Citibank has scored another first by launching an innovative credit card for the young, with a cap of S$500.

It unveiled today a first of its kind in the market credit card, granting credit of S$500.

The bank said its latest product, the Citi Clear Card, will be the first among its new set of offerings for the below S$30,000 income segment, targetting young adults in the 18 to 35 age group with a benefits programme that meets their lifestyle needs.

It is the first bank in the industry to capitalise on the new exemption for card issuers to grant unsecured credit not exceeding S$500 to those who do not meet the minimum $30,000 annual income criteria.

The bank said its Citi Clear Card targets this new emerging customer segment, which is estimated to be about half a million strong, offering consumers more flexibility in payment, as well as an avenue for credit.

"The opening of this segment has given us the opportunity to extend our reach to a new group of consumers with a product that is targeted to their needs. The Citi Clear Card is a natural extension of the Bank's efforts to build closer relationships with consumers - following our strong distribution expansion in the past year," said Ms Ong Lay Choo, Country Marketing Director, Citibank Singapore.

Added Ms Alice Fok, Marketing Director, Citibank Credit Cards: "We are delighted to be first-in-market to offer this segment of consumers a convenient, affordable and flexible payment channel. They will also be able to experience the innovative services that Citibank provides such as instant card issuance and biometric payment that offers a fast, easy and secure method of payment. Cardholders will also have access to a host of privileges and benefits tailored to their needs."

The launch of the new card builds on the success of the Clear Card and Clear Platinum and is also in line with Citibank's strategy to leverage on a leadership position to bring new and innovative products and services to consumers, and showcase the choice and flexibility it provides, she added.

The Citi Clear Card will offer a robust mix of benefits, promotions and services.

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