I always imagined the product development teams at major financial institutions to be like clinical, objective machines. Teams of mathematicians would meticulously analyze demographic data and carefully balance interest rates, annual fees and benefits. There would be competitive analysis, expensive consultants, focus groups and acronyms - lots of acronyms. They would produce a range of cards mathematically guaranteed to deliver optimum profits.
Sadly, the Citibank Silver looks more like it was designed by the work experience kid. It's a card with an identity crisis - a mish-mash of features which doesn't seem to target any particular market segment. In trying to please everyone, it ends up pleasing no-one.
First, the positives: the card has some OK features - purchase security, a rewards program with the option of Qantas Frequent Flyer points and 55 days interest free on purchases.
The annual fee is mid-range ($89), as is the balance transfer deal (2.9% for twelve months) and the maximum credit limit ($7,500) seems a little low, but is still in the middle of the range.
Unfortunately, the card has the interest rate of a platinum (20.99% on purchases and 21.74% on cash), making it a fairly unattractive option for anyone likely to lapse over their interest free period with their purchases.
In summary, if you're after a good balance transfer deal, a low interest rate, a great rewards program or a premium card with great features, there are far better options.
