The Citibank Platinum MasterCard is a prestige card that is offered by Citibank and processed by the second largest credit card processor in the world, MasterCard.
Platinum cards are designed to be “beyond gold” in that they have a higher threshold for being allowed to have one, usually decided by income and credit scores. They also have a higher fee, in this case $250 per year (and $90 for additional cards) but in return they have a higher provision of services. Among these services are concierge services and personalised rewards.
The card has an attractive balance transfer offer. Although the rate is higher than other balance transfer offers it is available throughout the length of the balance transfer period. However if there is any payment on the card then the payment will be set off against the transferred balance before any spending.
This means that in effect the transferred balance is paid off before the spending, meaning that until the transferred balance is paid off then the whole of the amount built up by spending on the card is charged at the higher interest rate for spending. This can increase the average interest rate on the card by more than most card holders realise.
The credit limit is very high, as it is for most platinum cards. The credit limit can be as high as $100,000 although this may change according to the individual circumstances of the borrower.
The platinum card, like most platinum cards, has a concierge service. These are personal assistants who can do a large range of mundane and time consuming tasks such as booking restaurant meals and arranging travel. Personal shopping is also covered in this.
As well as personal shopping there is a personalised rewards program, where the rewards points that are accrued on the card can go towards any type of leisure reward that that client wants.
Platinum cards also have a prioritised customer service and what is billed as complete account management.
Like the gold cards offered by Citibank there is purchase cover for the first 90 days of the purchase for goods bought on the card. There is also travel insurance that covers tickets that are bought with the card. This travel insurance is advertised as being for a significantly higher amount than other cards.
There are a number of rewards programs, including access to the Citi Qantas Rewards program which ties in with Qantas’ frequent flyer program.
