Citibank, the local division of the American giant Citi, yesterday launched two Visa-branded credit cards dedicated to individual clients, after weighing the pros and cons of such a move for 4 years. "Citi Card Visa is a key product for the bank worldwide, and is a big step when it comes to the new investments that the group plans to inject into expansion on the Romanian market," said Shahmir Khaliq, general manager of Citibank Romania. The cards will be distributed through Citi's consumer funding division - CitiFinancial. The bank's officials estimate that 40,000 cards will be sold in the first year. In order to boost sales, Citi will use a mobile sales force, with the bank's officials to visit clients at home to take care of document related issues. The credit limit varies from 1,000 to 40,000 RON, depending on the client's profile, whilst the annual interest rate stands at 27.99%. For transactions Citibank grants a 54-day grace period, without interest charged. The minimum monthly repayment limit is 3.5% of the billed sum, plus any interest. Citibank entered the local market in 1996, but focused primarily on large commercial clients. Over the last two years, the bank has focussed on the retail segment through its specialised division CitiFinancial. Currently, Citibank operates seven subsidiaries dedicated to corporate clients, 39 agencies for individuals, and 50 direct sales consumer finance centres.
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