Citi to offer better deals for consumers in higher Equifax Score bands

Citi to offer better deals for consumers in higher Equifax Score bands

5 December 2014 |

Sydney, 5 December 2014: Citi will today become the first bank in Australia to offer consumers the choice to take up a better deal on a credit card or flexible personal loan based on the Equifax Score band they fall into.

Citi is working with Veda, the data and analytics business, to enable customers to check their Equifax Score band and, if they choose, apply for a corresponding credit card or personal loan offer.

Veda segments its Australian credit active population into five risk bands, from Excellent to Below Average. These risk bands can help individuals understand where they sit within the Veda credit active population.

Citi Australia’s Head of Cards and Consumer Lending, Alan Machet, said Citi is offering better deals than its published rates for consumers in higher Equifax Score bands.

“With this special deal, the better the Equifax Score band a consumer falls into, the more they can save. This is an opportunity for Australians to be rewarded based on the Equifax Score band they are part of with better rates on a credit card or flexible personal loan,” Mr Machet said.

“Citi already offers very competitive rates across its range of credit cards and loans; this offer brings customers in higher Equifax Score bands even better deals.”

Citi has developed offers starting with a flexible personal loan at 3.9% p.a. for 36 months for clients that fall into an Excellent Equifax Score band (compared to Citibank’s standard public offer of 5.9% p.a. for 24 months). The Citibank Rewards Signature Credit Card is available with no annual fee for life (a saving of $395 per year) and 0% on balance transfers for nine months, based on an Excellent or Very Good Equifax Score band rating.

Veda’s General Manager of Direct to Consumer Business, David Scognamiglio said:

“Internationally, in markets like the US and UK, consumers benefit from being able to attain a better deal due to their creditworthiness. We are starting to see the first steps towards this in Australia. Citibank’s offer is an innovative way for empowered consumers to connect with financial products.”

The offer is open from today until 28 February, 2015. It is a promotional offer for new accounts and has no effect on interest rates or fees for existing Citi customer accounts.

How it works

1. Visit www.citibank.com.au/veda

2. Provide Veda with some identifying information, including name, address, date of birth and driver’s licence number

3. View the Equifax Score band

4. View the special rate from Citibank that rewards you for the Equifax Score band you are part of

5. Apply online with Citibank

6. Each customer’s application remains subject to Citibank’s assessment of each full completed application according to its standard credit criteria.

About Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. In Australia, Citi serves over 1 million customer accounts and 900 corporate accounts. It has the most comprehensive offering and largest global reach of any bank with operations in Australia.

Citigroup Pty Limited ABN: 88 004 325 080 I AFSL No: 238098 I Australian credit licence 238098

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Citi to offer better deals for consumers in higher Equifax Score bands