Citi Dividend Platinum Select Visa Card Review: Get $100 Cash Back

by Millie Kay G. on 2011-03-078

For a lot of people, a new credit card needs to have an attractive introductory offer and a cash back program that isn’t a hassle to use. One such credit card to consider is the Citi Dividend Platinum Select Visa Card. Note of course, that for the long term, it’s best to look at the long term benefits of the card. Cards that offer cash back are best for those who can pay off their cards in full each month.

Citi Dividend Platinum Select Visa Card Review

A Look At Interest Rates & Fees

Citi Dividend Platinum Select Visa Card

So let’s take a look at a popular Citibank card today: the Citi Dividend Platinum Select Visa Card – $100 Cash Back. There’s a limited time offer with the following interest rate terms: you can enjoy the 0% intro APR for balance transfers and purchases, which are available for 12 months. After that, your APR for will rise to a range of 12.99% to 22.99%, which is a variable rate. But do note that the exact APR will be set after an assessment of your credit history and usage. Now for cash advances, you’ll receive an APR that’s typically higher. What’s great about the card is that it does not charge an annual fee. And for now, you’ll receive $100 cash back after a first time $500 purchase made within the initial 3 months of opening an account.

Get more details on the Citi Dividend Platinum Select Visa Card – $100 Cash Back Offer.
Apply for the Citi Dividend Platinum Select Visa Card

Beware though, that you don’t neglect your bills: the penalty rate is a whopping 29.99%. You could lose your introductory offer if you incur the penalty rate, so it’s best to avoid it by making sure that your payments are made in a timely manner each month and that your payment won’t be returned.

You’ll also encounter some fees with this card. As an example, balance transfers cost the greater of 3% of the transaction amount or $5. Expect to pay $10 for each cash advance or 5% of the transaction amount if that number’s higher. When you travel outside the country, foreign transactions will cost you 3% of the transaction amount in U.S. funds.

As with any other card, any payment misstep can cost you: you’ll get charged a $39 fee if your payment’s returned.

Get Cash Back Rewards

Let’s give the rewards a closer look. There are several ways to get cash back with the Citi Dividend Platinum Select Visa Card – $100 Cash Back. For example, you can use the card between certain periods to earn 5% cash back on certain spending categories (e.g. hotels, airlines, car rentals, dining, home furnishings, gas, etc). For the next quarter, the spending categories to earn 5% cash back may change, so make sure you keep tabs on the rewards schedule. Note that you’ll also earn 1% cash back by default, on all other purchases as well as qualifying cash advance transactions. You can see why they’re in our list of best credit cards with rewards. Note that to qualify for the rewards, you’ll need to enroll in the program.

To earn more cash back, you can shop at the Citi Bonus Cash Center. There, you’ll have a chance to earn cash back from a variety of retailers such as, Spiegel, Saks Fifth Avenue, and other familiar favorites. As mentioned, it’s possible to earn an average of 5% cash back from these retailers. Another extra: if you transfer a balance of at least $1,500, you’ll be able to earn a $5 rebate.

Get Your Dividend Dollars

Please note that your cash back accumulates in the form of Dividend Dollars. You’ll be able to see them on your statement. These Dividend Dollars won’t expire as long as you make a qualifying purchase each year. You can request checks based on your Dividend Dollars in $50 increments.

Just be aware that your ceiling for Dividend Dollars is $300 (unless your Dividend Dollars come from the Citi Bonus Cash Center, which aren’t limited).

So just to be clear, here is a quick summary of the main terms and features of this card:

  • 0% introductory APR on purchases and balance transfers for 12 months.
  • Bonus $100 cash back after you spend $500 in initial purchases.
  • 5% cash back on special categories that may change on a regular basis.
  • 1% cash back by default on all other categories, as well as cash advances.
  • You won’t pay an annual fee!

Other Features and Alternatives

As a Citi customer, you can also take advantage of amenities like $0 Liability in case you encounter fraudulent activity on your account and need protection against identity theft. Also, you can manage your account online if you like. It’s possible to pay your bill, oversee your balance transfers, and review your statement through your online account, instead of waiting for information to arrive in the mail.

Copyright © 2011 The Digerati Life. All Rights Reserved.

{ 8 comments… read them below or add one }

Jack Thomas August 12, 2010 at 2:05 am

This credit card seems like a good deal, but here’s the question: What does your minimum credit score need to be to get it? It seems like all banks are tightening credit.

Silicon Valley Blogger August 12, 2010 at 9:38 am

You may need to have good credit at the very least. That would equate to having a FICO credit score of 750 or higher. As it goes, there is no free lunch here. You need to show credit-worthiness to get the best deals with credit cards. But there are other options for those with poor or crappy credit: why not go for debit cards?

Minerva August 17, 2010 at 2:07 am

My credit score from creditkarma (FAKO? Real TU? I’m not sure) was 720-something when I applied for this card and I got accepted, and so did my boyfriend with only 709. It’s a student card, so I think they’re ok with lower scores that are caused by a relatively thin file, as long as you don’t have negatives.

Charles August 23, 2010 at 11:11 am

I’ve had this card for over twenty years and have never made a late payment. A recent check of my credit score showed 817.

I just recently carried a balance over, something I’d never done before on this card. The interest they’re charging for this balance. which represents less than 20% of my credit limit is 19.99%. As far as I’m concerned, this is usury – if not technically, certainly from the sense of punishing dependable customers. Perhaps they’re just trying to make up for all those years in which I paid no interest to them.

Buh Bye Citi!

Jake Vargas August 23, 2010 at 11:24 am

I use Citi and so does my wife. We are pretty happy with this card. Why carry a balance anyway? With the new card regulations these days, customers are given breaks that they weren’t receiving in the past. I would only use a card if I could pay it off reasonably easily. Also, creditworthiness is tied to rates that are given to you. If the rate is high, there must be a reason and maybe there are some facts we don’t know about. But I doubt credit card companies can get away with things that they used to get away with in the past. Times are different now as credit is harder to get.

Count yourself lucky if you get approved at all.

bag321 September 10, 2010 at 1:56 am

You’ll need to have good credit history to get approved. It requires FICO credit scores 750 or higher.

dfwcargo1973 December 8, 2010 at 5:17 pm

I was just approved online with an Experian Fico Score of 738. They gave me a $4800.00 credit limit and I filed chapter 7 bankruptcy back on 07/2003. I have had no glitches since the bankruptcy and my credit utilization ratio is 30% when they did the hard inquiry.

Silicon Valley Blogger December 19, 2011 at 4:33 pm

Note the name change: the Citi Dividend Platinum Select Visa changed its name to Citi Dividend World Mastercard and now back to its original name again. This is just FYI to clarify the branding behind these cards.

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