A couple of weeks ago, we posted a piece about a $2 million investment that Visa CEO David W. Ross had made in Citibank, the world’s largest sovereign wealth fund.
Visa had just launched its new Visa Plus card program and Visa’s investment in Citicank, as well as the expansion of its Visa Global Visa program, made it clear that it wanted to invest in a lot of different financial products.
In a note on Friday, Visa CEO said that the company’s Citibanks Visa Plus credit card program is the largest and most sophisticated of its kind in the world.
That said, he didn’t go into details about the investment.
In the note, he said that Citibanking Visa Plus cards have the best credit scores, and that Citicanks Visa Visa Plus Visa card has the best value for its credit rating and is the best-rated credit card among other factors.
“As we continue to build upon our portfolio of credit products, we will continue to invest strategically to drive better credit performance for our customers,” Ross said.
But the Citibanked Visa Plus program is not only designed to be attractive to customers, it is also a very popular choice for foreign investors, said Patrick McBride, director of credit and innovation at Credit Suisse.
The company is one of the biggest lenders in the United States, with a combined total of more than $1 trillion in total assets.
McBride said that, when you look at Citibans credit scores and the fact that they have a credit rating of AAA+, it is easy to see why they are very popular among investors.
Citibanks credit card is more attractive to investors than Visa, he added.
Visa is not the only company to have a CitibANK Visa Plus product, McBride added.
In September, Citigroup announced that it was opening a new Citiban Visa Plus account, which allows Citibers customers to earn a $1,000 bonus on Citibanke’s annual income tax return.
Other big banks, including Citibats, Citibanc, and Barclays, are also participating in the CitBank Visa program.