Update: The Citi® Platinum Select® Visa® is no longer available. You can find the best 0% introductory cards on our balance transfer offers page.
A few years ago when I was struggling to make ends meet, I dreamed of the day when I would qualify for a balance transfer offer. I had so much credit card debt, I could have saved thousands or tens of thousands of dollars by simply transferring my debt to a 0% APR card for an extended period of time. The Citi® Platinum Select® Visa Card® would have been the perfect card to do this with, as it currently offers the longest 0% balance transfer period of 18 months, but sadly I was really never close to obtaining this card.
There were actually a few reasons why I coveted the Citi® Platinum Select® Visa Card®, but the biggest one is its 0% intro APR on purchases and balance transfers for 18 months (3% balance transfer fee with a $5 minimum which can be significant depending on your balance). This time period is actually the longest offered today, but you can find the same offer on three other Citibank cards, making them the king of the balance transfer. Many consumers do not realize the amount of money that can be saved with an offer like this and routinely sign up for cards with $100 – $500 initial cash bonuses instead. However, for consumers with tens of thousands in debt, this card is easily the best option.
Let’s discuss the regular pricing terms of the Citi® Platinum Select Visa Card for a moment. Once the intro rate expires, this card has a 11.99% – 21.99%* variable APR, dependent on your credit history. When you combine that so-so interest rate with the fact that there is no rewards program included, the Citi Platinum Select Visa Card is not for everyday purchases. Use this card to make your balance transfer and keep it for emergencies, but look for a great cash back credit card which can save you money on things like gas and groceries.
- Standard interest rate – 11.99% – 21.99%* variable
- Cash advance interest rate – 25.24%
- Penalty interest rate – up to 29.99%
The problem for me was simple. My credit score started with a four and this card requires one much better than that. But don’t let that scare you if your credit isn’t perfect, because this card requires good credit (not excellent) for approval. Anyone in need of a balance transfer credit card would greatly benefit from owning the Citi® Platinum Select® Visa Card®.