Citigroup offers binational credit cards
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| Thu, 06-17-2004 - 10:41am |
Making it easier for $$$ to leave the USA & making a profit at the same time.
About the Banamex credit card.
Transcipt below starts appox. 3/4 down the page at this link................
http://www.cnn.com/TRANSCRIPTS/0406/16/ldt.00.html
DOBBS: Well the market didn't do much today. Indexes barely changed on Wall Street, in fact. But some changes at the nation's largest bank, it's got a new product for millions of Mexican immigrants in this country, including illegal aliens. Christine Romans is here with entrepreneurialism, innovation at its questionable best.
CHRISTINE ROMANS, CNN FINANCIAL CORRESPONDENT: Lou, illegal aliens in this country gaining a foothold in financial legitimacy. Citigroup is offering what it calls binational credit cards. All you need is a picture I.D., proof of U.S. address, secure with a few hundred bucks and family members in Mexico can draw from it, use it to go shopping; put dollars on the card here, draw pesos from it there.
Citigroup says it wants to serve the U.S. Hispanic market and it wants to strengthen ties between Mexicans on both sides of the border. On whether this service is targeted to illegal aliens, Citigroup says "immigration is not our realm of responsibility."
Making money, obviously, is. Regardless of Citibank's other responsibilities, it estimates 60 percent of the immigrants in the country are from Mexico. Mexican workers send about $1 billion a month to Mexico -- $5 charge on every $200 transaction, a $29 annual fee, the potential, is enormous, Lou. All you need is a photo I.D., a proof of a U.S. address, and there you go, your brand new all to yourself credit card.
DOBBS: Do you know what this card's is called.
ROMANS: Banamex U.S. credit card.
DOBBS: It's got such creative possibilities.
What did Citigroup say, again, about what they were trying to do across the border there?
ROMANS: Well, they would like to increase cross border -- strengthen ties between Mexicans here and in Mexico.
DOBBS: See it as their responsibility to be involved in that ambassadorial effort, but not in order to maintain immigration policy?
ROMANS: Immigration, apparently, not in their realm of responsibility.
DOBBS: Realm of responsibility. Terrific, Christine thank you.
ROMANS: Your welcome.
DOBBS: It just gets better and better, doesn't it?
Citigroup Announces New Bi-National Credit Card; Banamex USA Customers Can Share Their Credit with Others in Mexico.
Citigroup announced today the introduction of a new bi-national program for its Banamex USA credit card customers in the U.S. who want to share their lines of credit and other benefits with their families or friends in Mexico.
This is the first and only product of its kind currently offered in both countries. The card is issued by California Commerce Bank (CCB), the US banking arm of Banco Nacional de Mexico (Banamex), located in Los Angeles. CCB, Banamex USA and Banamex in Mexico are all member companies of Citigroup Inc.
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