Citibank Needs You To Spend Your Own Cash: DEBIT Cum ATM Card

Posted by Kris | Tuesday, January 06, 2009 | , , | 0 comments »

Viola!! The solution to the credit crisis...Introducing Citibank's DEBIT CUM ATM card. Citibank is "graciously" mailing my parents with this card even though they did not ask for it.

Is there an annual fee charged to the Citibank Debit & ATM card? --> Kris :Luckily they thought of this problem beforehand!! If not ,alot of customers will ring them up to reject the new card.

No. There is no annual fee charged to the Citibank Debit & ATM card. (from the Citibank Website)

Conclusion: Citibank "indirectly" no longer encourages its customers to use credit cards but instead to use debit cards.  I bet they are scared about the next possible imploding crisis: CREDIT CARDS. Banks used to aggresively pushing people to register for credit cards since the interest rates they charge is quite high and is a profitable/lucrative business. (really legal loan sharks aka Ah Longs)

The Debit card business don't generate revenue as much as credit card biz but at least they are able to "hold on longer" to our money in saving accounts if we want to use the debit card frequently.