Citi Dividend Platinum Select MasterCard Review

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The Citi Dividend Platinum Select MasterCard is no longer available. The Citi Double Cash is Citi's currently offered cash rewards credit card.

Citi Dividend Platinum Select Card pays cash rewards on credit card spending. Cardholders earn 5% cash back on categories that rotate each quarter. The card limits the 5% rewards on the first $1,500 in qualified purchases each quarter. All other purchases, including those that exceed the $1,500 quarterly maximum, will earn 1% cash back.

You have to sign up online each quarter to earn the 5% rewards. Otherwise, purchases in those categories will only earn rewards at the 1% rate.

In addition to cash back on purchases, the Citi Dividend Platinum Select Card is one of few (if not the only) card that offers rewards on balance transfers. Earn $5 cash back on individual balance transfers of $1,500. The reward essentially knocks a tiny bit off the balance transfer fee, which would be $45 on a $1,500 balance transfer before the $5 rewards kick in.

The card has a high redemption threshold of $50. It will take longer to be able to use your rewards. By the time you do reach the threshold, you'll have accumulated enough rewards to make a difference. You can only earn $300 in cash back on the card each year, which you can easily do if you max out the 5% categories each quarter.

You can earn up to 5% rewards by making purchases through the Citi Bonus Cash Center and rewards you earn on these purchases aren't subject to the $300 cap. If you've already maxed out your $300 rewards or this year, using your card in the Citi Bonus Cash Center will allow you to continue earning.

Your rewards won't expire as long as you use your card at least once every 12 months.

Citi Platinum Select MasterCard Pricing

Enjoy a 12-month introductory period on purchases and balance transfers. After that, your APR for both purchases and balance transfers will be between 12.99% and 22.99% depending on your credit rating. If you have a higher credit score, you're more likely to qualify for a lower interest rate.

The cash advance APR is 25.24% and the penalty rate, assessed when you fall more than 60 days behind on your credit card payment, is 29.99%.

There's no annual fee on the Citi Platinum Select MasterCard. Other fees on the card are based on how you use your card:

  • Balance transfer fee: $5 or 3%.
  • Cash advance fee: $10 or 5%.
  • Late payment fee: Up to $35
  • Returned payment fee: Up to $35.

Other 5% Credit Cards

The Citi Platinum Select Card isn't the only card that pays 5% cash back in quarterly rotating categories. The Discover it Card and Chase Freedom have similar plans, also with a $1,500 quarterly cap on the rewards, you can earn in the 5% categories. Neither of these cards has an annual maximum on the cash rewards you can earn which makes them both better choices than the Citi Platinum Select.