Citibank Program to Aid in Used Car Purchase and Leasing
29 December 1998
Enhanced Citibank Driver's Edge Card Rebate Program Helps Cardmembers Purchase or Lease a Used Car ... Whether Through a Dealership, Over the Internet or From a Next-Door Neighbor!
NEW YORK, Dec. 29 -- Citibank announced today that effective
January 1, 1999, the Citibank Driver's Edge Rebate Program will be expanded to
allow cardmembers to redeem rebates toward the purchase or lease of any used
car. This makes Citibank Driver's Edge the first credit card rewards program
wherein cardmembers can redeem rebates when purchasing or leasing a used car,
van, light truck, or sport utility vehicle, whether the vehicle is acquired
through a dealership, over the Internet, or through a private sale. With this
latest feature, Citibank Driver's Edge cardmembers can now redeem their
current and future rebates toward the purchase or lease of absolutely any car
on the U.S. market.
"The Driver's Edge Rebate Program was originally designed to give our
cardmembers maximum freedom and flexibility when shopping for a new car,"
explained Ray Peloso, Business Manager of Driver's Edge for Citibank. "This
latest enhancement accommodates those Citibank Driver's Edge cardmembers who
choose vehicles available through the used-car market. Now anyone who is
planning to purchase or lease a new or used car can benefit from Citibank
Driver's Edge rebates."
Citibank is responding to the growing number of consumers that are
purchasing and leasing used vehicles, which in 1997 represented 73 percent of
all vehicles sold. Sales of used cars are increasing due to improved vehicle
quality and the growing number of previously leased vehicles, which come onto
the used car market.
The Citibank Driver's Edge Charter Member cardmembers earn two percent
rebates on all eligible purchases made, up to a limit of $500 in rebates per
year with a maximum of $1,500 on any one vehicle. Driver's Edge Charter
Member rebates expire three years from the end of the calendar year in which
the rebates were earned. The Driver's Edge Options rebates accumulate at one
percent on eligible purchases, up to $500 in rebates per year, with a maximum
of $2,500 on any one vehicle. The Driver's Edge Options rebates expire five
years from the end of the year in which the rebates were earned; however, a
cardmember who has not yet made a purchase or lease decision, but has rebates
that are expiring, can redeem those expiring rebates for their full cash
value.
Citibank is also making it easy for cardmembers to redeem their Driver's
Edge rebates. Cardmembers simply send to Citibank, within 60 days of their
used vehicle purchase or lease, a completed Redemption Form and either a
dealership bill of sale, the lease agreement, or the vehicle registration. A
rebate check is then forwarded to the cardmember directly from Citibank.
Additionally, all previously earned rebates can be combined with those earned
after January 1, 1998 when redeeming against future leases or purchases of a
vehicle.
Citibank is a subsidiary of Citigroup , the world's largest and
most global financial services organization. Citibank is the largest issuer
of credit and charge cards worldwide with over 92 million cards in
circulation, including 68 million MasterCard and Visa cards in the U.S.
Citigroup serves over 100 million customers, including consumers, businesses,
governments and financial institutions in 100 countries and territories around
the world.
For more information contact: Maria Mendler of Citibank, 212-559-0409; or
Lisa Harmon of Ruder Finn, 212-593-5807, for Citibank.
