About Citi® Dividend Platinum Select® Visa® Card
- Earn $100 cash back after $500 in purchases within the first 3 months of account opening
The Citi Dividend Platinum Select is one of the more popular cash-back credit cards because it is able to earn up to 5% cash back. It is one of the cards -- with the Chase Freedom and Discover More cards -- that offer this bonus cash back on purchases in categories that change on a quarterly basis. All other purchases earn a meager 1% cash back.
Since the most attractive aspect of this card is the 5% cash back, you actually have to be spending in the bonus cash-back categories regularly to take full advantage of the program. Unlike the Chase Freedom and Discover More cards, there is no publicly-available schedule for what the bonus categories will be each quarter in the calendar year.
However, Citi tends to make their categories highly appropriate for the season so you are likely to be able to earn plenty of cash back.
Pros Cons Up to 5% cash back No schedule for quarterly categories Appropriate bonus cash-back categories Possibility for a high APR One-time account number generator
The lack of the an annual fee is a major selling point for the Citi Dividend Platinum Select card. With many other similar cash-back credit cards in the market that carry no annual fee, it’s no surprise that this card has the same trait.
The Citi Dividend Platinum Select card comes with the standard set of transaction and penalty fees for balance transfers (3% of the transfer or $5, whichever is greater), cash advances (5% of the transfer or $10, whichever is greater), foreign purchase transaction (3% of the transaction), late payments and returned payments ($35 each).
The APR on the Citi Dividend Platinum Select card is high for a credit card, but it can be considered relatively on par with other similar cash-back cards. This card has a regular interest rate of 12.99% to 22.99%, depending on creditworthiness. Sometimes Citi doles out generous sign-up offers that may come with a higher APR range to account for an attractive introductory bonus or offer.
Citi Dividend Platinum Select demands a good credit history for you to be considered. The higher end of the APR range is unnerving -- applicants with less stellar, but still acceptable, creditworthiness may end up with a 22.99% APR, which is extremely high.
Carrying a balance on this card is not a good idea.
The cash-back structure is the main attraction of this card. Getting 5% cash back on certain purchases is a lucrative venture for many consumers. The fact that the bonus categories change quarterly may be good or bad, subject to the card user. On one hand, it offer diversity on the kinds of purchases that earn extra cash back. On the other, you may never find yourself spending in certain categories -- resulting in less cash back earned.
The card’s bonus categories tend to be season-appropriate. For example, from April to June 2012, the categories included home & garden, home furnishing and The Home Depot -- just in time to fix up and decorate the home for the warmer seasons.
One slight annoyance is the need to enroll in the bonus cash back. So, every three months you have to remember to sign up or you won’t receive 5% cash back for the eligible purchases made during the quarter (Citi does send notices to remind you to enroll).
The annual cash back limit is $300. It doesn’t matter whether the cash back is from bonus categories or the “1% on everything else.” There is the possibility that you max out your cash back earlier in the year, only to find out that there the bonus categories (for later in the year) that are very appealing. This uncertainty is made possible because Citi doesn’t release a full year’s schedule for its bonus categories.
Citi offers mobiles applications that allow credit card customers to check balances, view transaction history, make payments and view their available credit line.
Some neat online features include virtual account numbers and online credit-limit-increase requests. With virtual account numbers, you can generate one-time card numbers for online purchases -- to minimize chance of fraud. And, many card-issuers require customers to call them to get a credit line increase -- offering this feature online makes the process more convenient.
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