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Citi mtvU Card Ending, Convert to Citi Forward Card

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Citi Forward® CardRIP Citi mtvU card. :(

If you’ve read Bargaineering for a while, you’ve probably read that I carry two credit cards – an American Express Costco TrueEarnings card and a Citi mtvU card. I loved the Citi mtvU card because it offered 5% in ThankYou Rewards, which is slightly worse than cash, at restaurants and bookstores, which includes Amazon.com. It’s a card I’ve had for many years and, despite slightly better alternatives on the market, I’ve stuck with it because it was pretty good.

According to a letter I received from Citi, the Citi mtvU card will be retired effective April 13, 2012. It will be replaced with a Citi Forward Card with a similar set of features and bonuses, though the biggest ones are most beneficial to people carrying a balance. Here is what they said about what’s new and what will remain the same.

What’s New?

  • You’ll receive up to a 2% purchases APR reduction when you make a purchase, stay under your credit limit and pay on time 3 billing periods in a row (0.25% each quarter, 8 times maximum).
  • You can earn 100 ThankYou Points instead of just 25 each billing period when you pay on time and stay under your credit limit. That’s 3 times more points than you earned with your previous card.
  • You will no longer earn ThankYou Points for good grades. If you want to receive points for your good grades, you must submit your request by April 13, 2012.
  • You can protect your cell phone by paying your cell phone bill with your Citi Forward Card. If your phone is damage or stolen, you’ll have supplemental insurance coverage that reimburses you for a replacement phone (up to $250, after a $50 co-payment).

What stays the same?

  • No annual fee and you’ll keep the same APRs as your current card.
  • Your credit card number stays the same.
  • The Citi ThankYou Rewards program – all of the ThankYou Points earned with your Citi mtvU card will remain in your account. You may redeem them for great rewards before they expire (5 years from the end of the month in which they were earned.)
  • Earn 5x points for every $1 spent on books, music, movies and at restaurants, and 1 points per $1 spent on all other purchases.

It appears I’m getting a better card since the reward points structure appears to be the same plus I get 100 points each billing period instead of 25. What’s even better is that my account number will remain the same so the “new” card won’t actually be new, it’s a true conversion.

I look forward to the new card! (get it?)

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9 Responses to “Citi mtvU Card Ending, Convert to Citi Forward Card”

  1. Martha says:

    I’ve heard before about the cell phone replacements offered through a credit card company. Has anyone had any luck using this feature? If so, I’d love to hear about it!

  2. Jim says:

    I have a Citi MTVu card and received the same letter. I also have a Citi Forward card, which the MTVu crd is transforming in to. I called Citi to ask if I should cancel one and they told it was no problem for me to have two of the same credit card, and one would serve as a “backup”. Ridiculous. Now I am just waiting for the right time to cancel.

    • Jim says:

      If I were you and still wanted to get rid of one, I would ask to merge the two credit lines.

    • govenar says:

      There usually isn’t any harm in keeping the other card open, and that’ll probably help your credit score anyway. (And if you had both MTVu and Forward, you already had two almost identical cards to begin with.)

  3. Ray says:

    The Citi Forward is my favorite card. Besides 5% back at Amazon. The points combine nicely with a Citi Banking package. Plus every now and then certain gift cards in their rewards mall go on sale so you can really do even better than 5%. One caveat, if you carry no balance on the card you will not get the 100 point bonus every month.

    • govenar says:

      That’s not true; I don’t carry a balance (i.e., I pay the full balance by the due date) and every month I get 100 points that show up as “Using Credit wisely” on the statement.
      But maybe by “carry no balance” you mean put no charges on the card at all; that could be true (I don’t think I’ve had any months where I didn’t use this card, so I can’t tell).

      • Ray says:

        That’s what I meant, if you have a month where you have no charges and a zero balance you will not get the bonus points.

  4. eric says:

    Wow, I’ve had the mtvU card for so long already! I still use it occasionally too. I didn’t receive any letter yet as of today so I’ll be on the lookout.

  5. Clyde says:

    I like the mtvU card, but I was so frustrated that this, most recent Spring semester is the first time I’ve gotten a 4.0. That would’ve been 2,000 points or something ridiculous. The cash value of the points was >$20 for a 4.0 in a semester (I did the math b/c I’m a nerd).


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