Newspaper article THE JOURNAL RECORD

Citibank Joins Apple for New Credit Card

Newspaper article THE JOURNAL RECORD

Citibank Joins Apple for New Credit Card

Article excerpt

NEW YORK (AP) _ Citibank is poised to unveil a new credit card, sources said Wednesday, with an unusual partner: Apple Computer Co.

The new card is part of a general push by credit card issuers to team up with nonbanking companies, such as General Motors Corp. and American Airlines, to forge a tighter bond with card users and encourage more spending.

Banking and computer industry sources speaking on condition of anonymity said Citibank, the nation's largest credit card issuer, and Apple were ready to announce a new co-branded credit card at a press conference today at Citibank's headquarters.

James Daly, editor of the Chicago-based Credit Card News, said industry officials told him an Apple-Citibank card was to be launched.

"It's definitely going to be a co-branded card with Apple Computer," Daly said.

Neither Citibank nor Apple, based in Cupertino, Calif., would comment about the press conference. The head of Citibank's credit card operations, James Bailey, will be on hand for "a major new product development," the bank said.

The card could help Apple at a time when sales growth is waning as its personal computer products mature. The company suffered its worst loss in the second quarter and is undergoing a restructuring that will eliminate 2,500 of 16,000 jobs.

Apple wants to build stronger ties to consumers as it begins to sell handheld devices that are part computer and part telephone. …

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