Citibank launched a companion credit card to Driver's Edge, the product it introduced seven months ago to succeed the Ford Citibank cobranded card.
Driver's Edge Options is being marketed to new customers. The Driver's Edge card has been available only to existing Ford customers, with some exceptions.
Driver's Edge still pays rebates of 2%-up to $1,500 over three years- that can be put toward buying any vehicle.
Driver's Edge Options pays rebates of 1% of purchases, up to $2,500 over five years. This version of the card also has a cash-back feature, allowing redemptions of expiring points for their cash value.
"Some people want more time to accumulate rebates before purchasing or leasing a new car," said Sheryl Behar, business manager of the Driver's Edge program. "Others may find that their rebates are expiring before they are ready to make a decision on a new car."
The interest rate on both cards is prime plus 10.4%, currently 18.9%.