Foreign lender Citibank has decided to end its partnership with leading private airliner-the Jet Airways in its credit card business. The change in customer preferences has been cited as the reasons for the move.
The bank will however continue is Shoppers Stop and Indian Oil Corporation co branded cards. The existing customers would however get support till July 15, 2012.
The bank will be releasing its Citibank PremierMiles Credit Card, which will enable customers to earn and redeem miles on 7 domestic airlines; the card will cover over 100 global players.
The new trend in the airlines industry has seen an increase in domestic travel over international, and also the customers' preference to low cost carriers. With as much as 50% travel coming through low cost carriers.
Citibank Jet Airways existing customers would have transfer benefits, with 10,000 free premium miles in addition to their existing PremierMiles.
Jet Airways has its own plans to venture into frequent flyer card, which according to a spokesperson, "JetPrivilege will enable its members to earn and redeem JPMiles to over 600 worldwide destinations."