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"UP TO" 5% is the key phrase here. from $0-6500 you get 1% back at supermarkets, gas stations, and drug stores. you get 0.5% back everywhere else. Over $6500 then you get 5% and 1.5%. This is a TERRIBLE deal.
Only accept a card that pays the full rate from the first dollar. Regular bank cards pay 1% everywhere. Citibank pays the same 5% at these places. Or get a big fat premium like starwood points for signing up. Since you can use a debit card at costco and even get extra cash, There is no reason to deal with AMEX.

Show me that Citibank card. The Dividend Platinum no longer gives you that 5% and it's only for 6 months for new applicants. If you can get through that first tier pretty quickly, this is the best card out there right now because there is no limit on how much you can earn back and it's 1.5% on all other purchases. This card is not "TERRIBLE." AMEX also has great customer service and purchase protection/extended warranty policies.

Citibank only gives 3% back after the 6 months. If you review your Citibank statements for a period of 1 year and find that you charge more than $6500/month, this AMEX card is for you.

It is a diamond preferred rewards card and it is in my wallet. Sorry if they do not offer the same terms any more. now the 5%/1% payout only lasts 12 months. I do not see how spending the first 6500 to get to where they are paying you what they should pay you from the beginning is a good deal. I still think getting 5% from day one is better than getting 1% for the first $6500. Or get a regular bank card that pays 1% back, payable in real checks.

I guess that if you spend a boatload of money then the amex card may be for you. I wonder where the break even point is for spending where the amex card is better than a regular card(no minimum)

Citibank limits the rewards to 75,000 points per year. I have never reached that limit so it is not an issue for me. I do not spend anywhere near $6500 per month on this junk.

I just realized I can scrape off selected letters in "diamond preferred". what should i remove to spell something funny?

watch the "up to" 5% back. It's a tiered system, so for the first X amount of $$ you spend, you're only making about 1% back...