We were really surprised Citibank waited this long to end this dinosaur of a credit card. Several years ago it was my ultimate favorite credit card because of its pure one percent back and automatic no-hassle credit to the statement every month with no waiting period. The sad thing is Citibank really does not even have a card half this good right now but yet they are closing out this outdated card. The competing banks have better offers if you read further.
In a letter from Citibank:
As of February 29, 2012, Citibank, N.A. the issuer of the CITGO MasterCard and CITGO Visa, will discontinue these credit card programs. Your account will be closed on that date and you will no longer be able to use your account for purchases or other transactions. Please ensure that any companies you have authorized to bill to this account on a recurring basis are notified. You will continue to receive a monthly statement until any remaining balance is paid in full. Any rebates you have earned but have not redeemed as of February 29, 2012 will be applied as a credit on your statement in a future billing period.
The CITGO MasterCard and Citgo Visa credit card programs are being discontinued but the big bank is offering an alternative. Citibank is inviting you in the letter to apply for a CITGO Plus Card. The CITGO Plus Card is more of a gas card that is not used anywhere but CITGO stations. It does come with a 10% Rebate on CITGO purchases for 60 days after the opening of the account where you can earn up to $75. Although you would be better off applying for a Freedom Card and earning back 5% this quarter and be able to shop at any gas location.