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.