The Citibank Silver MasterCard is a credit card that is offered by Citibank with MasterCard processing the payments. The Silver Card has a higher interest rate than is average but it aims to provide a better level of service than a standard or no frills credit card.
The card operates a rewards program which rewards one reward point for every dollar spent. This can then be redeemed for against the Citibank Take Flight program which can be used against any airline and at any time. It can also be used for cash back and travel vouchers. To use this there must have been a travel purchase using the card within 30 days. The rewards can only be accrued through spending and they are not eligible against balance transfers or cash advances.
Balance transfers however do benefit from a very low interest rate, and this can last for the first six months on the card. Other Citibank credit cards cannot benefit from this balance transfer. If there is money from the balance transfer and from purchases then the money from the balance transfer will be paid off first. This is a standard practice and increases the real amount of interest that the borrower has to pay. The balance transfer can also apply to other credit accounts as well as credit cards, but again the Citibank credit accounts are not eligible.
The Citibank world privileges program is also available to a Citibank Silver MasterCard holder. This is an instant rewards program that unlike many other instant rewards programs doesn’t just reward the card holder with discounts but also with free upgrades on airlines and at hotels. This program is only activated if the card holder uses their Citibank Silver MasterCard to pay for the item; it does not work if the item is paid for with cash or with another credit card – even if the person has a Citibank Silver MasterCard.
There is an annual fee of $69. Up to four additional cards are allowed for other members of the family, but each additional card attracts a $15 annual fee. There is a credit limit of $7,500 and the interest free grace period is a relatively generous 55 days.
The credit card processor is MasterCard, which is the second largest credit card processor in the world. It is accepted at more than 29 million locations both in Australia and overseas.
