Citi, Philips Electronics Plan MasterCard Featuring Rebates on Magnavox Products
Block, Valerie, American Banker
Citicorp plans to issue a Philips Magnavox MasterCard by the end of the first quarter.
The program will allow cardholders to earn rebates on consumer electronic products like televisions, stereos, and the newfangled Internet access device, WebTV.
Consumers earn points for each dollar spent. Rebates will extend to products such as Norelco electric razors, coffee makers, and other appliances.
Details of the program, including rebate structure and interest rates, have not been hammered out yet, but the companies wanted to announce the deal in time for the winter Consumer Electronics Show in Las Vegas last week, said Citibank spokeswoman Maria M endler.
The card will not bear Citibank's name on the front like its other cobranded products from American Airlines and the Ford Motor Co. It will be issued through Citicorp Retail Services, the bank's private-label and merchant services division.
Philips Electronics North America, with $7 billion in annual sales, is a division of Philips Electronics NV, a Dutch holding company with $40 billion in annual sales worldwide. …