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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 [3], 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 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!