak, Business Manager cards and Personal Loans of Citibank India, said, "All our Citibank Jet Airways card customers will have the choice to transfer to the new card, which offers many new privileges including a special 10,000 bonus miles free credit to their new PremierMiles account."