I saw a couple of references to Citi PremierPass card in this and other forums and have to say, before anyone seriously considers carrying this card, read the fine print. I got one of those "you're pre-approved!" mailers with an offer for 0% APR on balance transfers till 1/2008 which is a really good deal; I was actually considering transferring some off of a moderate interest card just for the 0% (I already earn a ton of miles and points so the interest was the only attraction for me)... till I read the back of the offer letter.

Default interest rate (which is what your payments will jump to if you're late even once) is a ghastly 33% today and set at prime+29% variable! That's quite possibly the highest credit card interest rate I have ever seen!

While I am a firm believer in automated payments to safeguard against missed payments (I always have the money but can't always remember what day of the month it is), even these aren't 100% guaranteed as I've had automated payments to other companies black-holed due to computer glitches (their end, not mine). And while I am generally happy with Citi (I carry the card with the TY network), and rarely if ever miss payments to anyone, I just can't in good faith carry this card.

So on whatever offer you go with, read the fine print... free miles on purchases are not worth 33% interest!!!