I hope this will help someone else, I ran these numbers to figure out what type of rewards I could receive with my new Citi Driver's Edge card.
These numbers refer to the 6% for the first 12 months, 3% thereafter. (6% gas/grocery/drug store) $1675 in purchases = $100 reward cash 10,000 miles drove = $100 reward cash (You can then redeem this $200 towards car expenses or a new/used car) (12% reward) OR, convert these into 20,000 ThankYou points. Which can get you 2 $100 gift cards. (12% reward) OR, use 18,500 points to get $100 + $25 statement credits. (7.46% reward) (1,500 points left over)
If you're purchasing anywhere else (1%) you'll get: $15,000 in purchases = $150 reward cash 15,000 miles drove = $150 reward cash (You can then redeem this $300 towards car expenses or a new/used car) (2% reward) OR, convert these into 30,000 ThankYou points. Which can get you 3 $100 gift cards. (2% reward) OR, use 30,000 points to get $175 statement credit. (1.17% reward)
Here's an example for standard rewards:
Spend $3333.33 on everyday purchases = $100 in options rebates (3%) Spend $5000.00 on all other purchases = $50 in options rebates (1%) Drive 15,000 miles = $150 in drive rebates ($0.01 per mile)
You now have $300 to redeem, which is equivalent to 6% on everyday purchases and 2% on all other purchases.
($1 reward converts to 100 ThankYou network points) Convert by calling 1-800-308-4158.
Purchase/Bonus Rebates and Drive Rebates must be redeemed 1:1 for the best results. Examples: If you have made $5000 in purchases ($50 rewards) you must have 5,000 miles to double your reward. If you have many more miles than purchase rewards (as most of us do) they deduct only as many "miles" as purchase/bonus rewards you are redeeming.
Forms to: Redeem rebates for the purchase or lease of a vehicle, Redeem rebates for service on your vehicle, Miles Submission Form and Drive Rebates Enrollment Forms can be found HERE.
From member "citifan": Fax number for submitting mileage updates is: 702-797-5151 (instead of postal mailing) (phone number updated Feb. 2008).
You may NOT redeem drive rebates without an equal or greater purchase rebate amount. (checked 7/1/09)
If anyone else has some more examples I'll edit this and add them in.
Message edited by: FreeJason on 2009-07-01 16:16:07 CDT
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Fax number for submitting mileage updates: 702-797-5151
To redeem your Driver's Edge Options rebates toward merchandise or services through ThankYou® Network, you must first convert your Driver's Edge Options rebates to ThankYou Points by calling a Driver's Edge Customer Service Representative at 1-800-308-4158.
Reward Limit: You can earn up to $500 in Drive Rebates during any consecutive 12 months. However, the total amount of rebates you can earn under the Driver's Edge Rebate Program (including those earned under this Drive Rebates feature) cannot exceed the Driver's Edge Rebate Program yearly rebate limit of $1,000. Redeem For: Statement Credit or transfer as points to the ThankYou Network. Redemption minimum: $25 Expiration: Rebates will automatically expire if you do not make a transaction for 12 consecutive months, or if you do not redeem your rebates within five years from the date the rebates are earned.
Earn 6% for 12 months (promo), and 3% thereafter on everyday purchases (gas, groceries, drug stores), and 1% on all other purchases (known as "options rebates"). You will also earn $0.01 for every mile you drive on your one registered vehicle (known as "drive rebates"). You can't redeem drive rebates unless you have as many (or more) purchase rebates, but they will accumulate in your account until you can redeem them. If you drive at least 3 miles for every dollar spent on everyday purchases, you could effectively double your total rebate. Read the Reward Program Information for all the details.
Examples in the OP do the 12% promo calculation. Here's an example for standard rewards:
Spend $3333.33 on everyday purchases = $100 in options rebates (3%) Spend $5000.00 on all other purchases = $50 in options rebates (1%) Drive 15,000 miles = $150 in drive rebates ($0.01 per mile)
You now have $300 to redeem, which is equivalent to 6% on everyday purchases and 2% on all other purchases. ****************************************************
Forms to: Redeem rebates for the purchase or lease of a vehicle, Redeem rebates for service on your vehicle, Miles Submission Form and Drive Rebates Enrollment Forms can be found HERE.
From member "citifan": Fax number for submitting mileage updates is: 702-797-5151 (instead of postal mailing) (phone number updated Feb. 2008).
Message edited by: andrewli on 2009-06-30 20:32:09 CDT
Interesting, did not know you could convert CashBack dollars into TY points. Its real easy to get rid of those gift cards on eBay for nearly their value (especially Amazon) so the TY point 12% and 2% route sounds nice
Too bad I don't drive more than 3k miles a year otherwise I'd be on top of this.
Message edited by: aoLhaTer on 2007-01-20 14:22:12 CST
I have asked Citi to convert Dividend Dollars to Thank You Points several times. They have always said this is not possible. If someone has a different experience I'd like to know the magic words.
I'm not familiar with the Dividend Dollars, but the conversion is in the terms of the Driver's Edge card. Look at the "Earn Rebates" bullet point "Convert your rebates to ThankYou Points and redeem them for gift cards, merchandise and services through ThankYou Network"
The limits on drive rewards are $500, so that is up to 50,000 miles driven a year.
After that they just don't count them. And, of course you have to redeem rebates 1:1 to get double. You can't use more drive rebates than purchase rebates.
aoLhaTer said:Interesting, did not know you could convert CashBack dollars into TY points. Its real easy to get rid of those gift cards on eBay for nearly their value (especially Amazon) so the TY point 12% and 2% route sounds nice
Not recommended. Selling for less than face value and then have eBay/PayPal taking a big chunk of the proceeds is not a good idea. Get something you can actually use yourself, which shouldn't be difficult.
Sometimes the TY network offers certain $100 GCs for less than 10,000 points, increasing the redemption value.
Also, the drive miles cannot be converted to the ThankYou network. If you look at the terms and conditions it explicitly states that Driver’s Edge Options Rebates (“Rebates”) can be converted to the ThankYou Network. When you get to the Drive rebates section it says "you are eligible to earn rebates for the miles you drive ("Drive Rebates"). These Drive Rebates are in addition to the standard or promotional Driver's Edge Options rebates ("Options Rebates")." See Drive rebates are separate from Options Rebates and thus only the drive rebates can be redeemed. This is what customer service as well as existing customers with the card have informed me. Thus the drive rebates become worthless if you are transferring your options rebates to the ThankYou Network.
Seems like good credit card... 6% can't be beat. I have a question. Below is quote from the credit card website. Does that mean Wal-Mart,winn-dixie, etc is out of question for 6% rebate?
"Purchases not eligible to receive the 3% rebates (6% rebates for 12 months)include, but are not limited to,purchases made at warehouse clubs, discount stores, department stores and convenience stores."
While I cannot understand how OP came up with 12% reward, the card definitely looks like a good deal for 1 year.
My gas/groceries/Drugstore monthly bill is around $500 plus I drive about 18000 miles a year. So my total comes up as $6000*6%+$180=$540. 540/6000 is 9% which is a very generous reward.
However, I'd like to point out that the reward can only be used towards auto expenses in which case you lose the difference between 1% the card will pay and the maximum reward you can get by paying for the service with another card (2% with HSBC in my case). Alternatively rewards can be converted into ThankYou points but due to the current point pricing of gift cards they carry the reward then will be reduced by 1/6 so it will ultimately be 9%*6/5=7.5%.
I pointed it all out just to show that in case of this card you really have to do your own math and figure out how you can use the rewards.
With that said I'd like to thank the OP and move forward to the card application page
airattack said:Seems like good credit card... 6% can't be beat. I have a question. Below is quote from the credit card website. Does that mean Wal-Mart,winn-dixie, etc is out of question for 6% rebate?
"Purchases not eligible to receive the 3% rebates (6% rebates for 12 months)include, but are not limited to,purchases made at warehouse clubs, discount stores, department stores and convenience stores."
That is because only supermarkets, drugstores and gas stations earn 3% (6%). And, some wal marts, sam's clubs etc. sell those things (gas, drugs, etc.) and those aren't counted at that rate. Only at the 1% rate.
FreeJason said:airattack said:Seems like good credit card... 6% can't be beat. I have a question. Below is quote from the credit card website. Does that mean Wal-Mart,winn-dixie, etc is out of question for 6% rebate?
"Purchases not eligible to receive the 3% rebates (6% rebates for 12 months)include, but are not limited to,purchases made at warehouse clubs, discount stores, department stores and convenience stores."
That is because only supermarkets, drugstores and gas stations earn 3% (6%). And, some wal marts, sam's clubs etc. sell those things (gas, drugs, etc.) and those aren't counted at that rate. Only at the 1% rate.
Super Walmarts show up at the grocery rate of 3%. So if you are planning on going into Sam's, go to WalMart first and buy a giftcard with the Driver's Edge card, then shop at Sam's.
largeeyes said:Argh...it's painful that I'll be using the balance transfer to make money here instead of those sorts of rewards. I want my cake and to eat it too! they don't disclose the balance transfer fee up front but condiering it's standard 3% you might be better of just using the untaxable rewards...
WalStMonky said:3% capped at $75. stinky linky I went to that link and saw no mention of $75 cap. I know there is a $1000 per year cap on the free bonus mileage money.
BT fee is capped at $75. I was responding to the post above mine. I guess I should have quoted it. I think the $1000 is split 500/500 but I could be wrong.
Message edited by: WalStMonky on 2007-03-11 01:34:25 CST
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