Today I applied for Citi® Dividend Platinum Select® Card. I hadn't applied for a new card for more than six months but this card really presents some unique opportunities to improve my cost efficacy.

The killer feature: Citi® Dividend Platinum Select® Card is a no-fee cash rebate card with 1% on all purchases and 5% on supermarket, gas station and drugstore, defined as follows:

•Supermarkets: Merchants that sell a complete line of food merchandise for home consumption.
•Drugstores: Merchants that sell prescription and proprietary drugs for non–prescription/over–the–counter–medicines.
•Gas Stations: Merchants that sell vehicle fuel for consumer use.

I am treating this as another CFI opportunity. With a monthly gas spending of $100 and supermarket/grocery store spending of $500 if not more, this card will yield an annual saving of $288 ($600 * 12 * (5% - 1%)).

(The card has certain limitations like an annual cash back cap of $300. A $100 check will be issued once $100 cash back is accumulated.)

This offer is apparently costly for Citibank. I'm praying that I can get the card. If so, I can easily achieve a quarter of the annual CFI goal for 2004.

(This post is part of PFBlog Product Review series. Check out more reviews here.)