Citibank and Octopus Cards have formed a strategic partnership to launch the first credit card that includes the Octopus function – a new co-brand card known as the Octopus Citibank Credit Card.

It features both credit and contactless smart card payment functions, as well as Citibank’s cash back facilities and the Octopus rewards scheme.

Customers can use the Octopus function for small-value payments at more than 50,000 points of presence in both retail and transport outlets, and the credit card for high-ticket purchases. The card will have automatic reload for Octopus as a default feature.

"We are very delighted to be partnering with Citibank to roll out the first ever co-brand credit card in Hong Kong with the Octopus function,” says Prudence Chan, Chief Executive Officer of Octopus Cards Limited. “Today´s launch represents a major milestone, not only in Octopus´ history but also in the development of payment cards in Hong Kong. For the first time, customers can enjoy a 2-in-1 card with unprecedented convenience and benefits. We look forward to a fruitful partnership with Citibank, ultimately delivering a new kind of customer experience to the community."

Online pre-registration for the Octopus Citibank Credit Card will be accepted from 17 July to 15 August, 2008. HK$50 Octopus Cash will be offered to customers who register successfully.