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MasterCard, Citibank debut first single-branded cards in China

MasterCard and Citibank in China have unveiled two new credit card programs including PremierMiles and Rewards, in a move to widen its foothold in the Chinese financial sector.

According to the US payment processor, The PremierMiles USD card that targets the affluent frequent travelers, will be exclusive to MasterCard, providing a range of benefits.

With the launch of these two credit cards, Citi bank has become the first foreign bank, to issue stand-alone credit cards in the country, Citi said.

MasterCard Greater China division president Ling Hai said more than 20 years ago, MasterCard became the first international credit card company to enter the Chinese market.

"We’re pleased to have been selected as Citibank’s preferred foreign payments card brand for its PremierMiles program – one we believe is a break-through for cardholders in China," Hai added.

Rewards Card targets to the mass affluent and emerging affluent segment of value seekers, who look for the best deals and maximizing returns from everyday spending.

MasterCard is a payments and technology company, which manages the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 geographies and territories.