A couple of tweaks doesn’t change much
Written: May 08 '07
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Pros: concierge feature
Cons: rebates do not post to account, rebate checks have $50 minimum.
The Bottom Line: A couple of minor enhancements are not enough for me to recommend this. Chase's reward card is better.
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| Saxguy's Full Review: Citibank |
Recently, I received a notice in the mail that my Citibank Dividend Select Mastercard was being upgraded to the New Dividend World Mastercard.
The best features on the card now are:
1. Personal concierge service – 24/7 assistance with dinner reservations, entertainment and travel recommendations and other helpful services around the world.
2. Price protection – you get a refund if you buy something on the card and it is advertised in print for less during 60 days after purchase. Internet purchases are excluded.
3. Retail purchase protection against theft, fire or accidental breakage for up to $500 for up to 90 days from purchase.
4. Automatic coverage for collision damage on auto rentals. However, this pays what your personal auto insurance does not cover.
5. No annual fee.
6. You can go over limit (no pre-set balance) without fee as long as it is paid in full before the next statement.
The rest of the card features seem unchanged. All transactions are subject to a 1% cash back calculation. Supermarkets, drugstores, gas stations, convenience stores and utilities earn 2% cash back. However, the cash back accumulates, rather than offsetting other charges as Chase does. Plus, rebate checks need to be requested and have to be at least $50. The maximum rebate is $300 annually.
There is a web site associated with this card, called Citi Bonus Cash Center. It has a short list of retailers that will provide an additional rebate. The list includes no retailers that I use regularly, although Eddie Bauer and Restoration Hardware are on it. There is another list of internet vendors where you can earn unlimited rebates for purchases made through the Citi Bonus web site. BestBuy.com andCircuitCity.com are each among the included vendors. While the rebates seem attractive, they remain subject to the $50 minimum rebate check. Also, purchases have to be made through the Citi Bonus site, so any discounts, like from Ebates, will not apply. On CircuitCity, the Ebates discount is higher. So, this does not provide much value.
Stated APR is 14.24 variable, with cash advances at 23.24%. If the card is in default, the rate becomes 32.24%.
I have found Citibank’s credit card customer service to be adequate when I have used it.
I suppose Citibank needed to do something to hype the card. This new branding is about 6 months after the grocery rebate was reduced from 5% to 2%. I have no statistics, but I imagine that the rebate reduction, the high minimum rebate check and the low annual maximum are a big turn off to others as they are to me.
Chase’s card has the 1% rebate on most purchases and 3% on gas. The biggest difference is that the Chase rebates post directly to the account to offset expenses and that there is a $600 annual maximum on them.
So, a couple of new features do not make this card worth using. The extra percent on groceries isn’t worth the length of time necessary to accumulate $50 in rebates.
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Thanks for reading. God bless!
Please check out my related reviews –
The Good:
Chase Perfectcard Rebate Credit card
ING Direct Bank
Mycheckfree.com
JP Morgan Chase Bank
Harris Bank Chicago
GMAC Mortgage
T Rowe Price Online Brokerage
Prudent Speculator Investment Newsletter
Hartford Insurance Claims Processing
The Bad:
First Midwest Bank
Citibank Rebate Credit Card (no longer recommended)
Like a Monster Movie (on Safeco Home Insurance)
Recommended:
No
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