Driver's Edge: Driving for Dollars
I reported previously about improvements to the Citi Driver's Edge credit card rewards program but, at the time, I was unsure as to what they meant by being able to earn money for the miles that I drive... Well, I just received another mailing from them, and this time they provided details.
First off, you have to enroll in the program. According to the mailing, you can initiate this process either by going to the Citi Cards web site (select "Manage my Account" and then "Special Offers") or by calling 1-800-967-8500. However, when I went to the web site I couldn't find any information about enrolling -- guess I'll have to call. Anyway, once you've made contact, they'll send you a 'Drive Rebates' enrollment form. You can register one vehicle, and you'll receive $1 in 'Drive Rebates' for every 100 miles that you drive. They keep track by asking you to send in a copies of invoice for services such as oil changes, repairs, etc. As long as the mileage is clearly indicated on the invoice, they can figure out how far you've driven and credit you accordingly. It remains unclear as to how they establish a baseline -- presumably you have to submit a recent service invoice such that they can establish your starting mileage before they'll start handing out the rebates.
Drive Rebates are limited to $500/year, and this amount counts toward your $1,000 annual Driver's Edge reward limit. Also, you can redeem the Drive Rebates only when you redeem an equal or greater number of reward dollars that were earned via card purchases (i.e., no more than half the the reward dollars that you claim at any point in time can come from earning for miles driven). While this may sound a bit convoluted, it's important to keep in mind that you'll be sending in service invoices to claim your reward dollars anyway, so it's not really any extra work, and it could easily net you an additional $100-$200 in reward dollars (or more) per year.
Another thing to keep in mind with the Driver's Edge card is that the rewards can be redeemed through the ThankYou Redemptions Network (1-877-7REDEEM), so automotive services and car purchases aren't the only way to cash out.
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"Driver's Edge: Driving for Dollars" was first published at fivecentnickel.com
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