Review of Citi Drivers Edge
The Citi Drivers Edge was last reviewed on 2nd April 2006
Summary - We recommend the Citi Driver's Edge Platinum Select® Card to those looking to use rewards points towards their auto purchases because
- It is the most flexible auto credit card - you can redeem your rebates for either a purchase or lease of a new or used, domestic or foreign vehicle.
- You can use it with another auto credit card and on top of existing deals
- You can earn 6% rebates on "everyday purchases" for the first year
- There is no annual fee and you get a low apr
- For those who wish to transfer their balance, you also get an excellent 0% balance transfer deal for 12 months
- You can also exchange your rebates for Citi's ThankYou Redemption Network rewards (should you change your mind about your vehicle purchase).
Let's look at this card in more detail.
Reward Formula - For the first year, cardholders can earn a 6% rebate (called options reward dollars) from purchases at standalone supermarkets, gas stations and drugstores and 1% rebate on "other purchases". After the first year, you earn 1% rebates for all purchases. You can earn up to $500 in rebates in one calender year. Rebates are valid for five years. You can use your rebates, starting from $25 up to $2,500, for the purchase or lease of a new or used, domestic or foreign vehicle. You can also use them for vehicle service and repairs.
Option to redeem rebates through Citi's ThankYou Redemption Network - The Citi Drivers Edge now allows you to redeem your rebates for Citibanks' ThankYou Redemption Network rewards. $1.00 in Citi's Option Rebates is equivalent to 100 ThankYou Points. (essentially, it is a exact 1 for 1 conversion assuming a 1% rebate). You cannot convert Option Rebates at anytime, but only when you want to redeem it for a particular reward item. This is a new feature that Citibank has added and is very much welcome. This gives the cardholder an option to use his Option rewards for other non-auto rewards (in case you change your mind about a vehicle purchase).
Annual Fee and APR - The Citi Drivers Edge has no annual fee. The apr is prime rate plus 5.99%. The method of calculating monthly balance is the average daily balance method (including new purhases).
Excellent Balance Transfer Deal and Policy - As with most Citibank's credit cards, this card offers potential cardholders an excellent balance transfer policy, You get an introductory apr on balance transfer for 12 months from the date of balance transfer (not account opening). Furthermore, you have a period of 12 months (from date of account opening) to do your balance transfer. There is also no balance fee during the 12 month introductory period. In fact, the Citi Drivers Edge is awarded the Editor's Choice status under our "Best 0% apr credit card".
Other important Citibank Credit Card Features - As with all Citibank credit cards, your statements are downloadable to Quicken. You can change your statement due date to match your other credit cards. You can also activate automatic bill payments for your credit cards bills from your bank. Citibank also offers a "virtual card number" for all Citibank cardholders for security during online transactions (you never have to reveal your actual credit card number).
Conclusion - The extra features that Citibank has added to this card makes it much more appealing. The best feature is that for the first year, you can earn 6% rebate on "everyday purchases". This rebate payout is higher than what existing cards are paying in the market for "everyday purchases".
The option for using the Options Dollars on ThankYou Redemption Network is also great because you may change your mind about a vehicle purchase.
Lastly, this is the most flexible auto credit card in the market today, in that you can redeem your options dollars for either the purchase or lease of a new or used, domestic or foreign vehicle. No other auto credit card gives such flexibility. You can also use it on top of any deals or any other auto credit cards that you have. This is because you actually fill in a form and submit it to Citibank to use your rebate. Car dealers will not know anything about this.
The Citi® Driver's Edge® Platinum Select® Card will make a good additonal card for those who would like to use reward points for a vehicle purchase, but does not know which vehicle he/she is going to get at the moment. You get the additional benefit of earning 6% rebates for "everyday purchases" for one year and also the option of redeeming your options rewards for items in the ThankYou Redemption Network. You also get an excellent balance transfer deal.
- Most flexible auto credit card - rewards can be used for the purchase or lease of a new or used, domestic or foreign vehicle and also on car repairs and services
- Can be used with other auto credit cards or on top of any other deals you get from dealers
- Earn 6% rebates on "everyday purchases" for the first year
- Option to redeem points for items in ThankYou Redemption Network
- Excellent balance transfer deal
|Citi Drivers Edge Platinum Select Card
||Earn 6% rebate on purchases from standalone supermarkets, gas stations and drugstore and 1% rebate for "other purchases" for the first year
Earn 1% rebate all purchases after the first year
You can redeem up to $2500 on next vehicle purchase or lease - used or new, domestic or foreign
|Caps on Rebates
|Minimum Income is $12,000
|Travel and Insurance Benefits
|Automatic travel insurance of up to $1,000,000
Auto rental insurance
Travel and emergency assistance
Discounts from Hertz
|24 hour customer service
||0% APR on balance transfers for 12 months from date of transfer. Transfers can be made within 12 months.
||No annual fee
||Prime Rate plus 5.99%
|Balance Transfer APR
||Prime Rate plus 5.99%
|Cash Advance APR
||Prime Rate plus 14.99%, min 19.99%
||Prime Rate plus 23.99%
|Min Finance Charge
|Balance Calculation Method
||Average Daily Balance (including new purchases)
|Balance Transfer Fee
||3%, min $5.00, max $75.00
No balance transfer fee for introductory offer
|Cash Advance fee
||3% ,min $5.00
|Late Payment fee
||$15.00 - less than $100
$29.00 - $100 to $1000
$39.00 - $1000 and above
Apply for the Citi® Driver's Edge® Platinum Select® Card
If you already have the Citi Drivers Edge and want to comment on it, you can post your review here.
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