A balance transfer to Citibank immediately saves you from paying future interest on your debt. And this is in addition to having one and a half years interest free – the Citi® Platinum Select® Visa® card offers 0% APR, giving you 18 months more to pay off your credit card debt, which at some point in time you will have to face, unless paid within 18 months.
You do have to pay an extra 3% balance transfer fee, which is pretty reasonable compared to other credit card offers that charge up to a 5% balance transfer fee. But even if you don’t use the card for any other purchases, the balance transfer already saves you money, but the Citi® Platinum Select® Visa® offers more.
The 0% APR also applies to your present purchases, and not only to your balance transfer.
Comparing it to other credit cards that have no introductory APRs to speak of, using the Citi® Platinum Select® Visa® for your current expenses make it even more reasonable.
Using the card also gives you access to more promos and discounts from retailers participating in Citibank’s Extra Cash From Citi program. Note that the Extra Cash program is not about extra cash per se – it is about discounts and promos only.
Other Non-Cash Benefits of Citi® Platinum Select® Visa®
Other than this, the Citi® Platinum Select® Visa® card does not offer any more cash incentives like points off purchases. It does come with some insurance coverage, plus some security advantages for the prevention of identity theft.
The card comes with an auto rental insurance coverage, in case you are driving a rented car while traveling, and accidentally damage the car in some way.
The Common Carrier Travel Accident Insurance also comes with the card, with the coverage including your spouse and children. Citibank also provides assistance in case your baggage is lost or delayed while traveling.
Warranties can also be extended through the Citi® Platinum Select® Visa® card, which, if you are an avid electronics or gadgets man, will add just a little more protection for your toys.
Purchase protection from other accidents such as fire, theft, or breakage within 90 days from the date of your purchase is another feature, and the amount covered is up to a thousand dollars.
Regarding protection against identity theft, Citibank has a simple feature of taking your photo and printing it on the front of the card. But this is rough protection when compared to the virtual and random credit card number Citibank creates for you when browsing online for a purchase.
The generated credit card number assures you that none of your real information is left in unsecure transactions over the Internet. When it is time for you to make the online transaction, you will be asked for your real credit card number – otherwise, your online credit trail is just a false one.
Eighteen Months of no Interest in Citi® Platinum Select® Visa®
Using the Citi® Platinum Select® Visa® card to make purchases is less important than the opportunity to transfer your existing credit card debt at only a 3% balance transfer fee with 0% APR. This is the single most important feature of the card, and you have to remember that you are given only eighteen (18) months to complete the payments.
After the 18 months have expired, you will be subject to a variable APR, from 11.99% to 21.99%, depending on your credit score.
All you have to do is mark that expiration date of 18 months on your calendar, and you will be much safer in the hands of Citi® Platinum Select® Visa®. Else, that interest would kill your further shopping power and put you in to debt.
Fee structure for Citi® Platinum Select® Visa® Card
|•||Balance Transfer||Either $5 or 3% of the amount of each transfer, whichever is greater.|
|•||Cash Advance||Either $10 or 5% of the amount of each cash advance, whichever is greater.|
|•||Foreign Purchase Transaction||3% of each purchase transaction in US dollars.|
|•||Late Payment||Up to $35|
|•||Returned Payment||Up to $35|
Conclusion for Citi® Platinum Select® Visa® Card
Citi® Platinum Select® Visa® Card is perfect for your balance transfer need. Once that introductory offer is over, you don’t have any perks to carry the card forward. This is not reward card, your day-to-day purchase would not return any cash-back rewards.
Never withdraw cash from credit cards, a 23.99% APR will be applied to your cash advances. It will take forever to repay the debt you incur by taking cash advance.
Over all for balance transfer purpose only, we give Citi® Platinum Select® Visa® a rating of “Apply“, if you do not have a balance to transfer, you should avoid the card. Citibank Diamond Preferred Card had the similar fee, APR structure and offers more feature.
Lastly, the best way to handle any credit card is by paying off debt in full every month if you have to pay interest on the remaining balance otherwise.
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