Consumer Payment Card News


Citibank and Philips Consumer Electronics Company announced the new Philips Maganavox MasterCard yesterday. The new, no-annual-fee, co-branded card, offers points for each dollar charged redeemable for Philips Magnavox products ranging from portable audio products to home theater systems. Details on the card were not immediately available as the product has been slated for national release sometime during the first quarter. The Consumer Electronics Show is underway through Sunday in Las Vegas.

Citibank has announced that it will introduce a new Phillips Magnavox MasterCard (R), the first co-branded bank credit card that allows consumers to earn reward points toward an array of popular Philips Magnavox products. The Philips Magnavox MasterCard will be available nationwide during the first quarter, 1997.

“The Philips Magnavox MasterCard combines the popularity of cutting-edge consumer electronics with the renowned credit services of Citibank to provide cardholders with a great value-added product,” said Jay Guskind, President, Citicorp Retail Services Inc. “We’re very excited to be working with Philips Electronics, a respected leader in technology, bringing digital solutions to everyday life.”

The Philips Magnavox MasterCard is designed to appeal to a broad base of consumers with a practical and achievable reward system that ensures quick redemption. For each dollar purchased on the card, consumers will earn points toward Philips Magnavox products, ranging form portable audio products, to sophisticated home theater systems, to the Internet TV Terminal for Web TV.

“Our research indicates that consumers are very interested in carrying a credit card that has no annual fee and a low-interest rate. They also recognize the real value the card provides with its simple-to-understand and quick reward system for obtaining highly desirable Philips Magnavox consumer electronics products,” said Michael Johnston, Senior Vice President and General Manager, Philips Service Company, a unit of Philips Consumer Electronics Company (PCEC).

Additional information on the Philips Magnavox MasterCard is available by contacting Philips at (800) 531-0039.

Philips Consumer Electronics Company designs, manufactures, markets and services Philips Magnavox consumer, professional and commercial electronics products. PCEC, with headquarters in Knoxville, Tennessee, is a division of Philips Electronics North America Corporation, with more than $7 billion in annual sales and corporate headquarters in New York. PCEC is also part of Philips Electronics, N.V., with more than $40 billion in annual sales and based in Eindhoven, the Netherlands.

Philips Magnavox maintains sites on the World Wide Web at and Citibank maintains a site on the World Wide Web at

Leave A Reply