Citi Credit Protector is running a new promotion right now. Last promotion from Citi Protector mentioned here at MyCardBlog was a free Coby digital photo frame in last November. The price of that digital photo frame at Amazon.com is about $70. This time you can get 5 $10 visa prepaid gift cards from Citi by submitting 5 different rebate forms in 1 month intervals. It’s hard to say whether this promotion is better or not. Different persons will have different needs. Not to mention that you can cancel the previous Citi protector program by calling their customer service and enroll in this new promotion again!

The link for this new promotion is here. Click the banner at the up right of the corner and put in the card information you want to try this program. Once you submit your information, you will notified that you will receive the rebate forms needed for 5 $10 visa gift cards. Please note that each visa gift card must be redeemed in 1 month intervals which means you can only get 1 visa gift card each month. Since there’s a 85 cents per $100 new balance fees, you’d better choose a dormant card to enroll.

Benefits of Citi protector:

• Cancel two minimum monthly payments if you get married, buy a home, move, or welcome a child to your family.
• Cancel three minimum monthly payments if you’re a victim of a natural disaster and you incur at least $500 on expenses or miss at least five consecutive days of work.
• Freeze payments, Interest Charges and Fees when you take family leave for the birth or adoption of a child or the chronic sickness of a family member (up to 3 months deferral), or when you suffer an involuntary job loss or short-term disability (up to 24 months deferral).
• Eliminate your Account Balance-up to $10,000-in the event of long-term disability or death of you or your household’s highest wage earner.

The cost for this enrolling this program is 85 cents per $100 new balance on your monthly statement. If you don’t have any balance, you will not have to pay. (If the balance on your card is negative, should Citi pay you money? I don’t know.)

As far as I know, the Citi Professional Card, Citi Business PremierPass Card, and all Citi American Express Cards are not eligible for this promotion. Many consumer cards like: Citi Diamond Rewards Card, Citi AT&T Universal Savings & Rewards Card, Citi Platinum AAdvantage Card, Citi Diver’s Edge Card, Citi Dividend Platinum Select Card are eligible for this promotion. Of course, if you have multiple Citi credit cards, you can try to submit multiple rebate forms and get more from Citi.