Citigroup Inc. and announced an exclusive agreement Wednesday to develop a cobranded credit card.

The new MasterCard card, which will be available in the fourth quarter, is a sign of the New York banking giant's deepening commitment to the Internet. Though many of its peers have flocked to Internet companies to develop cobranding and marketing programs in the last couple of years, Citigroup has been more cautious.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.