Replacement for Citi Dividend Platinum Select Card
Posted by Frugal on September 14th, 2006
Yes, Citibank Dividend Platinum Select card will no longer pay out 5% but 3% cashback on gasoline, grocery, and drug, starting October. I have found my replacement credit cards.
I have planned to cancel my cards, and have applied & received the following two new credit cards:
- HSBC Direct Rewards Platinum credit card: Flat 5% cashback on gasoline, grocery, and drug purchases. Up to 1% on other purchases. Because it has a tier structure on the cashback for other purchases, I won’t be using this card for other purchases. You also will get the cashback every 12 months, and it needs to be more than $10.
- Citibank Driver’s Edge Option credit card: 6% rebates on supermarket, drugstore and gas station purchases for 12 months, 3% after that. 1% rebates on other purchases. And $1 for every 100 miles you drive,
. The downside is that rebate dollars must be spent through ThankYou network.
The best thing that I like about the old Citibank Dividend Platinum Select is that it pays cash, and you don’t need to wait for one year. Too bad that I will be settling for something else because the 5% rebate really adds up very quickly.
Here are the posts from other PF bloggers from whom I’ve found out about the above cards:
P.S. Today is a Thursday on which I normally don’t post. But I have decided to at least put out this short but somewhat important money-saving post. Because of the increase in traffics in the last few weeks, I have put in extra efforts for posting everyday except Sunday. Higher traffics certainly incentivize me to post more often. Not sure if it is an incentive for you to social bookmarking my posts by digg, reddit, del.ici.ous, any other sites or through emails. But in any case, I thank you for just visiting my website.
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September 14th, 2006 at 7:26 am
I am going to be using my Chase cash rewards card. If they decide to cancel their 5% back like the Citi Dividend I will probably try for the HSBC but hopefully I won’t have to do that for awhile..
September 14th, 2006 at 7:45 am
Chase is good, and was one of the choices by Consumerism Commentary. I just didn’t go for it because I still prefer cash, instead of finding a way to spend it.
September 14th, 2006 at 8:40 am
I’m going to continue using the Citi card. You only can collect $300/year in rewards with the card. Within 4 months of using the card (my wife and I signed up late), we are already at over $230 in rewards. so if the reward amount is lowered to 3%, it’ll just take us a little longer to reach the $300 amount.
We’ve got a Chase rewards card as a “backup” whenever we reach the Citi limit.
September 14th, 2006 at 10:05 am
Keith,
It’s more important to have the higher percentage. Because you can always get around the max limit by applying 2 cards (one for you & another for your wife). 5% is really hard to come by. In fact, credit card companies most likely are losing money by offering 5% deal (but they make it up by anyone who has a debt balance with them).
September 15th, 2006 at 12:06 pm
I thought that Citibank reduced the cash back for “everyday” purchases to 2% (not 3%, as in your original post). Personally, I don’t intend to cancel my card. But, I will take a look at the alternatives that you mentioned. Thanks for the info.
September 15th, 2006 at 2:31 pm
Just have way too many cards, so I need to cancel a couple.
September 18th, 2006 at 8:15 pm
Larry’s “cards”:
1. CitiBank ATM/Visa (Used to be CalFed)
2. WAMU ATM/MasterCard personal account
3. WAMU ATM/Mastercard for LLC – strip center
4. Charles Schwab Visa – (I don’t even know where it is.
5. WAMU Equity Line (SF house) no cost, 30 years, $250,000: zero balance
6. WAMU Equity Line (Berk house) no cost, 30 years, $250,000: zero balance
7. BofA ATM/Visa for Arizona basic checking & savings
September 26th, 2006 at 5:18 pm
The cash back reward you can earn from credit cards depends on your particular spending profile — especially how much you spend in various categories (e.g. gas, grocery, restaurants, utilities, etc.)
The calculator tool at Credit Card Tune-Up (www.creditcardtuneup.com) makes choosing the best cash back card (or mix of cards) easy. Given your spending pattern, it calculates your expected annual rewards for each of the leading cash back credit cards and even for your best mix of cards.
See the tool at http://www.creditcardtuneup.com/ .
November 26th, 2007 at 7:38 am
Are you sure the 5% is still in effect? Thanks. The application says this:
Direct Rewards® Platinum Terms and Conditions
How to Earn Rewards
Earn 1 point for each net purchase dollar (meaning the amount of purchases less the amount of any returns and credits) and eligible balance transfers posted to your Direct Rewards® Platinum account. Eligible balance transfers are balance transfers that are completed at the time you complete your credit card application, if offered. Finance and other charges, fees, cash advances, and balance transfers (balance transfers that are not completed as part of the credit card offer) do not earn points. Point balances are updated at your billing cycle and include points earned through your current cycle.