Attention Wachovia Credit Card Holders…

This information was found on Alpha Consumer by Kimberly Palmer.

Last Monday Citigroup agreed to take over Wachovia for $2.2 billion in a deal facilitated with the help of the FDIC. This did not include Wachovia’s retail-brokerage or asset-management units. Then just four days later Wells Fargo announced it was purchasing all of Wachovia in an all-stock deal for $15.1 billion. In essence, they sold the same company twice.

This weekend the judge blocked the deal while it is under review. Meanwhile Wachovia spokesman Mary Eshet stated:

“Today, nothing has changed for anyone. As we proceed, I’m sure Wachovia and Citigroup will look at what reward programs are in place. But as of today nothing changes.”

In other words, that could be interpreted as cardholders should redeem any rewards now instead of later if they don’t want them to change. If you have a Wachovia credit card I would advise you cash out any points, miles, or cashback now instead of later.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

I feel for all of you; however, you should look to protect yourself. Now, the big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Sadly, the bailout will not help them much. They are hurting and when they hurt, we all suffer. Everyone should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.

Frank Miller

I didn’t even know Wachovia had credit cards