Citigroup and AT&T are planning to launch a new co-brand card that rewards users for online purchases at retail and travel websites.
The new co-brand card will offer users a free smartphone and three rewards points for each dollar spent on online purchases, reported The Wall Street Journal (WSJ).
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Citi North America branded cards head Ralph Andretta said: "We think this card will resonate with [AT&T] customers. People expect to get something for their spending and if they’re loyal to a particular brand, they expect to get something for that."
According to the report, the new card, named AT&T Access More, will be an addition to Citi’s existing co-brand card with AT&T, known as AT&T Universal.
AT&T customers, who are approved for the card, will receive a link to a specific website to buy an iPhone or Android smart-phone using the new card and will receive a credit of up to $650 for the purchase on spending $2,000 on the card in the first three months.
The card will carry an annual fee of $95 with no interest rate on AT&T purchases for the first seven months after which interest rates will range between 14.99% and 22.99% for all purchases, based on creditworthiness.
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