In Brief: Citi to Market Internet-Only Credit Card

Citigroup Inc. next month will begin marketing a new Internet-only credit card product to its customers, Robert B. Willumstad, head of the company's global consumer lending, said Monday.

The new product, to be called "click credit," would function like a credit card without the card, Mr. Willumstad told an audience at the Banc of America Securities investment conference. Click credit would have an awards program that would offer frequent-flier miles or product rebates, he said. In the fourth quarter, Citigroup will launch an "extensive" marketing campaign via television, newspapers, and radio to try to attract new customers to the product, he said.

Mr. Willumstad, who oversees credit cards and mortgages, among other areas, also said Citigroup's credit card division has begun marketing property and casualty insurance to credit card customers who call with queries about their accounts. "We expect this to be our first or second-largest source of new business in property and casualty," Mr. Willumstad said.

The banking company's mortgage unit has begun selling 100% loan-to-value mortgages through its Salomon Smith Barney sales force, he said. "In the not too distant future, I see it producing 20%-25% of our mortgage business."

-- Olaf de Senerpont Domis