Usually, most credit card firms offer two main categories of credit cards – reward cards and cards with low interest rates on balance transfers and purchases. While reward cards benefit those users who pay off all outstanding balances completely every month, low interest ones are engineered to help those who carry balances forward on their cards. However, some cards like the Citi Dividend Platinum Select Visa Card offers the best of both features where cardholders can obtain the benefit of paying off outstanding balances in the present and earn the rewards associated with them later.
Historically, banks have been very aggressive in competing with each other to offer the best introductory balance transfer offers with the hopes of securing long-term clients. Up till a few years before, banks couldn’t issue credit cards under more than one payment network, but with litigations and lawsuits underway, changes were implemented. Thus, while Citi had been synonymous with MasterCard for decades now, Citi Dividend cards have turned Visa in the year 2013 for the very same reason.
The Cash Back Feature of the Citi Dividend Platinum Select Visa Card
The cash-back structure is the probably the main attraction of this card. One of the more widely held cash-back credit cards of its epoch, the Citi Dividend Platinum Select Visa Card offers a cash back of 5% on quarterly rotating categories, that is the cardholder receives 5% returns in particular categories every quarter, which change every quarter. This requires the cardholders to enrol into their program by either calling them or visiting their website, and Citi itself sends them regular reminders too. Additionally, the Citi Dividend Platinum Select Visa Card also offers cash back of $100 after the cardholder makes purchases worth $500 within the three months subsequent to opening an account, as well as cash back of 1% on all other purchases. The limit is $300 annually across all categories, and so Citi inclines towards making their spending categories highly suitable and diverse for the season (such as home furnishing, home and garden and home depot in the months of April to June 2012) so that cardholders can obtain maximum benefits. Additionally, items and things that cardholders buy through Citi’s Extra Cash website will earn 10% cash back.
Among its other notable features, the absence of a yearly fee or a charge is a major selling aspect for theCiti Dividend Platinum Select Visa Card. The card also offers a very attractive 0% introductory financing offer (APR) on both balance transfers as well as purchases for the first 12 months of membership (with a 3% balance transfer fee), and standard interest rates based on creditworthiness (12.99% – 22.99%) apply thereafter. This is one of the longest introductory offers available on the market for cash-back cards. The Citi Dividend Platinum Select Visa Card offers easier access and smart connectivity to its users by being compatible with Google Wallet, an innovative mobile payment system linking your smartphone to your credit cards, and is one of the first cards to do so. The card offers a host of mobile payment options to cardholders, and works great for those smartphone-savvy users who want to make charges with going through the hassle of card swiping. The PayPass system that the card features allows card users to tap a payment tag on a compatible device of the retailer to make payments and purchases easily. Additionally, while using this option, signatures aren’t required for purchases under $25. The card also offers a retail purchase protection option, where it covers and insures items bought by this card against accidental damages or theft upto an amount of $1,000, and within the first 90 days of purchase. For a card with no annual fee, the Citi Dividend Platinum Select Visa Card offers a generous array of benefits and insurance option that aren’t commonly found with no-fee credit cards. The card carries a common carrier travel accident insurance which covers accidental death and/or dismemberment, and a car rental loss and damage insurance which automatically covers the cardholder when he/she reserves and/or rents a covered vehicle with his/her card and decline the car rental company’s collision loss/damage waiver insurance. The card also covers the members on check-in luggage that has been damaged, stolen or lost on common carriers upto $3,000 annually. The card also backs up as a travel emergency assistance hotline for its users, who can call the Citi Dividend Platinum Select Visa Card number anytime for any far-ranging advice and info for any travel emergencies, right from locating and booking a flight back to a lost passport in a foreign country. It’s rare to find a non-fee based card to provide trip cancellation or interruption coverage, but Citi offers cardholders $1,500 coverage in this aspect annually. The card also carries the option of an extended warranty for the cardholders for eligible purchases with a manufacturer’s warranty of a year or less, over and above which the Citi Dividend Visa Card will provide extended coverage of up to 1 additional year free of charge. Additionally, a few cool online features of the Citi Dividend Platinum Select Visa Card include escalation requests for online credit limits and virtual account numbers. The cardholder can obtain one-time card numbers for purchases made, which is a great option for cardholders as it minimizes the chances of any possible fraud.
One of the target audiences for using this card are students, as this card is one of the most generous rewards cards aimed at students, mostly because of the low APR qualifying aspect. Since not many college students have much of an established credit history, most student credit cards require a co-signer on the credit account. However, the Citi Dividend Platinum Select Visa Card doesn’t require a co-signer, thus allowing a first-timer or a student to start establishing a credit history without taking on the potential liability of finding some qualified elder to co-sign. However, the rewards program is potentially enticing and might lead people to get into bad spending habits.
In the mêlée with credit card and debts, this card offers the clients all the help they can find with its 12 months of introductory financing which reduces interest cost. Once you get the Citi Dividend Platinum Select Visa Card, your only concern should be sticking to your plan. This card is a powerful device, but should be used wisely.