Citibank Taiwan said it is reportedly planning to boost its cash-back credit card business this year by upgrading its rewards program.

The bank aims to expand its business by launching a rewards upgrade program this year for its Cash Back Platinum Card, reported Taipei Times.

As part the plan, Citibank is planning to offer a 1.5% cash-back rate for its platinum credit cardholders for transactions made at department stores, hypermarkets and gas stations.

The move follows a survey conducted by market research firm ACNielsen in support of Citibank Taiwan which showed that cash-back cards rank as the most popular product among Taiwan’s cardholders.

According to the survey, respondents showed more interest in cash-back credit cards than other types, with the average consumption of Taiwanese cash-back cardholders totaling TWD12,841 ($407) per month.

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By GlobalData

The survey indicated that Taiwanese credit cardholders spent most at supermarkets, department stores and gas stations.

Citibank Taiwan has launched its first cash-back credit card to local consumers about a decade ago.

Citibank Taiwan consumer banking business manager Yunny Lee told Taipei Times: "Citi’s products and services aim to meet customer needs, rather than changing cardholders’ spending habits."