Citibanks has announced plans to give the average customer a “one-time” cash payment of $1.5 million for each Citibanking Visa cardholder.
Citibank said the Visa program will be available for a limited time in the United States beginning on July 20 and will be extended until Sept. 20, 2020.
Citibanked said the cash payment will be made at a time and location that is convenient to the cardholder, with the offer being valid on a credit or debit card.
The Visa card program will not be available to foreign visitors.
The cards will be limited to the first 500,000 Citibans that the company issues, Citiban Chief Executive Officer Mark Nissen said in a press release.
“This Visa program is the culmination of a strategic initiative by CitibANK to make the Visa Visa Card even more convenient for its customers and to drive adoption of the Visa Card,” Nissensaid.
Nissen also noted that the program will also help Citibackers reach more customers.
The company said it expects to reach 1 million new Visa Cardholders within the first five years of the program, a growth rate of nearly 50 percent.