Citi Dividend Platinum Select Card versus
Chase Cash Plus Rewards Visa
For a long time, the Citi Dividend Platinum Select Card was the only cash back credit card which paid 5% rebates on "everyday purchases" and had a simple rebate formula (no tiered rebate formula like some other cards). In July 2005, Chase introduced their Chase Cash Plus Rewards Visa, which has essentially the same rebate formula as the Citi Dividend Platinum Select Card. We have often received emails asking which is the better card, hence we thought we put up a detailed side by side comparison between these two cards. Similarities
Both the Citi Dividend Platinum Select Card and the Chase Cash Plus Rewards share many similarities.
They both pay 5% rebates on "everyday purchases" - defined as purchases at standalone supermarktets, gas stations and drugstore
- Both allow cardholders to earn up to $300 in annual rebates
- Both have no annual fee
- Both give new cardholders a 0% apr on balance transfers for 12 months
Differences
Though they are very similar, they both have some important differences.
- Citi's 0% apr offer starts from the date of balance transfer, not account opening. New cardholders of Citi Dividend Platinum Select Card are allowed up to 12 months to make their first balance transfer. The Chase Cash Plus 0% apr offer is more conventional and starts from the date of account opening
- There is no balance transfer fee for the Citi Dividend Platinum Select Card whereas for the Chase Cash Plus Rewards, you have to pay a balance transfer fee
- The Citi Dividend Platinum Select Card uses the average daily balance method (including new purchases) to calculate monthly balances whereas the Chase Cash Plus uses the 2-cycle average daily balance method
- Citi Dividend Platinum Select Card has a lower minimum finance charge of $0.50 versus $1.00 for the Chase Cash Plus Rewards
- Chase Cash Plus Rewards allow cardholders to exchange cash rebates for gift certificates
- Though both allow you to earn up to $300 in annual cash rebates, the Citi Dividend Platinum Select Card has a Citi Dividend Merchant Network. If you use your card with any of these merchants, the rebates you earn are not counted in the $300 cap
Verdict
For those who do not carry a balance and pay your bills in full, both the Citi® Dividend Platinum Select® Card and the Chase Cash Plus Rewards® Visa are equally good. The only difference is the fact that Chase allows cardholders to exchange cash rebates for gift certificates. (I doubt this matters as those who want to get a cash rebate credit card want to get CASH!).
For those who wish to transfer a balance or carry a balance and do not pay your bills fully every month, the Citi® Dividend Platinum Select® Card is probably the better card to get as it has a better 0% apr deal than the Chase Cash Plus Rewards. the 0% apr starts from the date of transfer, not account opening. Furthermore, you are given up to 12 months to make your first balance transfer. The Citi Dividend Platinum Select Card uses the average daily balance to calculate the monthly balance whereas the Chase Cash Plus Rewards uses the 2-cycle average daily balance method. This method may result in higher monthly balances for those who carry irregular balances or those who are looking to gradually pay off their credit card debt.
Update - Both the Citi Dividend Card and the Chase Cash Plus Rewards have been discontinued by both Citibank and Chase. Hence, at present, we recommend the Blue Cash® from American Express if you are looking for a cash back credit card. It pays 5% rebates on supermarket, gasoline and drugstore purchases and 1.5% rebates on "other purchases". You do need to spend above $6,500 in annual spending to earn these rebates.
| Features | Citi Dividend | Cash Cash Plus |
| Annual Fee | None | None |
| 0% offer | 0% apr for 12 months. Offer starts from date of balance transfer. Cardholder has 12 months to start balance transfer | 0% apr on balance transfers for 12 months from date of account opening |
| Balance Transfer Fee | No fee for intro offer | 3% min $5.00 max $75.00 |
| APR | P+9.99% | P+5.99%, 9.99% or 14.99% |
| Cash Advance APR | P+14.99% | P+15.99% |
| Default Rate | P+23.99% | P+23.99% |
| Minimum Finance Charges | $0.50 | $1.00 |
| Balance Calculation Method | Average Daily Balance | 2-cycle Average Daily Balance |
| Cash Advance Fee | 3%, min $5.00 | 3%, min $10.00 |
| Over-the-credit-limit Fee | $35.00 | $35.00 |
| Late Payment Fee | $15.00 - up to $100 $29.00 - $100 up to $1000 $39.00 - $1000 and greater |
$15.00 - up to but not including $250.00 $39.00 - more than $250.00 |
