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Seven Things You Won’t Miss Out If You Attend Citi Platinum Select | citi platinum select

CITI Platinum Select is a unique, high quality credit card issued by Citibank. Many people are attracted to it mainly because of the interest rates it offers and the rewards it offers. However, there are so many disadvantages that many people do not even know about before they decide to apply for one of these cards.

The biggest disadvantage is that it has very strict criteria for qualifying for a card of this caliber. It requires you to have perfect to excellent credit. This does not necessarily mean that you should have a perfect payment history with all credit companies. Many people who have imperfect payment histories will still be denied. This is due to the fact that their past history indicates that they may not be able to pay back the loan when they settle for it or pay off the balance in full.

People who go through and pass the credit check requirements are limited to applying for CITI Platinum Select. This means that you could qualify for cards offered by other banks and lenders. However, you are restricted to applying to one account per year. Even if you qualify for an unlimited accounts, it can take you years to pay it off since the interest rates are so high.

Even though the interest rate may be low, you could be paying thousands of dollars in finance charges and annual fees. There are so many people who do not realize that the interest they are paying every month may not even be reflected in their statement. They may also find out too late that the balance owing is much higher than what they originally thought it was. Some people may be able to save money by planning a budget and paying extra on some expenses every month, but when it comes to paying back their debts, they may find that it is just not possible.

CITI Platinum Select has variable interest rates. You are subject to the credit provider's current market rate during application and during the life of your account. The lower the interest rates, the lower the monthly payment, but that payment amount will also include finance charges and annual fees. It is a good idea to budget your expenses and pay only the minimum required each month. This will keep you from having to pay so much in interest charges over time.

There are some advantages and disadvantages to both types of accounts. CITI Platinum Select offers a cash-back reward program but you must pay at least $500 in order to get this. On the other hand, you must have a good credit score in order to qualify for the card with no annual fee. CITI Platinum Select has a rewards program called MyFirst Card that allows you to save money at grocery stores, department stores and drugstores. You can also earn points or cash rewards when you shop at their participating stores.

If you have bad credit, you may have difficulty qualifying for a regular Visa or MasterCard. If this is the case, then you may want to look into a CITI card instead. In addition, CITI Platinum Select has an organization designed to help those with low credit scores rebuild their credit. There is also the added benefit of not having to pay interest charges on balances that are paid off in full. You should still budget your spending and pay at least the minimum required each month, but you should try to pay more than the minimum each month to avoid adding too much interest to your debt.

Either card will offer some advantages and some disadvantages. Before you make your decision, you should compare the cards and their rates and fees to determine if you want to apply for one or not. You can get good deals on both the CITI Platinum Select and CITI Gold Select cards by looking online. With all the available benefits of both card types, it may be a good idea to combine them into one to save money on interest costs.

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