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RIP 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 ^[3] 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 ^[4] 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?)