Citi Dividend Platinum Select Is Now the Citi® Dividend Platinum Select® Visa® Card
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The popular Citi Dividend Platinum Select underwent a name change, and will now go by the Citi® Dividend Platinum Select® Visa® Card . This doesn’t affect the terms of the credit card – it’s a cosmetic change. It’s one of the best balance transfer credit cards out there, because it offers an APR of 0% on purchases and balance transfers for 12 months, and then the ongoing APR of 12.99%-22.99% (Variable) as well as a solid rewards program. While longer 0% interest periods do exist, there’s no better combination of rewards and balance transfer/purchase APR promotions.
Citibank, master of balance transfers
Citi dominates our rankings of the best balance transfer credit cards – you have to go down to #5 to find a non-Citi card. They offer ridiculously long intro periods and a 3% balance transfer fee, lower than the 5% many other cards try to charge. Those two percentage points make a substantial difference: if you transfer $5,000 in credit card debt, you’ve saved $100.
The Citi® Dividend Platinum Select® Visa® Card has a shorter introductory period than some of the other cards. And the balance transfer fee is 3% for all of these, no matter how long the intro period is. So if you have a lot of credit card debt or are making a large purchase and need the full 18 months to pay it off, then the Citi® Dividend Platinum Select® Visa® Card probably isn’t the right card for you. But if you can pay off your debts in 12 months, it’s definitely worth your while, since you can also earn some rewards in the process.
Balance transfers meet rewards
A major draw of the Citi® Dividend Platinum Select® Visa® Card is that it offers rewards in addition to having an intro period. In addition to ongoing rewards, it has a signup bonus: Earn $100 cash back after $500 in purchases within the first 3 months of account opening.
It’s a 5% bonus rewards card, so you earn 5% cash back on bonus categories that rotate quarterly. Right now (the third quarter, from July 1st to September 30th), Citi gives 5% back on hotels, airlines and car rentals. You also get 1% cash back on everything else. However, rewards are capped at $300 a year, a fairly restrictive limitation. So it can’t hold a candle to other 5% cards like the Chase Freedom®, which caps bonus rewards at $300/yr but puts no limits on total annual rewards you can earn.
So in all, the Citi® Dividend Platinum Select® Visa® Card isn’t the best choice if you want to maximize your rewards or need a lot of time to pay off your credit card debts. However, if you want a little bit of both, it’s one of the few credit cards that lets you earn rewards while paying no interest for an extended period of time.