Citibank has joined hands with IndianOil to offer ‘CitiBusiness’ with a target of achieving transactions worth Rs 400 crore by March next year. The reward programme is for small businesses and professionals. IOC and Citibank started their partnership in year 1997 with launch of co-branded fuel credit card. Citibank has over 1 million credit card users presently.

The card will offer up to 5% saving on fuel purchases at IndianOil petrol pumps. This includes a waiver of 2.5 percent surcharge.

In an official statement, Citibank Business Manager (Cards and Unsecured Loans) T R Ramachandran said, ''Through this newly launched card, we hope fuel spend of Rs 400 crore would be achieved by the end of this financial year.''

He further added that the card offers a credit limit of Rs 5-10 lakh. The credit limit will depend on the financial statements of the consumers and discounts on business-related requirements. The services will be providers from eleven different service providers.

Under the rewards programme, customers will get four points for every Rs 150 spent on fuel at the IndianOil Petrol Stations. In addition to this, one point will be rewarded for every Rs 150 spent on other products. The points can be used for fuel purchases at IOC petrol stations.