Company: Citi Retail Services, Atlanta, GA. Entry submitted by: BerlinRosen. Company Description: CITI Retail Services (CITI) is one of the premier suppliers of global high-street credit cards to leading retailers in North America. They have been successful in helping millions of retailers increase their sales by improving the customer-retention rate and increasing their market share. They are a privately held company based in Purchase, New York, United States.
In addition to the financing options already described above, with retail services also provide a number of consumer programs, including cash rebates on selected merchandise at participating retailers. They also provide a number of incentives and rewards programs that reward consumers with cash or gift incentives for spending in the stores that they finance. For example, a loyal customer who opens a credit card account with them and makes purchases at least six times a month will receive a $5.00 cash rebate. Similarly, a consumer who use their credit card to make purchases at least six times a month and pays their balance in full each month will qualify for a free gift, like a digital camera.
A small percentage of CITI retail clients have applied for financing options from other companies prior to applying with CITI. When CITI approved the application, the client was provided with an application kit and a reference letter. Upon receipt of the application, the funding was immediately deposited into the consumers' account. The funding amount did not reduce the consumers' credit line or credit limit. It simply replaced the existing revolving credit that was being used to pay the bills and other expenses. This was the first of many advances made by CITI for consumers with bad credit.
Over the next few months, CITI began offering additional financing options. These included business wire and business checks. The reason for this was to allow more people to apply for and receive funding from CITI. As a result, more consumers had the ability to pay down their balances or obtain new credit to replace the ones they had lost from CITI.
The next step in the journey for CITI was to create its new name. CITI was re-branding itself in order to attract and enroll new customers. CITI Retail was re-badged as CITI Financial because of the additional logos and branding that were added onto the financial cards. As well, CITI became a wholly owned company with the acquisition of Financial Preferred Securities, also known as FPS. CITI was re-branded as CITI Financial on all credit card instruments. The new name and logo were effective in driving additional business and revenue into the company's coffers.
Today, CITI is re-modeling its logo and other communications. CITI Financial will be consistent with all of the information presented on its credit card and co-branded debit and credit card financing options. The re-branding is part of the company's long-term strategy that includes building long-term relationships with its consumers. CITI also wants to ensure that CITI remains competitive by offering innovative products and services.
In addition to the re-branding, CITI is also announcing a long-term agreement with Bank of America for CITI retail services. This long-term agreement is primarily focused on providing private label credit cards. Under the terms of the deal, CITI will have exclusive rights to sell Bank of America credit cards under the CITI brand. CITI will also work closely with Bank of America on the implementation of the private label credit cards and debit cards across the U.S. This long-term agreement between CITI and Bank of America will help maintain CITI's competitive advantage.
CITI is focusing on two key business segments in North America and Europe. CITI is working to build its presence in Europe by focusing on new private label credit cards in several countries including Ireland and Spain. CITI plans to continue expanding into other countries in the coming years and looks forward to gaining more experience and success as one of the leading providers of retail services in North America and Europe.
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