Virgin and Citibank team up to offer new credit card products

A new partnership will see a number of new credit cards and other personal finance products offered to Australians, it has been reported.

Citibank and Virgin Money are to join forces to roll out a new range of financial products, it has been revealed.

Moves by the two organisations have seen them sign a ten-year profit-sharing contract which will see a new credit card launched next July.

This is to be followed up by a number of credit cards, mortgages and saving accounts, the Australian reports.

"We're going to provide a substantial boost to the growth in cards," Citibank chief executive Roy Gori states.

He adds that the organisations are looking to take a 13 to 14 per cent share of the credit card market within the next three years and in doing so aim to break up the Australian banking dominance of the country's four major financial services providers.

Those on the search for a new credit card deal could be interested to hear that Commonwealth Bank recently announced the launch of a new partnership with American Express where those in possession of the Commonwealth Awards credit card will be able to accrue loyalty points at greater speed.

It has also launched a new gold credit card offering an "ongoing" low rate of interest, as well as features such as complimentary travel insurance.

Written by Kate Guthrie