The Hindu Business Line : Co-branded credit card for SMEs

New Delhi, Sept. 11 Citibank and IndianOil on Tuesday marked a decade of successful partnership with the launch of a new co-branded ‘IndianOil CitiBusiness’ credit card, which would be exclusively targeted at the small and medium businesses and professionals in the country.

IndianOil and Citibank had come together in 1997 to launch the country’s first co-branded fuel credit card.

In 2003, they partnered to launch the IndianOil Citibank debit card and Gold card in 2006. Close to one-million customers patronise IndianOil-Citibank cards.

“Fuel is undoubtedly among the top expenses for small businesses and professionals.

We are delighted to expand our partnership with IndianOil to create a valuable savings advantage for the small businesses and professionals community in this area”, Mr T.R. Ramachandran, Business Manager-Cards, Citibank said.

“We expect an average credit limit of Rs 5-10 lakhs”, he said, adding that even employees of small businesses would be entitled to use the co-branded card.

Mr Ramachandran said that Citibank expected the fuel spend through the new card to touch about Rs 400 crore by March 2008.

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