Verdict: The Citi Platinum Select Mastercard, currently offering 0 % APR for the first year and no annual fee, is the perfect Citi card for big-ticket purchases you intend to pay off within the next 12 months.

The interest rate is as low as 11.99% variable after the first year, making it the lowest in the Citi family of cards. Several other benefits, including the Extra Cash Rewards program and excellent identity theft protection, make this a good card if you don’t typically carry a balance.

Overview:

The Citi Platinum Select card offers the lowest interest rate of all Citi’s cards and no annual fee. The rewards, compared to other cards in its class for consumers with good-to-excellent credit, could be better. But fraud protection, Citi’s Identity Theft Solutions program, and easy online bill pay make this card desirable to people who shop online often or who worry about identity theft.

How This Card Works:

With 0 % introductory APR, this card is good for people with good-to-excellent credit who plan to make a large purchase they will pay off within a year.

You can pay your bills easily online through the Citi website. You’ll get same-day posting as long as you schedule your payment by 5 PM ET Monday – Friday. Citi offers paperless statements and also paperless letters, to cut down on paper mail. You can also request credit line increases, additional cards and balance transfers through the website.

The times I’ve had to call Citi with questions about my card or account, wait times were low and customer service reps were exceptionally friendly and helpful.

The Citi Platinum Select Card also offers Citi’s Identity Theft Solutions service.  In the event your identity is stolen, Citi will assist you in taking the steps necessary to resolve the issue, restore your credit and restore your name. The Identity Theft Worksheet, available through the Citi website, lets you track your reporting efforts easily.

Citi Cards’ Internet Security Specialists can help determine if an email or website is legitimate, help you assess your PC to see if you are at high-risk for identity theft, and more. The Citi Platinum Select card offers $0 liability on unauthorized purchases, meaning you’re protected no matter what if your card or account number is lost or stolen.

The Citi Platinum Select Card provides “Virtual Account Numbers” for online shopping, making it one of the safest cards around. You can also request a “Citi Photo Card” for added theft protection.

Travel and Shopping Benefits

Most people who get this card will do so for the identity theft protection and the low interest rate; better rewards cards exist, even within the Citi family of products.

Each time you use this card, you’ll accumulate Extra Cash totaling 10 % of your monthly eligible purchases. You can use this Extra Cash for discounts on gift cards, hotel stays, merchandise purchases and more, when you buy through the Extra Cash store using your eligible Citi card.

In addition, by shopping through the Extra Cash Bonus Center, you can earn an additional Extra Cash back bonus of 1 to 10 %. The Extra Cash Bonus Center is a gateway to 400 online stores. You can also shop at participating local stores and through catalogs or even order gift cards online. Finally, you’ll find special deals, from free shipping to steep discounts, by shopping through the Extra Cash Bonus Center.

Beginning at the end of this month, the Extra Cash from Citi website will be automatically tied in to the Extra Cash Bonus Center. You won’t have to register your eligible Citi card separately in the Bonus Center to take advantage of the deals.

Extra Cash expires two years from the end of the year in which it is earned. Should Citi choose to eliminate the program, you will have 90 days to spend your Extra Cash.

Fees:

This card offers 0 % interest for purchases and balance transfers for the first 12 months, with an 11.99 % variable APR or 15.99 % for the next seven months, depending on your credit history. After that, it varies.

There is a 20-day grace period for purchases only if you do not carry a balance on the card.

Cash advances are available for a 3 % fee ($5 minimum fee). There is a $39 fee for any late payment.

Pros:

• 0 % APR on purchases and balance transfers for the first year.
• No annual fee
• Extra Cash program offers added savings at places you shop.
• Auto rental protection and Travel & Emergency Assistance
• Easy online account management
• Virtual account numbers for safe online shopping
• Free access to Citi’s Identity Theft Solutions service
• No Liability on unauthorized purchases

Cons:

• Extra Cash bonuses expire after 2 years
• If you are late or over-the-limit on any Citi bank card, your interest rate will rise to the 29.99% variable default APR.
• Variable APRs can be as high as 19.99 % after the first 19 months
• No grace period if you carry a balance

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