Citi Dividend Platinum Select Card Closing Too!
Wonderful, frickin’ wonderful Citi… first you close my #1 cash back card, the AT&T Universal Cash Rewards, and now the word on the street, including contact with customer service representatives and summaries from letters, is that the Citi Dividend Platinum Select card is closing too? And I just got the Dividend Platinum Select card a month ago… my credit history must be loving all this action.
Not only that, but there’s talk that it’s a move towards ending cash back cards and forcing everyone towards slightly devalued points so theoretically all cash back cards are at risk. Plus, the Citi Dividend card is going to lose some of it’s reward bite - 2% instead of 5% on your purchases at gas stations, supermarkets, and drug stores (though they added utilities). Allegedly, all of this will be effective October 13th, 2006.
Here’s a summary of by Fatwalleter thised1:
1. It’s 2% for supermarkets, gas stations, drugstores, convenience stores and utilities including cable.
2. 1% on all other purchases.
3. Maximum of 300 Dividend Dollars in a calendar year.
4. Utilities include electric, gas power, water supply and refuse services, but not telephone service. Cable includes satellite and other pay television and radio service.
I have yet to receive the letter from Citi but based on the experiences of others with the AT&T Universal Cash Rewards card closing, there’s a chance I won’t get the letter (or I’ll shred it because it’ll look like “convenience” checks).
Once I get the letter I’ll post it and then likely apply for the Citi Driver’s Edge card, 6% back on gas for a year is better than 2% forever plus I’d get points for driving. It’s not an ideal situation but so far it’s the best one I’ve seen (Flexo recommends the Chase Platinum Visa Card, which has similar cashback terms but you don’t get the driving bonus) and they could always change it on you anyway.
As for the fate of the card, it’ll probably sit in the drawer now, paying for the added utilities, but otherwise it’ll join the others in purgatory!
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18 Comments - Share Your Thoughts
Yeah, I’m pretty bummed. Only a year after I saw the light and made the switch from airline miles cards, all the cash cards are pooping out on me.
*(%$#@!!
Thanks for the info.
I guess I will need to shop for a card now.
Yep, I got the letter in the mail yesterday. Lame.
Last week I got a letter from Citi asking how they can make my rewards better. They provided options for earning points, etc. I tossed it since the cash back is all I’m interested in. That may have been my official notice. Guess I should’ve read closer.
Any word if the American Express Blue Cash will also be going the way of the other cash cards? If you are a big spender they’re the best cash back. Only .5% back for the first $6k in purchases but after that everything is 1.5% back and 5% at gas stations and supermarkets - with no limit. You get it as a rebate on your statement at the end of each year. If I know it’ll be a big year with many large purchases I use the Amex. Also, Costco gladly accepts it, although on rare occasions some places won’t accept it.
The small trick is to buy up gift cards at gas stations & supermarkets that you go to most frequently. If you buy enough to max out the $300/yr cash back limit, before 10-13-06, at least you still get 5% back on that sum. Then, just pay with gift cards instead of your credit card.
To Adam and all other Citi Dividend Invitee Recipients,
I go that same letter from Citi on how to make the card better. In light of recent events with the card you should call 1-866-754-6870 to activate the options for your last great spin with Citi Dividend.
The letter gave you 3 options. 1. A reduced APR - they offered me 6 months at 2.99%. 2. The 5% purchase rate was extended to ALL purchases for 90 days and 3. The “Thank You” Network options were enhanced too. Not sure how, was not interested. I chose the 5% for all purchases for 90 days. I thought the option would start from the time I accepted the invitation (the end of July) and go on for 90 days. Well when I called to confirm my activation date so I could time my purchases, I was told the 5% applied to purchases starting in the beginning of July. In light of the discontinuation of the card I am sure they did that to make sure I get to use the card at the invite rate before the October 13th cut off, otherwise my invite rate date would have ended around October 24th.
The letter had nothing to do with notifying you about the change of the rate. In fact that letter gave me a false sense of security about the Citi Dividend. I have not received notification yet of the changes. I have noticed that the card was no longer on the Citi website or other credit card websites recently. Also noticed that I have not seen ads in the Sunday paper for a few weeks.
Get what you can while you can. Hope this helps.
The gift card thing does not work. Gift cards are exempt from all cash back rebates (even the 1%). It’s in the fine print.
Dean, I dont see anywhere in the fine print that gift cards do not count towards points. Maybe I’m missing it. Could you ellaborate.
How would the credit card company know from a grocery bill charge, if a certain amount was from a $50 gift card. I have the Drivers Edge card and have thought about doing this trick.
The credit card company does not know what items are charged just the total.
CK
Have any of you looked at the Citi Professional Card? I was looking at Citi Dividend and found it — 3% on restaurants and car rentals w/ a $500/yr. cap. I’m in NYC and eat/take out a lot and rent lots of cars instead of owning.
Could that be going away, too?
kg - I have a Citi Professional card and on a lot of the discussion boards they talk about how that’s an option as an alternative. Will it go away? Who knows… who ever really knows (except Citi) but it’s an option until they take it away.
Thanks for the note, Jim. I saw some other references to it, and I think I’m going to get one.
One more thing: I read the whole terms and conditions, and found a note that it’s “considered a business purpose credit card and not a consumer credit card. Please note that certain consumer rights do not apply to this account.”
Any idea what that might mean?
In comparing that card with other consumer cards on the Citi site, absent is the usual “$0 Liability on unauthorized charges” comment that appears everywhere on consumer cards. I don’t know if that means you’re entirely liable or if the cap is higher, at say $50?
When I have an opportunity I’ll call Citi and ask them and report back.
Utilities bills have been added as a qualifying expense. However, in my case, none of the electric and gas utilities accept credit card payments, or if they do, they charge a disporportionate service fee.
Obviously, CitiBank is simply cutting its expenses, as 5% on groceries and the ever-increasing gas cost is too much for them. It was too good to be true, so they cut their losses.
This is why I can’t find the card on the website anymore, I was planning to get a second one cuz I’m close to maxing my $300 limit and it’s only the middle of the year. So I went to the website today and couldn;t find the card. This sucks, this has been my main card since I got it April of last year, I got the full $300 cashback last year and this year, I’m close to getting there. Now I need to find a new card to replace this, any suggestions?
I got the official letter now telling me all the changes, i.e. 5% down to 2%. My backup card has always been the AMEX Blue Rewards (Charter member). Since long ago this year I maxed out on my $300 from Citi, I’ve been using the Amex. Always have to use it at Costco which sees a lot of my money. Maybe now that’ll just be my primary card for everything. They still offer the 5% on gas and groceries (I called Amex) but it’s graduated and the full 5% is only after $6k purchases. My wife and I spend about $30k/year on plastic so I’m sticking with the Amex and Citi Dividend for those places that refuse Amex. Better than screwing with my credit jumping from card to card every year.
Just remember, cash rewards are pointless if you aren’t paying off the balance in full each month.
I always pay my balance in full that’s why I like cashback cards, better than paying in cash. Anyway, I wanted to get the Amex Blue Rewards but we’re in a place where Amex is not widely accepted, what do you guys thik about Citi Driver’s Edge card?
[...] I’m not a fan of credit cards that offer promotional cash back offers because, let’s be honest, they charge their interchange and processing fees regardless of what their reward program is, so why not kick as much back to the cardholder in Month 1 as you would in Month 7 (or 13)? So, when Citi announced that the Citi Dividend Platinum Select Card would now be offering 5% cash back on purchases at gas stations, supermarkets, drugstores, convenience stores, and utilities for only 6 months, I thought that was a joke. I’m sorry, that particular Citi card is going to get a coveted share of wallet with a joke rate like that, especially since Citi just reduced the rewards from this 5% to the current 2% rate. [...]
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