Citi Drivers Edge Platinum Select Card Review

Summary - We recommend the Citi® Driver's Edge® Options Platinum Select® Card to those looking to use rewards points towards their auto purchases because

• It is the most flexible auto credit card - you can redeem your rebates for either a purchase or lease of a new or used, domestic or foreign vehicle.
• You can earn 6% rebates on "everyday purchases" for the first year and 3% after that
• You can earn rebates on the miles you drive
• You can also exchange your rebates for Citi's ThankYou Redemption Network rewards (should you change your mind about your vehicle purchase)


Let's look at this card in more detail.

Reward Formula - For the first year, cardholders can earn a 6% rebate (called options reward dollars) from purchases at standalone supermarkets, gas stations and drugstores. After the first year, you earn 3% rebates on from these types of purchases. You earn 1% rebates for "other purchases". You can earn up to $1,000 in rebates in one year. Rebates are valid for five years. You can use your rebates, starting from $25 up to $5,000, for the purchase or lease of a new or used, domestic or foreign vehicle. You can also use them for vehicle service and repairs.

Earn Drive Rebates - Cardholders can earn $1.00 in rebates for every 100 miles you drive in your vehicle. To start tracking your miles, you must first enroll in Drive Rebates by calling toll-free or going online and then submitting an enrollment form. Then whenever you have scheduled maintenance performed on your vehicle, just submit a form with a copy of your receipt showing your odometer reading. Your Drive Rebates will automatically appear on your statement. You can earn up to $500 of "drive rebates" in one year. When you redeem your drive rebates, you must redeem an equal amount of Options Rewards Dollars.

Option to redeem rebates through Citi's ThankYou Redemption Network - You are allowed to redeem your rebates for Citibanks' ThankYou Redemption Network rewards. $1.00 in Citi's Option Rebates is equivalent to 100 ThankYou Points. (essentially, it is a exact 1 for 1 conversion assuming a 1% rebate). You cannot convert Option Rebates at anytime, but only when you want to redeem it for a particular reward item. This is a new feature that Citibank has added and is very much welcome. This gives the cardholder an option to use his Option rewards for other non-auto rewards (in case you change your mind about a vehicle purchase).

Annual Fee and APR - The Citi Drivers Edge has no annual fee. The apr is prime rate plus 5.99%. The method of calculating monthly balance is the average daily balance method (including new purchases).

Excellent Balance Transfer Deal and Policy - As with most Citibank's credit cards, this card offers potential cardholders an excellent balance transfer policy, You get an introductory 0% apr on balance transfer for 12 months from the date of balance transfer (not account opening). Furthermore, you have a period of 12 months (from date of account opening) to do your balance transfer.

Other important Citibank Credit Card Features - As with all Citibank credit cards, your statements are downloadable to Quicken. You can change your statement due date to match your other credit cards. You can also activate automatic bill payments for your credit cards bills from your bank. Citibank also offers a "virtual card number" for all Citibank cardholders for security during online transactions (you never have to reveal your actual credit card number).

Verdict - There are a few very good features about this card. Firstly, you can earn 6% rebate on "everyday purchases". Thereafter, you earn 3% rebates. Secondly, you have the option of using the Options Dollars on ThankYou Redemption Network is also great because you may change your mind about a vehicle purchase. Thirdly, you can earn rebates from the miles you drive. You can also use rebates for auto maintenance purchases. Lastly, this is the most flexible auto credit card in the market today, in that you can redeem your options dollars for either the purchase or lease of a new or used, domestic or foreign vehicle. No other auto credit card gives such flexibility. You can also use it on top of any deals or any other auto credit cards that you have. This is because you actually fill in a form and submit it to Citibank to use your rebate. Car dealers will not know anything about this.

We would recommend Citi® Driver's Edge® Options Platinum Select® Card to those who drive a lot and are looking to use rebates to save on their next vehicle purchase.

Update - Citi is no longer offering this card. Instead, it has been replaced by the Citi ThankYou Preferred Card.

Positives

• Most flexible auto credit card - rewards can be used for the purchase or lease of a new or used, domestic or foreign vehicle and also on car repairs and services
• Earn Drives Rebates from the miles you drive
• Earn 6% rebates on "everyday purchases" for the first year, 3% thereafter
• Option to redeem points for items in ThankYou Redemption Network
• Excellent balance transfer deal (note that a balance transfer fee is applied when you transfer a balance)

Citi® Drivers Edge® Options Platinum Select® Card
Reward Benefits
Point Accumulation	Earn 6% rebate on purchases from standalone supermarkets, gas stations and drugstore for the first year. Earn 3% thereafter Earn 1% rebate on "other purchases" You can redeem up to $2500 on next vehicle purchase or lease - used or new, domestic or foreign
Points Expiration	5 Years
Other Benefits
24 hour customer service
Cost/Fees/Interest rates
Introductory rate	0% APR on balance transfers for 12 months from date of transfer. Transfers can be made within 12 months.
Annual Fees	No annual fee
Purchase APR	Prime Rate plus 5.99%
Balance Transfer APR	Prime Rate plus 5.99%
Cash Advance APR	Prime Rate plus 14.99%, min 19.99%
Penalty/Default Rate	Prime Rate plus 23.99% or 28.99% whichever is greater
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 No balance transfer fee for introductory offer
Cash Advance fee	3% ,min $5.00
Over-the-credit-limit fee	$39.00
Late Payment fee	$15.00 - less than $100 $29.00 - $100 to $250 $39.00 - $250 and above