Word: citibank
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Latest example: Citibank, which last week announced "Citibank Price Protection" for its 30 million MasterCard and Visa holders. The program guarantees that if you buy something with a Citibank card and see the item advertised at a lower price within 60 days, Citibank will refund the difference...
...surprisingly, the deal comes with a number of restrictions. The lower price must be documented with a bona fide print advertisement, and Citibank's generosity has limits: no more than $250 for any individual claim or $1,000 in total claims in any year...
Will the come-on be expensive for Citibank? Maybe, but don't worry. According to the Nilson Report, a California-based industry newsletter, the company made $600 million in pure profit from its credit-card business last year, far more than from all its other operations combined. For competing issuers as well, credit cards are still so temptingly profitable that more customer-pleasing promotions are almost certainly...
...those new customers now in trouble, the banks face more bad debts than ever before. Meanwhile aggressive foreign lenders in Japan and elsewhere, which operate under fewer restrictions, swiftly outpaced their American rivals. While nine U.S. banks were among the world's 30 largest in 1969, only Manhattan-based Citibank made the list in 1989. And it plunged from No. 3 (behind Bank of America and Chase Manhattan...
...Central and South America and created 100,000 permanent jobs. When Accion decided to widen its mission to fight poverty in the U.S., it dispatched Delma Soto-Larsen to start a self-employment project in the Williamsburg section of Brooklyn. She has an M.B.A. and has worked for Citibank and Chemical Bank, but her real education began when Accion sent her to Colombia to unlearn all that she had been taught. "You're doing everything that all the books tell you not to do," she says. "You're making loans to people who can't prove that they...