The first Signature platform ultra high-end credit card in Australia was launched last week with Citibank’s new Citi Select.

The Signature line of cards from Visa is perfect for those with higher incomes, who love luxury travel but just don’t get enough benefits from a Platinum credit card. The new Citi Select provides access to 600 airport lounges internationally, with the card holder’s choice of frequent flyer miles from either the dedicated Qantas scheme, or a multi-airline scheme that includes Virgin, Singapore Airlines, and Cathay Pacific.

Other discounts are available through Mr. & Mrs. Smith, the fashionable hotel chain, the Citi online travel service, and premium seating for events.

With an annual fee of $700, the Citi Select is designed for customers who spend at least $50,000 each year with their cards. The scheme awards two rewards points for each dollar spent, with no capping.

Although Citibank doesn’t command the clout of the Big Four banks, it still holds 10% of Australia’s credit card market through its own brand and through partnerships with regional banks, such as Suncorp and Bank of Queensland.

The Signature rewards scheme was first introduced in the U.S. in 2004 and moved into Asia in 2007. Chris Clark, general manager for Visa Australia & New Zealand, believes the domestic market is ready for an ultra rewards card beyond the Platinum level, which Citi introduced into Australia in 1999.

The Signature platform is designed as a direct competitor for MasterCard’s World platform, and for American Express, which has gained market share with their companion cards scheme that offers as high as three rewards points per dollar spent.

“Our research tells us that wealthy Australians are not into conspicuous consumption and displays of prestige to the same extent as the wealthy in other countries,” said Mr. Clark. “But what they are interested in is lifestyle, particularly luxury travel and memorable events. Signature is designed to allow cardholders to develop those interests.”

Source: http://www.bankingday.com/