Thanks to the recent reduction in the federal funds interest rate, debtors have reason to celebrate. Interest rates on credit cards pegged to the prime rate are decreasing. CitiBank recently reset the APRs on a number of their credit cards. Here are some of the highlights.

Citi CashReturns MasterCard (apply here)

Now as low as 9.99% on purchases. The Citi CashReturns MasterCard is one of Citi’s newer cards and may be one of the best rewards cards for people who look for cash back. The card offers 1% cash back on all purchases. The rewards accumulate as “CitiDollars” and Citi will automatically send a check once 50 CitiDollars are accumulated.

If you are lamenting the lower benefits of the Citi Dividend Platinum Select, call the number on the back of the card and ask to have your program changed to CashReturns.

Citi Professional Cash Card (apply here)

Now 9.99% on purchases. This Citi Professional Cash Card and its cousin, the Citi Professional Card With ThankYou Network, offer similar rewards. Purchases at restaurants, gas stations, office supplies, and car rentals earn 3% cash back or 3 points for every dollar spent. All other purchases earn 1% cash back or 1 point per dollar.

The difference is that the earnings from the cash card can be redeemed via check while the points earned with the ThankYou Network card can only be collected through purchasing items through Citi’s network of merchants. The good news is that many of these merchants offer gift cards.

Also, the Citi Professional Card With ThankYou Network is currently offering 10,000 ThankYou® Points after $250 in purchases, redeemable for a $100 gift card..

The Citi Professional Cash Card and Citi Professional Card With ThankYou Network have a 0% introductory rate or purchases for 12 months.

Citi Bronze / AAdvantage® World MasterCard (apply here)

Now 14.99% on purchases. The Citi Bronze / AAdvantage® World MasterCard, which comes in other flavors such as Gold and Platinum, offer rewards for frequent travelers on American Airlines. With the Bronze card, one mile is earned for each two dollar spent, while the Gold and Platinum level cards earn one mile for each dollar. Miles can be redeemed not only with American Airlines, but with 25 top airlines, car rental companies, and hotels.

These three cards offer sign-on bonuses after your first purchase. You will earn 10,000, 15,000, or 25,000 points depending on the level of card you own. The increasing benefits come with increasing annual fees, however. The Bronze card has no annual fee while the Gold and Platinum cards charge $50 and $85 respectively. This annual fee can be worthwhile if you make the most out of these credit card rewards.

Citi Dividend Platinum Select (apply here)

Now as low as 10.99% on purchases. I consider the Citi Dividend Platinum Select to be the flagship rewards card. Unfortunately, it is not quite the card it used to be. Many past cardholders saw a reduction of the cash back rewards and were later suggested to change to the Citi Dividend World MasterCard. For new card members, the Citi Dividend Platinum Select offers 5% cash back on purchases at supermarkets drugstores, gas stations, convenience stores, and utilities including cable. After 6 months, this is reduced to a 2% cash back bonus. All other purchases earn 1% cash back.

The Citi Dividend Platinum Select Card for Students offers the same features, but has a different promotional rate. The card for students offers a 0% APR on purchases, cash advances, and balance transfers for 6 months, while the standard card extends that offer for up to 12 months on balance transfers only.

Citi Driver’s Edge Platinum Card for Students (apply here)

Now 14.99% on purchases. This card offers 3% cash back on purchases at supermarkets, gas stations, and drugstores and 1% rebates on all other purchases. The Citi Driver’s Edge Platinum Card for Students benefits students with an introductory 0% APR on purchases, balance transfers, and cash advances for 6 months. You also receive rebates for each mile you drive, $1 for each 100 miles. That can add up considerably. Citi verifies your mileage by requiring a copy of auto service receipts with odometer readings.

Unfortunately, the rebate isn’t pure cash. The rebated can only be used towards the purchase of a car, repairs or service, or merchandise in the Thank You network. The maximum you can earn each year is $1,000 in rebates, higher than other rebate programs, but not unlimited.

Citi Home Rebate Platinum Select Card (apply here)

Now 9.99% on purchases. The Citi Home Rebate Platinum Select Card is another good replacement for the Citi Dividend Platinum Select. For 12 months, this card earns a 6% rebate benefit on purchases on utilities, cable and satellite television, internet connection, and telecommunications services. After 6 months, this rebate is reduced to 1%, the same as the rebate for all other purchases.

If you don’t want to use this card for purchases, consider balance transfers. During this promotion, no interest is charged on transfers for one year.

As always, these credit card rewards are not for everyone. If you pay interest or late fees, you won’t benefit from any special offers. Only consider opening new credit if you are an expert at managing your own money and buy only what you can afford to pay each month.