Author:
STEPHEN
If you’re looking for a great low APR credit card, the Citi Platinum Select is one of the best options for paying down debt. It’s a simple card, its specifications tailored for folks who need a break from interest rates to get their finances in order. We’ll walk you through everything you need to know before applying and present a few comparable cards you may also want to consider.
Let’s start by talking about who should apply. The Platinum Select only makes sense for people who need to hit pause on their interest rate. Such people generally fall under two categories: 1) already in debt and 2) soon to be in debt.
Paying down debt
If you already have a mountain of debt to climb, the Platinum can deliver a reprieve. With 18-months of a 0% purchase and transfer APR, you can transfer current debts to the Platinum and cease paying additional interest for a year and a half. We must, however, offer one caveat: Moving debt will incur a balance transfer fee. The Platinum’s fee is 3% of the desired transfer total, which is better than the standard 5% most cards demand. While paying the fee in exchange for a 0% APR will often save money in the long run, don’t forget to calculate the cost when shopping low-APR cards.
Making big purchases
If you’re anticipating a sizable credit purchase in the near future, the Platinum’s 18-month introductory APR will provide a substantial chunk of time in which to make payments without accruing interest. With no annual fee, the Platinum is an excellent card for debts both present and future.
 | - 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.
- Extra Cash from Citi: enjoy discounts on gift cards, travel, merchandise and more
- Citi® Identity Theft Solutions
- No annual fee*
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| Annual Fee | Signing Promo | APR, variable* | Intro APR Promotions |
|---|
| $0 | None | | Min APR: | 11.99% | | Max APR: | 21.99% | | Default APR: | 29.99% | | Cash Adv: | 25.24% |
| | Purchase: | 0% for 18 months* | | Bal Trans: | 0% for 18 months* |
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Other low-APR cards
The Citi Platinum Select is a fairly simple, no-frills card. It offers neither signing bonuses nor ongoing rewards (though you can get discounts on gift card, travel and merchandise purchases through Citi). It serves one purpose and one purpose only: evading interest. If temporarily paralysis of interest rates is alluring but not quite enough to sway you to sign, take a look at a few of Citi’s other low-APR cards for additional strata of benefits.
Aside from a few titillating perks, the Citi Diamond Preferred is literally the same card as the Platinum select. It takes its “preferred” title from a list of benefits that grant it a smidgen of cachet. Cardholders have access to a 24/7 concierge service that provides personalized assistance in booking flights, hotel stays and event tickets. They also have opportunities to purchase presale tickets, preferred seats, VIP packages and special live entertainment experiences. Low-APR hunters who like to live large, the Diamond Preferred offers a balance of low interest and supplemental fringe perks.
The Citi Dividend Platinum Select is a little more interesting than the plain ol’ Citi Platinum Select. The Dividend’s intro APR period is shorter—12 months—but it offers a $100 cash singing bonus and a solid ongoing rewards program. Cash back accumulates at 5% in rotating categories that change quarterly throughout the year. Categories consist of expenditures like health care and fitness clubs. All other purchases earn 1% cash back.
The Capital One VentureOne is another rewards card with a long introductory APR period. The VentureOne is a fairly unique low-APR credit card as it’s crafted specifically for travelers. It comes with a 10,000-mile ($100-dollar) signing bonus and earns 1.25 miles per dollar. Miles can be redeemed for travel expenses—flights on any airline or stays at any hotel without blackout dates or restrictions. The 0% APR lasts 11 months. Like the others, the VentureOne has no annual fee, and, unlike the others, has no foreign transaction fee, saving an extra 3% on international purchases.
