Citi Ultima card ? [Consolidated]

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Nov 11, 2021, 2:14 pm

#16

AAdmiral

Join Date: Apr 2001

Location: MIA LAX GIG, AA CK

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Quote:

Originally Posted by dw

The Prestige is still being offered in a number of international markets. I think Citi is really focusing on a different market segment in the US at this point. No issuer needs to be in every segment, and who knows if the Prestige product in the US was ever profitable.

it’s interesting that Citibank headquarters is the USA and it started here as well yet seems to be getting weaker and weaker in terms of credit cards and products. Seems to be a lot stronger in other countries especially in Asia. Without the AA credit card portfolio in the USA Citi wouldn’t probably exist as a major card player

Nov 11, 2021, 8:10 pm

#17

garykung

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Quote:

Originally Posted by AAdmiral

Wondering with Prestige Card discontinuation in the USA if Citi might release the Ultima card.

Unlikely, but possible.

Quote:

Originally Posted by AAdmiral

Convert existing Prestige cards and launch a new product to compete with Chase Sapphire Reserve, Capital One Venture X, American Express TPC. Can’t believe Citi would just abandon this market to their rivals.

That's intentional. Costco has contributed significantly to Citi's profit. There is no point spending on an area that is not winning.

Quote:

Originally Posted by AAdmiral

That's no nexus. Many companies in fact do better elsewhere than home country.

Quote:

Originally Posted by AAdmiral

Without the AA credit card portfolio in the USA Citi wouldn’t probably exist as a major card player

Actually Costco, not AA. Citi's partnership with AA has been significantly impacted by Barclay.

Nov 12, 2021, 11:00 am

#18

AAdmiral

Join Date: Apr 2001

Location: MIA LAX GIG, AA CK

Posts: 212

Costco deal is with VISA and then Citi won the contract to issue the Costco Visa since unlike Amex Visa doesn’t issue cards directly. Also Citi only has one card that is Visa which is the Costco product. You can’t even use any other Citi card at Costco because they are all MasterCard yet you can use rivals cards like Chase and BofA since they issue Visa.

I don’t know of any bank in the world that is smaller in it’s home market than in secondary markets.

Nov 12, 2021, 1:18 pm

#19

Join Date: Jun 1999

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Quote:

Originally Posted by AAdmiral

I don’t know of any bank in the world that is smaller in it’s home market than in secondary markets.

Citi is still #2 (after Chase) in the US both in terms of revolving balances and cards issued. For purchase volume, Citi is #3 as Amex is either #1 or #2.

Nov 12, 2021, 3:16 pm

#20

garykung

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Quote:

Originally Posted by AAdmiral

Merchant needs payment processing. Unlike AMEX, Visa does not involve in payment processing. Guess who gets the payment processing contract?

Quote:

Originally Posted by AAdmiral

I don’t know of any bank in the world that is smaller in it’s home market than in secondary markets.

There are quite a few retail banks that fits that criteria. For instance, HSBC (Based in the U.K.; biggest profit base is in Asia), BNP Paribas (d/b/a Bank of the West in the U.S.), Banco Santander. Standard Chartered, DBS, BBVA

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