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Citi Rebate Home MasterCard Review – Mortgage Credits

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The Citi Home Rebate Platinum Select MasterCard is no longer available.

Reader Steve H. sent me some information about a credit card that Citi is offering that will give you 6% cash back on a lot of home related utilities such as internet, television, various utilities, etc. for an introductory 12 month period and then 1% afterwards with no cap. It’s called the Citi Home Rebate Platinum Select MasterCard and while this card is being marketed towards homeowners with mortgages, this doesn’t exclude folks who don’t have a mortgage. You have the option of choosing to receive your cash back as a statement credit or a “Home Mortgage Rebate” that you can apply towards an outstanding mortgage principal (any mortgage company). As per most Citi cards, this one comes with no annual fee.

A good way to use this card is to apply for it, pay your eligible utilities with it for the first six months, and then parlay the credit limit into another 12 months of 0% balance transfer funds that you can put into an FNBO Direct or ING Direct account.

You get no additional benefit for putting it towards your mortgage, other than paying off the mortgage sooner, so mortgage holders don’t come out “ahead” of non-mortgage holders but they do come out ahead of themselves without the card.

If anyone has this card, we would all appreciate it if you could share your experiences with it.

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2 Responses to “Citi Rebate Home MasterCard Review – Mortgage Credits”

  1. dave says:

    This may be a dumb question, but how does “parlay the credit limit into another 12 months of 0% balance transfer funds” work?

  2. jim says:

    It’s not a dumb question Dave, if you apply for the card and they accept you, then you will be offered a 0% balance transfer for 12 months. What you can then do is, entirely online, request a check for your credit limit, deposit it into an Emigrant Direct account earning 4% and make minimum payments to your credit card. You would do this after the six month promotional period for 6% cashback has ended. The 12 month promotional period starts the day you cash the check they send you (so even if you wait 6 months, the 0% interest period will still last 12 months).


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