Posted by Chuck on February 4, 2016
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Published on February 4th, 2016 | by Chuck

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Citi Converting Dividend Cards to Double Cash in March

Fatwallet member JW10 reports receiving a mailer from Citi that their Citi Dividend card will automatically be converted into a Double Cash card on March 31, 2016. Yup, right before the drugstore category starts.

citi dividend product change

It’s unclear if they’ll be sending this out to everyone or not; we should know more within a day or two.

  • The new Double Cash card will not earn 5% categories, even if you already enrolled
  • Any unused cashback will carry over the Double Cash card
  • You can continue using the Dividend card until the new card comes
  • The new card will have a new account number (note: credit history should stay the same)

Opting Out

Interestingly, the letter indicates that you can opt out of the product change is you so desire,

If you do not want to be converted to the Double Cash, please contact us at 1-855-473-4583 by no later than 3/30/16. After that time, your account will be automatically converted.

To me this sounds that they are not forcing the conversion, rather it’s the default option so that most people will do the transition. I’ll definitely try to keep my Dividend alive, at least through the drugstore category in April – June.

Interestingly, we recently reported that people were having success product changing to the Dividend card.



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atsdump
atsdump

I got option to switch from ThankYou Preferred to Double Cash but I have to respond to get that converted and it’s not by default.

How would you guess that changing to new account number doesn’t impact the credit history?

JB
JB

I have a 5 year old Capital One card which has been converted and changed at least 3 times over the years. On my credit report it still shows as opened 2011.

Also if you have a fraud alert on a card you get a new account# but the record stays intact (as just seen on my Chase Freedom and FIA Amex). This is absolutely common.

Vince
Vince

Note that if you report (a) fraudulent transaction(s) to a card issuer, and the issuer closes the account and issues a new account (same credit line, but different account #), usually, but NOT always, the new account will have the same open date as the original account.

I have had several different credit cards from various issuers that when the account was closed (fraud reported) and a new account was opened, the open date was the open date of the original account.

I have had one credit card, that when the account was closed (fraud reported) and a new account was opened, the open date was NOT the original open date of the original account, but the calendar date that the new account was opened (much later than the open date of the original account).

Moral: Check your credit reports for errors including opening dates of credit accounts–make sure they reflect the open date of the credit LINE, not the credit account.

jose
jose

I got the same offer in the mail today and it;s not by default. I accepted it, use it especially for
large purchases.

Dan
Dan

Hmmm, I currently have a double cash card that I’ve had for 1.5 years and two AAdvantage cards that are less than a year old. I tried calling and converting one of the Aadvantage cards to a Dividend, but they wouldnt do it. Sounds like I have to try to convert the Double Cash to a Dividend soon if I want the Dividend.

Adam

you CANT product change any Citi cards that are less than 13 months old (aka those that havent completed atleast 12 billing cycles)

and DoC this post is a bit misleading as well as “the sky is falling” types. not appreciated! just because Citi offered ONE person on FW this offer, doesn’t mean its the default for everyone come hell or high water.

I recently just converted a CitiAA AMEX to Citi Div… it sucks that the process takes 2 months cause you also got the option of ‘changing your mind’ & reverting. but since Citi is allowing these conversions AND have a fully published 5% category chart for all of 2016, shows that the Div isn’t going away. or that ppl WILL be forced to convert to Citi Double Cash as default – because I seriously doubt the legality of that. considering its not a co-brand deal that has ended or something else drastic has changed in the equation etc.

there could be many reasons for why that particular user had this mailer sent out to em. using deductive skills from the wording in the 1st para, it looks like this person may not have used their card in a very long time. Citi wants their CCs to be top of wallet, and they think this product will be more enticing for the OP to start using his line of credit again!

William Charles

Lots of other people have gotten the mail out now, including people with activity on the card.

Eric
Eric

I just converted my Preferred to a Dividend so it’s definitely still working. It takes over 2 months to receive the new card.

Mike
Mike

I would bet most people outside our hobby would actually be better off and earn more cash back with the Double Cash than a Dividend.

Josh m
Josh m

Perhaps, but it certainly doesn’t take a genius to figure out how to maximize both(i.e. If the only two cards in your wallet are a double cash and a dividend).

Kris
Kris

I just converted Citi AA plat to Dividend on Feb 1. I will see if I can keep it from being converted to Double Cash.

Amrit
Amrit

Hi all,

I would like to ask a question here. Lots of people took advantage of Citi’s retention offer for the dividend card where they have received extra 4% cash back (or total 5%) for next three months as DOC or other bloggers reported. If anyone has received this cash back up to $300 (max limit) for the calendar year 2016, will they be eligible to get any more cash back in any of the rotating category?
Thank you.

projectx
projectx

Count me in among those who will opt out. Thanks for the heads up.

Jeff
Jeff

I would appreciate knowing if anybody is successful in retaining their Dividend Rewards card. When I called Customer Service, they insisted the conversion was going to happen and I could not bail out.
I am considering calling the Citi Executive Customer Service. Has anybody been successful doing so?
I found an old lnk. Does anybody know if it still works?
http://consumerist.com/2010/05/14/reach-citi-executive-response-unit/

Jeff
Jeff

The phone number found in that Consumerist article failed to connect when called.
Calling back to Citi a few days later took escalation to a manager who had to do some extra effort and call back, but according to that supervisor, the forced change to Double Cash CAN be refused and I refused. IF Citi keeps it’s word, I can keep my Citi Dividends reward card.

Hank
Hank

I have Dividend and Double Cash cards. Does anyone know if that means my Dividend card will disappear? I’ve had it for a long time and would like to keep it to help with my credit score. Thanks.

Will
Will

I was invited (via email) to convert my Dividend to a TY Preferred. The invitation offer expires 3/31; nothing forced upon me at all.

Jonathan
Jonathan

I just converted one of my AA platinum card to dividend yesterady

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[…] 更新】根据 DoctorofCredit 的信息,有人收到信说他的卡在3月份会被自动转卡成 Citi Double Cash […]

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[…] Update: According to DoctorofCredit, some people received a mail that says the card will be automatically converted to Citi Double […]

J T
J T

Just called in today to convert TY Preferred to Dividend. After a very brief hold to check availability to convert, Citi CSR launched into the script for Dividend card details and confirmed my request to convert. No pushback, no mention of Double Cash.

Conversion date was quoted as 4/16, so it seems to take 6 weeks, though CSR stated I had another 60 days after that to cancel.

J T
J T

Reminder that TYP attached to a closed/converted TY card expire 60 days after conversion.

Heath Durbin
Heath Durbin

I have a question, After reading up on the Double cash form Citi, it papers I only get paid the 2% if I spend the same amount each month… is that correct?

for example: If I spend $5,000 in January I make 1%; but If i make no purchases in February when I pay off the $5,000.00 in full to avoid inserts fees, then I won’t get the 2% because I did not purchase anything that month?

Is this your understanding?

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