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Citi Platinum Select Card Review

With the recent recession still weighing on many people’s minds, and with the prospect of a double-dip recession causing some concern, many are looking for a credit card that can help them pay off their credit cards faster, and with a lower rate. The Citi Platinum Select Card might be just the thing if you fall into this category.

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Citi Platinum Select features a 0% balance transfer rate for an introductory period of 18 months. This is on the high end of balance transfer credit cards, providing you a longer period of time to pay off your debt without paying interest on the balance. You do have to pay a balance transfer fee, but it is a relatively low 3%. The savings in interest can more than make up for it if you are careful to plan your debt pay down.

Other Features of the Citi Platinum Select Card

In addition to the 0% APR balance transfer, there are other features associated with this credit card. Some of them include:

These features make the card attractive. Also, if you have good credit, you might have a favorable interest rate. You do need good credit to qualify for the best terms, though. If you want a higher credit limit, you will need a good credit score, as well as adequate income. You may not be approved for this card if you have a huge amount of credit card debt, and a low score. If you are approved, your limit may quite low, and inadequate for consolidating all of your other credit card debt.

Downside: No Rewards Program

The main disadvantage to this credit card is that there is no rewards program. Understand that the “Extra Cash” program is not a rewards program, and your “cash” doesn’t have actual cash value. It’s a nice program that can help you get discounts, but it is not something that is likely to lead to free travel, cash back, or a statement credit. Keep this in mind as you consider whether or not to apply for the Citi Platinum Select Card. If you are looking for a good rewards card, you might want to look elsewhere.

Bottom Line

If you are looking for a credit card with a good balance transfer policy so that you can pay off the last of your credit card debt, the Citi Platinum Select Card might be the thing for you. However, if you are looking for a way to earn rewards and use a credit card as a financial tool to help you get free stuff, this credit card is not your best bet.