We use the Citibank Drivers Edge Reward MC in favor of everyother card we have. It gives 2% back on every purchase (up to $1000 per year, max $5000 lifetime) to be used towards a vehicle, new, used, car, truck, motorcycle, motorhome, purchased private or through a dealer. 🙂
We have used the rebates twice so far for two motorcycles. Rebates were mailed back within 1 month both times with no issues.
There are NO yearly fees, even for the Platinum one, which gives you even more benefits (which is the one we have).
I've this card as well and just bought a new car, sent in the required paperwork by fax (copy of the bill of sale and insurance) and received my cheque in two weeks. Couldn't have been simpler.
2% back is pretty good, and I figure I'll definately be buying another car, motorcycle or atv in the next five years.
I have used this card for many years and have redeemed multiple times. I think the $5k maximum is the 1 time maximum redeemable amount. I don't believe there is a lifetime maximum but if that is the case, I would be interested in confirming as I am likely at that maximum. Given the no cost, 2% rebate towards any vehicle (new or used) and other travel benefits, in my opinion, it is the best card in the market.
There is talk today that CitiBank might fail. If that's the case, they were the lagest US bank. Pulson said some banks were going to go under after the bailout, I wonder if Citi was one of them?
I wonder when the bank runs will start...
Now we not only have to find a decent return rate on our savings but put our savings in "safe banks" as well...
March 25, 2009
Just received a letter in the mail from CITI Bank. "As a result of the sale of a portion of Citi's Canadian credit card portfolio, your Citi MasterCard account is being closed Nov 1."
I called them and Citi bank sold all their Canadian credit card business off to CIBC. But looking at CIBC's site, they only offer Visa, not mastercard.
This Drivers Edge reward card was awesome for 16 years!
Have a great day
March 25, 2009