Here’s an interesting one from the world of government finance. Vital, the Singapore agency that shares resources to ensure the most efficient use of government money between its many branches, has appointed Citi for the second time as its credit card partner.
According to the press release, Citi will provide the Island’s public sector agencies with “an integrated travel, payment and expense management programme through the Vital Corporate Card Programme.” That’s certainly good news for Citi, and certainly good news for local taxpayers as it appears that the bank has done a good enough job as the official credit partner to warrant an extension of the contract.
The bank issued something like 1,400 credit cards to 23 government organisations, to enable them to buy services and go about their daily routine, all covered by a single bill. There’s a special deal between the government and Citi allowing an annual cash rebate, which offsets operating costs for the five-year scheme.
What does the government get out of this deal? The top prize is efficiency, which was what Vital was set up for in the first place. It’s done away with a cumbersome in-house expenses scheme, as all spending by employees is made 100% clear on their credit card bill. Secondly, they get security. Credit limits are kept to the minimum necessary, and fraud prevention measures mean that financial irregularities are easily spotted.
These are – of course – the enormous benefits of having a personal credit card in your wallet, and it’s good to know that the government of Singapore thinks so too.
If you’re inspired enough to think about a Citi credit card, then you can look at several examples on our website. Citi have premium credit cards for every lifestyle. While government servants can’t expect the 5x reward points at nightspots that come with the Citibank Clear Platinum Card, it’s there for you if your lifestyle takes you to that sort of place!
Whether it’s nightlife, eating out, travel, or motoring, we’re certain that we have the right credit card offering for you.