Editor’s Note: These limited-time offers have expired.
This rumor has been making the rounds: CitiBank is discontinuing your favorite cash-back rewards credit card and mine, the Citi Dividend Platinum Select. Hopefully, I’ll max out the year’s $300 limit before switching to a new cash-back rewards card. The replacement program will include 2% cash back on supermarket, drug store, and gas station purchases, in addition to certain utilities and cable bills.
I’m considering the Chase Platinum Visa Card as a replacement. This card offers 6% cash back on gas, groceries, and at drug stores for the first 12 months and 1% cash back on everything else. The yearly limit is $600 rather than CitiBank’s $300. At the end of the year, you can theoretically apply for a new Chase Platinum Visa Card and receive the promotion again.
There is a danger to this. As I mentioned earlier this month, there is a noticeable trend of companies discontinuing or devaluing their rewards programs. There is no guarantee that the Chase Visa will continue offering these rewards.
Another option is the HSBC Direct Rewards MasterCard, which offers 5% cash back on gas, grocery and drug store purchases, and 1% cash back on everything else.
The CitiBank Dividend rewards will change in October. There is still time to max out the $300 cash back limit. If nothing else, you can purchase (non-expiring) gift certificates for the stores you know you will visit.
Continue reading for more resources on CitiBank’s discontinuation of their Dividend Platinum Select card.
Updated May 10, 2013 and originally published August 20, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.