Citibank Mastercard closing?
I received a letter from Citibank that they will be closing my Mastercard Drivers Edge Platinum card as of Nov 1/2010. The reason given is that as part of CIBC's purchase of their credit card services they would be closing Citibank Mastercard services. I can continue using my account up to Oct 31/2010. Any outstanding reward amount I have will be given back to me via cheque end of the year. From reading the letter, there was no stipend on having to buy a car to get the amount back. Getting a cheque with no attachment to buy a car would be quite nice and since I've moved to C1 Aspire as my primary card, it's ok for them to close it and give me what I've earned so far.
Anyone else get this letter? I am thinking since the Drivers Edge provided premium 2% return, it was deemed too rich a rewards program by CIBC and thus they are closing it. Or perhaps CIBC is closing all Citibank Mastercard services?
Anyone else get this letter? I am thinking since the Drivers Edge provided premium 2% return, it was deemed too rich a rewards program by CIBC and thus they are closing it. Or perhaps CIBC is closing all Citibank Mastercard services?