Citi has launched a new debit card for its high net worth clients in Hong Kong which offers a series of perks including lifestyle concierge services and complimentary golf rounds.

Citigold Private Client – the segment in between mass affluent and private banking – has launched the «World Elite Debit Mastercard» in Hong Kong, according to a statement. In partnership with Mastercard, this is the first debit card of its kind in the city. Cardholders are entitled to various benefits including travel and lifestyle concierge services, access to over 1,300 airport lounges globally and complimentary golf rounds. 

«The exclusive Citigold Private Client World Elite Debit Mastercard is designed to deliver best-in-class customer experience for the world's elite, while offering elevated privileges both locally and globally that cater to their evolving needs and lifestyles,» said Vicky Kong, chief executive, Citibank (Hong Kong).

Green Gains

In addition, the new debit card also has sustainability-related benefits. For every HK$5,000 ($640) spent on the card, Citi will restore one tree with a pledge to fund the restoration of at least 12,000 trees over two years. 

This initiative is part of the Mastercard Priceless Planet Coalition, a platform based on a partnership with Conservation International and World Resources Institute.

Client Usage

The new card was developed partly in response to higher local demand. According to a recent Citi survey targeting high net worth individuals, the usage of debit cards in Hong Kong has risen by 90 percent over the past years. There is a stronger preference for using them for overseas spending, including children’s living expenses.

«Our data indicates that there has been a surge in debit card usage among our banking customers by close to three times in 2023 as compared to pre-Covid. The growth is even more prominent among Citigold Private Client customers, which went up over seven times,» Kong added. 

«Meanwhile, Citigold Private Client has seen an over 50 percent year-on-year increase in the number of debit card foreign currency transactions during the first quarter of 2024 –– with dining, travel and grocery shopping being the main growth categories.»