Citi, a leading global bank, recently launched the Citi Cashback Credit Card in the UAE, in response to recent survey findings.

The study conducted by Citi and Publicis Media revealed that 67 per cent of residents in the UAE consider cashback to be one of the most important features of a credit card.

The new Citi Cashback Credit Card addresses client preferences by providing unlimited, automatic cashback on all spend, giving customers 3 per cent cashback on international spend; 2 per cent cashback on groceries; and 1 per cent cashback on all other spend, said a statement.

With no caps and no minimum spend hurdles, the card offers the most comprehensive cashback rates in a single credit card in the UAE, it said.

Additional benefits include unlimited complimentary access to 850+ airport lounges worldwide and a fee-free first year, after which the card remains free when a customer spends Dh9,000 ($2,450) or more per year.

The unique features of the card were rooted in real data driven insight compiled from over 500 UAE residents. For more information visit: www.citibank.ae/cashbac, it added.

Dinesh Sharma, Citi Middle East head of consumer bank said: “As the world's largest credit card issuer, we are committed to delivering competitive card products that are relevant to our customers' spending habits and preferences.”

“The new card highlights our steadfast commitment to our clients. They spoke, we listened and today we are presenting our latest offering to customers in the UAE,” he said.

“This new card includes a host of advantages including automatic cashback with no caps and no minimum spend – all highlighted as important to UAE residents in our latest report. Our latest offering is tailored to the needs of our customers, ensuring they receive the benefits that are most important to them,” he added.

The key takeaway of the survey commissioned by Citi UAE was that current cashback reward schemes are complicated with respondents pinpointing lengthy terms and conditions including caps on cashback amounts and minimum spend hurdles to qualify for cashback, said a statement.

Rengan Seshadri, Citi Middle East head of credit cards and loans, said: “With the new credit card, customers can enjoy utmost convenience and peace of mind knowing they are automatically receiving uncapped cashback on all their spend every month with some of the most competitive cashback rates in the market.”

“Customers have different needs but one thing they share in common is their preference for attractive rewards, simplicity, and convenience when choosing a credit card,” he said.

“With the competitive cash back rates combined with the automatic, easy-to-understand reward mechanism, we are confident that the card will become the go-to cash back credit card for our customers in the UAE,” he added.
 
Racha Makarem, Publicis Media MENA Analytics and Insights Practice lead, said: “Each individual customer has varying needs, hence the importance of conducting comprehensive research into their attitudes and preferences.”

“The benefits research indicates that as income increases, customers increasingly view cashback as one of the top benefits to having a credit card. With this in mind, it is essential to take these factors into account in order to truly serve customers and accommodate their unique lifestyles with a credit card that best fulfils their needs,” Makarem added.
 
Methodology: The report was conducted by Publicis, and included a sample of 578 participants, males and females across Dubai and Abu Dhabi. The sample included various age groups and incomes levels. Each participant was interviewed face to face by trained interviewers and through a structured questionnaire, it stated. – TradeArabia News Service