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Citibank, Schwab Discontinue Cards and Raise APRs

Schwab is no longer widely offering it’s fantastic 2% cash back Schwab Visa Invest First credit card, although you can still get one if you open an account or already have one.

The best place to look is here, or call 1.866.4Schwab.

But before you decide 2% is the best you can do, it’s worth taking a look at the 7 (as of this writing) 2% rewards cards we offer for people with excellent credit, and 8 credit cards that can easily earn above 2% rewards if used correctly, if you spend a lot on either Gas (5% after a $6500 spending hurdle with Blue Cash, also 5% with the PenFed Platinum CashBack), Groceries, or Dining (a 5% bonus category with Citi Forward). We’ll do the math for you, just check out our main rewards page.

Citibank has discontinued the following cards:

In further bad news, many banks are raising APRs on cards and reducing rewards programs.

  • Citi has raised its APRs on most cards by 1%
  • US Bank has raised its APRs on most cards by 0.75%
  • Wells Fargo has raised its APRs on most cards by a whopping 4.5%
  • Citi ThankYou points are now worth a deceptive 5/6 of  $0.01, instead of the industry standard of 1 cent per point. Compare this to cards like the Chase Freedom where you can get 1.25 cents per point when you save up $200 worth of points before you redeem.

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This entry was posted on Wednesday, November 18th, 2009 at 9:40 pm and is filed under Card Changes, Citibank, Schwab. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Citibank, Schwab Discontinue Cards and Raise APRs”

  1. Laurent Bastie says:
    March 10, 2010 at 11:40 am

    Thanks, I was having a lot of trouble finding that Schwab link. I think I actually may end up going with this PenFed Platinum CashBack card, but it seems like I’ll have to jump through a few hoops to join their credit union?

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