One of the most popular credit cards is the MasterCard issued by CitiBank. The brand name of a bank as large as Citibank combined with the trusted features offered by MasterCard naturally make this a popular credit account for consumers.
The variety of specialty credit accounts offered under the MasterCard designation has led to this particular card becoming a staple in the wallets of most credit account users.
Citibank has tightened its requirement for obtaining credit in reaction to the economic turmoil of the past few years. The MasterCard from Citibank remains popular, however, because it appeals to so many consumer markets.
Each card in the MasterCard line has different fees and requirements as well as varied Annual Percentage Rates of interest.
This makes it crucial for consumer to carefully compare the benefits, rewards and fees in order to choose the card that will best serve their needs and fit their budget.
Two of the leading cards requested by consumers are the Citi Platinum Select MasterCard and the Citi Dividend Platinum Select MasterCard. There are no annual fees charged on either of these credit accounts.
Citi Platinum Select MasterCard
- 0% APR on purchases for 12 months.
- 0% APR on balance transfers for 21 months.
- Variable rate of interest from 11.99% to 19.99%.
If you are burdened with high interest rates on other credit cards, this account is designed to suit you. The balance transfer 0% offer for 21 months is an outstanding offer.
The card has a good 0% purchase period of 12 months but the most significant feature is the balance transfer. If you have a high interest credit card account you may well be paying over $200 each month in interest charges.
If that is the case, this account can save you $4200 over the course of 21 months. This is an outstanding benefit that is exclusive to a MasterCard from Citi.
Citi Dividend Platinum Select MasterCard
- 0% APR on balance transfers for 15 months.
- Variable APR will be 12.99%-20.99%.
- Earn 2% cash back in popular categories.
- Average 5% cash back when shopping the Citi Bonus Cash Center.
- $5 cash back on individual balance transfers of $1500 or more.
Although not as enticing as the 21 month Platinum Select card listed above, you may choose the lower 15 month freedom from interest charges on transferred balances in exchange for earning 2% cash back on selected purchases.
Some categories included in the cash back offers are hotels, restaurants, department and clothing stores, home improvement centers and more. The offers for cash back venues change with the seasons.
If you use your credit card for daily purchases the cash back may be enticing to you. This is especially true if balances on other high interest cards are low and could be paid off in full, interest free, in 15 months time.
The APR for all MasterCards issued by Citi are now listed as a range of interest. The APR that will be on your account will depend entirely on your personal credit rating. Only those consumers with excellent credit will be granted the lower APR.
The variable APR is also present on the Citi Platinum Select Visa Card for College Students. This card is only granted to student of legal age (18 and over) and does not require a co-signer. Spending limits on student cards are considerably lower than on cards issued to working consumers.
However, a MasterCard from Citi allows a student to begin building a credit rating during his college years and make it easy to obtain credit after he graduates and joins the work force.
Advantages
The MasterCard from Citibank has taken steps recently to solidify its position as a leader in the credit card industry.
This has added bonuses such as the 15 month and 21 month 0% interest on balance transfers that can be of tremendous help to credit card holders who have seen interest rates rise drastically in the past two years.
The balance transfer option tops other lenders today and provides a way for consumer to rapidly reduce high interest credit card debt.
Disadvantages
The variable interest rates make it difficult to know what your new credit account will cost you in terms of APR.
If you know there are problems in your credit report, you will be correct in assuming APR offered to you will be at the high end of the percentage range listed for the card you choose.
This disadvantage is not confined to Citibank as all credit card issuing banks have adopted the variable APR and list a range of potential APR charges rather than a specific percentage rate. The rate no longer is attached to the credit card offer but is dependent today on the applicant’s credit only.
Summary
The MasterCard from Citibank is (without doubts) one of the best on the market today if you need to transfer high interest balances.
The 0% rate on transfers and the extended period of that rate application are prime features of this card
The student card available without a co-signer has become a rarity in credit cards today but Citibank has re-introduced that offer for college students.
