Mumbai, May 22:
Citibank
announced the exit of its 12-year-old co-branded card partnership with Jet
Airways on Tuesday even as it launched an airline agnostic credit card.
The foreign
bank cited changing consumer preferences for ending the partnership with Jet.
The bank's co-branded partnerships with Shoppers Stop and Indian Oil Corp,
however, stay intact.
Jet Airways and
Citibank will continue to support all Jet Airways Citibank credit card features
until July 15.
The new
Citibank PremierMiles Credit Card will earn and redeem miles across seven
domestic and over 100 international airlines, the bank said.
“With
fragmentation in the aviation industry, there is a significant increase in the
domestic traffic vis-à-vis international traffic. Also, consumer
preference has shifted to low cost airlines and spontaneous travel has
increased,” Mr Anand Selvakesari, Country Business Manager, Global Consumer
Group, Citi India said.
Low-cost
carriers (LCCs) account for about 50 per cent of the total air travel in the
country as on 2011, Mr. Selvakesari added.
The existing
Citibank Jet Airways customers will be given a choice to transfer to Citibank's
new card programme with privileges, including a special 10,000 bonus miles free
credit to their PremierMiles account.
Jet Airways
plans
Jet Airways is
planning to introduce a JetPrivilege programme with its co-branded credit card.
“JetPrivilege will enable its members to earn and redeem JPMiles to over 600
worldwide destinations,” a Jet Airways spokesperson said.
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