NEW YORK—Can credit cards become a product that deepens relationships?
Citigroup is hoping they can, and is launching new offers to do just that.
As the world's biggest credit card issuer, Citigroup has enough plastic in American wallets to tile a path from its New York headquarters to the southern tip of Florida. Yet many of those 28 million clients park their savings elsewhere, noted Bloomberg.
“Now, Citi is fighting back. After quiet experiments, the firm is expanding perks designed for credit cards to encourage sales of other banking products,” Bloomberg said.
In recent months, the company privately offered some cardholders 30,000 airline points to sign up for an online checking account. And, in Q2, Citigroup plans to enhance its Thank You and Double Cash reward programs for select cardholders to encourage them to sign up for more products and services, Bloomberg said.