The Citi Home Rebate Platinum Select MasterCard is designed for those with very good credit who plan to take advantage of the rebates, which help cardholders pay for their personal mortgages.
Through the reward program, cardholders earn a full 6% rebate per dollar spent on utilities, cable/satellite TV, Internet connection, and telecom services for the first six months of membership, and they earn 1% per dollar spent after the introductory period and on all other purchases. The rebate is earned in the form of "Home Mortgage Rebates" that will be applied against the outstanding mortgage principal. There is no limit to the amount of rebates that may be earned, and rebates do not expire.
As with most Citibank credit cards, cardholders can expect access to a variety of platinum benefits that include up to $1,000,000 in travel accident insurance and fraud protection services.
The APR for purchases and balance transfers is average, and there is a 0% introductory rate available for balance transfers during the first year of membership. These benefits come with no annual fee.
However, it is important to note that there is a minimum cap of 19.99% for cash advances; so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap.
Therefore, those who can afford to pay in full each month after the introductory rate expires (to avoid finance charges) and will be able to take advantage of the mortgage rebates will benefit most from what the Citi® Home Rebate Platinum Select MasterCard has to offer.
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