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Citi® Home Rebate Platinum Select® MasterCard®
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The Citi® Home Rebate Platinum Select® MasterCard® was last reviewed on 6th February 2008
Summary - The Citi® Home Rebate Platinum Select® MasterCard® will appeal to the home owner who wants to pay down their mortgage faster through the use of rebates with this card. Let us explore this card in greater detail.
Rebate Formula - The Citi® Home Rebate Platinum Select® MasterCard® lets you
earn 1% rebate for every dollar you spend on your credit card. The rebates goes towards paying your mortgage principal. You can earn unlimited rebates. If you are not yet a home owner, the rebates you earn are credited to your account statements instead.
Hence, it functions also as a cash rebate credit card. New
cardholders can earn 6% rebates on utilities, cable and
satellite tv, internet connections and telecom services for
the first twelve months.
Annual Fee and APR - There is no annual fee and the APR is moderately low. There is a 0% APR on balance transfer for 12 months from the date of balance transfer. You are allowed to make your first balance transfer within 12 months. However, there is a balance transfer fee with this card and there are no caps to the balance transfer fees. The APR is prime rate plus 4.99% and the average daily balance method (including new purchase) is used to calculate monthly balances.
Verdict - If you would like to pay off your mortgage faster, the best way is to make some extra payments monthly that goes towards paying off your principal. In this regard, the Citi® Home Rebate Platinum Select® MasterCard® offers a very convenient way to do that as the rebates you earn are "automatically" applied to reduce your principal payments.
Positives
Earn unlimited rebatesAutomatically applies rebates to mortgage principal reduction
| Citi® Home Rebate Platinum Select® MasterCard® |
| Rebate Benefits |
| Rebate Formula |
Earn 1% on rebates with every dollar purchased on your credit card. Rebate goes towards mortgage principal reduction. |
| Caps on Rebates |
Earn unlimited rebates |
| Benefits |
Annual account summary
Automatic bill payments
Zero Liability on unauthorized purchases
Free online services |
| Cost/Fees/Interest rates |
| Introductory rate |
0% for 12 months for balance transfer from date of transfer. Account has 12 months for transfer |
| Annual Fees |
No annual fee |
| Purchase APR |
Prime Rate plus 4.99% |
| Balance Transfer APR |
Prime Rate plus 4.99% |
| Cash Advance APR |
Prime Rate plus 14.99% min 19.99% |
| Penalty/Default Rate |
28.99% |
| Overdraft Advance Rate |
13.99% fixed (not available in some states) |
| Min Finance Charge |
$0.50 |
| Grace Period |
20 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Balance Transfer fee |
3% min $5.00 |
| Other Cash Advance fee |
3% min $5.00 |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$15.00 - up to but than $100
$29.00 from $100-$250
$39.00 for more than $250 |
Apply for the Citi® Home Rebate Platinum Select® MasterCard®
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