Citibank to Offer Revolving Credit Account to Amazon.com Customers; New Credit Program Extends Relationship of Two Industry Pioneers, Enhances the Online Shopping Experience

Business Wire, Nov 5, 2001

Business Editors

DEERFIELD, Ill.--(BUSINESS WIRE)--Nov. 5, 2001

Citi Commerce Solutions, a division of Citibank Cards, announced that it has been selected as Amazon.com's private label credit provider for a new card-less credit account.

Now shoppers at Amazon.com have the opportunity to buy now and pay later with the Amazon Credit Account.

Launched in time for the holiday shopping season, this initiative offers Amazon.com customers an alternative to general-purpose credit cards for purchasing online.

"Amazon.com is a true e-commerce pioneer," said Bill Johnson, President, Citi Commerce Solutions. "We're very proud to extend our relationship with such an innovative and customer-focused company. With our private label credit experience and Amazon.com's e-commerce expertise behind it, the Amazon Credit Account program will create an even better experience for Amazon.com customers."

Citi Commerce Solutions' revolving credit program provides consumers with greater flexibility and convenience at the online checkout. Users can apply for credit online through Amazon.com, receive an instant credit decision and, if approved, begin buying immediately. Account holders enjoy benefits such as no annual fee and special deferred financing offers on specific products and services.

"The Amazon Credit Account offers Amazon shoppers an additional payment option and makes it even simpler for them to take advantage of our low prices on computers, electronics, and other goods," said Rene Pelegero, director of global payments at Amazon.com. "Working with an experienced credit provider like Citi Commerce Solutions will also enable us to introduce a variety of special financing offers to our customers."

This latest initiative extends Citi Commerce Solutions' and Amazon.com's relationship. Citi Commerce Solutions is the credit provider for Amazon.com's Corporate Accounts program that launched in August 2001.

The Amazon.com Corporate Accounts program allows qualified corporate and institutional customers to receive a line of credit for immediate purchasing on Amazon.com. The program also gives corporate customers increased flexibility by introducing the option to pay by online purchase order. In addition, Corporate Account customers can choose from a number of advanced account management tools, such as the ability to designate and manage multiple authorized purchasers, view online consolidated account ordering history, and receive consolidated bills detailing all transactions made by the organization.

As Amazon.com's private label credit provider for its consumer and commercial programs, Citi Commerce Solutions will manage both programs and provide a broad range of credit services, including credit decisions, funding, payment processing, billing and customer service functions. Citi Commerce Solutions will also provide the "apply and buy" technology behind the programs.

About Citi Commerce Solutions

Citi Commerce Solutions, a division of Citibank Cards, is a leading provider of consumer and commercial private label credit programs, and commercial account management services. Citi Commerce Solutions' clients include some of the largest, most successful merchants in the world, including RadioShack, Staples, Texaco, Goodyear, Shell, Gateway, Office Depot, BP Amoco, Dell Computer, Zale, Citgo and OfficeMax.

About Citibank

Citibank is part of Citigroup (NYSE: C), the preeminent global financial services company with some 190 million customer accounts in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.

About Amazon.com

The Amazon Credit Account is made possible at Amazon.com through Amazon.com Financial Services, Inc., a subsidiary of Amazon.com, Inc.

Amazon.com (Nasdaq: AMZN) opened its virtual doors on the World Wide Web in July 1995 and today offers Earth's Biggest Selection, along with online auctions and free electronic greeting cards. Amazon.com seeks to be the world's most customer-centric company, where customers can find and discover anything they might want to buy online. Amazon.com and sellers list millions of unique new and used items in categories such as electronics, computers, kitchen and housewares, books, music, DVDs, videos, camera and photo items, toys, baby and baby registry, software, computer and video games, cell phones and service, tools and hardware, travel services, and outdoor living products. Through Amazon Marketplace, zShops and Auctions, any business or individual can sell virtually anything to Amazon.com's millions of customers, and with Amazon.com Payments, sellers can accept credit card transactions, avoiding the hassles of offline payments.