Review of the Citi Home Rebate Platinum Select Card



The Citi Home Rebate Platinum Select Card was last reviewed on 27th June 2006

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Summary - The Citi Home Rebate Platinum Select Card will appeal to the home owner who wants to pay down their mortgage faster through the use of rebates with this card. Let us explore this card in greater detail.

Rebate Formula - The Citi Home Rebate Platinum Select Card lets you earn 1% rebate for every dollar you spend on your credit card. The rebates goes towards paying your mortgage principal. You can earn unlimited rebates. If you are not yet a home owner, the rebates you earn are credited to your account statements instead.

Annual Fee and APR - There is no annual fee and the APR is moderately low. There is a 0% APR on balance transfer for 12 months from the date of balance transfer. You are allowed to make your first balance transfer within 12 months. The apr is prime rate plus 5.99% and the average daily balance method (including new purhase) is used to calculate monthly balances.

Verdict - If you would like to pay off your mortgage faster, the best way is to make some extra payments monthly that goes towards paying off your principal. In this regard, the Citi� Home Rebate Platinum Select� MasterCard� offers a very convenient way to do that as the rebates you earn are "automatically" applied to reduce your principal payments.

However, this card pays 1% rebate (standard for most cash back and reward cards), and there are other cards in the market that pay more than 1% rebates. The Citi� Dividend Platinum Select� Card for example pays 5% on purchases made at supermarket, gas stations and drugstores and 1% on all other purchases. The downside of a card like ths is that you get your cash rebate once a year and you have to go through the manual process of paying off some of your mortgage principal at the end of a calender year.

If it is conveniece you are after, then the Citi� Home Rebate Platinum Select� MasterCard� will be a great way to reduce your mortgage principal on a monthly basis.

Positives
  • Earn unlimited rebates
  • Automatically applies rebates to mortgage principal reduction



Citi Home Rebate Platinum Select Card
Rebate Benefits
Rebate Formula Earn 1% on rebates with every dollar purchased on your credit card. Rebate goes towards mortgage principal reduction.
Caps on Rebtes Earn unlimited rebates
Min Income Required $12,000
Travel and Insurance Benefits
Up to $1,000,000 Travel Insurance
Auto rental insurance
Travel and Emergency assistance
Discount from Hertz
Other Benefits
Annual account summary
Automatic bill payments
Zero Liability on unauthorized purchases
Free online services
Cost/Fees/Interest rates
Introductory rate 0% for 12 months for balance transfer from date of transfer. Account has 12 months for transfer
Annual Fees No annual fee
Purchase APR Prime Rate plus 5.99%
Balance Transfer APR Prime Rate plus 5.99%
Cash Advance APR Prime Rate plus 14.99% min 19.99%
Penalty/Default Rate Prime Rate plus 23.99%, min 25.99%
Overdraft Advance Rate 13.99% fixed (not available in some states>
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer fee 3% min $5.00, max $50.00
No balance transfer fee for introductory period
Other Cash Advance fee 3% min $5.00
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to but than $100
$29.00 from $100-$1000
$39.00 for more than $1000



Apply for the Citi� Home Rebate Platinum Select� Card




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