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Shanghai Pudong Development Bank and Citibank Launch

February 4th, Shanghai: Shanghai Pudong Development Bank (SPDB) and Citibank today launched their first credit card in China, bringing international credit card services to mainland Chinese consumers.
Issued by SPDB Credit Card Center, the new gold and classic Visa cards, can be used to purchase goods and services, and withdraw cash from more than 300,000 outlets across China and more than 20 million outlets around the world. In addition, gold credit card holders can participate in the largest global cards privilege program, Citibank World Privileges, with 15,000 VIP discounts and benefits.
The credit cards will initially be available in Shanghai and later, across SPDB's nationwide network of 290 outlets. The cards are the first in China that can be settled both in renminbi and US dollars and which are supported by international cards management and technology expertise. The cards offer the widest range of benefits in the market including a 24-hour manned-customer service hotline, a 24-hour credit card replacement service and a photocard option. In addition, the card introduces to the market purchase protection and travel inconvenience protection.
Mr. Chen Xieyang, renowned conductor of the Chinese Symphony Orchestra, was the first customer to be issued with the SPDB credit card at a ceremony attended by Charles O. Prince, CEO of Citigroup and Jin Yun, President of Shanghai Pudong Development Bank at the bank's headquarters on the Shanghai Bund.
Jin Yun, Vice Chairman and President of Shanghai Pudong Development Bank, said, "We are proud to bring the first truly world class credit card to consumers in China. By providing our customers with innovative financial products such as this popular payment tool, we demonstrate our commitment to becoming China's leading consumer bank. The launch of our credit card is a milestone in our cooperation with Citibank, the world's leading issuer of credit cards, and the leading global brand in financial services. Our alliance with Citibank is bringing tangible benefits to SPDB as we build a solid foundation for future growth."
Charles O. Prince, Citigroup CEO, commented: "This is an important day for Citigroup and proof of the power and opportunity of our partnership with Shanghai Pudong Development Bank. We share SPDB's vision of providing consumers with the modern financial services they deserve and in developing a leading credit card business in one of the world's most exciting markets. "
Unlike debit cards, customers do not need to have a bank account with either SPDB or Citibank to apply for a credit card. Residents of Shanghai, aged 21 and above, with an annual income of 50,000 RMB can apply. No third party guarantee is required. Applicants need only to complete a form, provide their identification document, proof of income and, if they select the photocard option, a photograph.
The credit card provides for a number of important safeguards to protect customers including prioritized dispute settlement and the option of having the credit card carry a photograph embedded on the card. The Credit Card Center deploys a state-of-the-art anti-fraud system, which identifies if any card is being used out of pattern and proactively informs the customer if it identifies any unusual activity. Should the credit card be reported as lost, it is instantly blocked for use and a replacement card is re-issued within 24 hours.
When shopping, credit cardholders enjoy up to 50-days interest-free repayment from the date of transaction to the due repayment date. Thereafter a minimum payment is due. Customers can call the SPDB Credit Card Center Customer Service Hotline 24 hours a day to inquire about their accounts, their card purchases, and product features.

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