MasterCard is collaborating with Citibank in China, to launch two credit card programmes, dubbed PremierMiles and Rewards (view press release). The PremierMiles USD card, exclusive to MasterCard, will be targeted at affluent and frequent travellers, allowing them to transfer miles friends and family. The Rewards Card will be offered to the mass affluent and emerging affluent segment of value seekers looking for deals, while maximising returns from everyday spending.
The launch follows the announcement earlier this year that Citibank has been granted a stand-alone issuing license in China – making it the first global bank to issue credit cards in the country. Other foreign banks will need to apply and be approved by the Chinese regulatory authorities if they want to issue credit cards in China on a stand-alone basis.