Citibank announced details Tuesday of the rebate program that will replace its cobranding arrangement with Ford Motor Co., which was discontinued this week.

In the new program, Drivers Edge, Citibank cardholders will get points toward the purchase or lease of any manufacturer's vehicle.

They can apply 2% of purchases up to $500 in rebates per year, with a maximum of $1,500 on any one vehicle. By contrast, the Ford program allowed a 5% rebate on all purchases up to $700 per year with a maximum of $3,500.

To promote the program, Citibank has launched a sweepstakes and plans to give away a car a month from February through August.

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