AT&T Inc. and Citigroup Inc. said Thursday that they were extending their Universal Card partnership that offers AT&T-branded Citi rewards cards with calling benefits, cell phone insurance, and loyalty programs.
"We see great long-term opportunities for our customers through our continued relationship," Raja Rajamannar, executive vice president of Citi's card unit, said in a press release.
Citi and AT&T didn't specify the length of the "long-term" extension or say whether the agreement involved additional costs. AT&T said it planned to unveil new offerings for Universal cardholders this year, including savings and rewards programs.
The card partnership was launched in 1998, when Citi purchased AT&T's Universal Card portfolio for $14.5 billion. At the time the acquisition was considered a bold move, by a banking company that had previously relied on internal growth, to increase its marketing and distribution channels.
