After a profitable run with Citibank’s Credit Protector program, including duplicate sets of retention rebates, I called the other day to cancel our coverage. I’ve been doing this with a ‘dormant’ Citi AT&T Universal Card whose rewards we had already maxed out for the year — since Credit Protector charges based on your closing balance, no balance = no fees. Well, the end of the year is now here, and I wanted to ditch Credit Protector such that we could start using the card to earn rewards again.
So I gave Credit Protector a call at their toll free number (1-888-253-3663) and waited patiently while the customer service representative pulled up our account. And that’s when it started all over again…
Him: “You’re currently on our $0.49/$100 program, which is the lowest price that we offer. But it really is great coverage, blah, blah, blah…”
Me: “Thanks, but I’m still not interested.”
Him: “Well, I do see that your account is eligible for $50 worth of mail-in rebates if you don’t cancel. You don’t even have to use the covered card to make the purchases. Just send us your receipts and we’ll send you your rebates.”
Me: “Hmm… I really do just want to cancel our account.”
And then I thought about it. We actually have two reward cards rolling over right now — the AT&T Universal Card and our Citi Dividend Platinum card. Both of these currently offer the same sorts of rewards (5% on gas, drugstore and grocery purchases, 1% on all else), and it takes awhile to max out the rewards (they’re capped at $300/year) [Note: The rewards on these cards have since been reduced form 5%/1% to 3%/1%]. So why not just use the Dividend Platinum card while we cash in on another set of retention rebates? These rebates typically come as a set of five $10 coupons, and you can only cash in one per month. But fifty bucks is fifty bucks, and it only takes about 10 minutes (total) to mail in the coupons. To make a long story short, I relented and the new set of rebate coupons should be here in a few days.