Getting a credit card while you’re in college can be useful for purchases on campus, online, and for other aspects of your life, but only if you use your card prudently. If you’re hunting for a credit card that rewards you for using it, there are some cards that are a good choice for students, based on the benefits and perks they offer. If used responsibly, a credit card can help with establishing credit, especially for those just starting out with their financial lives. Here’s a look at the Citi Dividend Platinum Select Visa Card for College Students, which may be suitable for new card holders who are just starting out on the road to building credit.
Visa Card for Students: Citi Dividend Platinum Select Visa Review
I’ve been noticing more credit cards in the pipeline that are catering to students. The terms for many of these cards are quite attractive. With the Citi Dividend Platinum Select Visa card, there’s 0% APR for purchases for 7 months for those who qualify. And for 6 months, certain eligible purchases can earn you 5% cash back. These purchases can be made at convenience stores, gas stations, drug stores, and supermarkets, and even your utility bills are considered eligible. Once the 5% cash back promotional period ends, you’ll earn 1% cash back on these types of purchases.
For other types of purchases, you can earn 1% cash back. For instance, you might earn cash back for your textbook purchases or from regular shopping trips you already make. In other words, the purchases you’d typically make anyway can you earn you cash back and more money in your pocket throughout the year.
After the promotional period’s over, your normal APR for purchases will apply. Based on your application and credit history, you’ll fall in one of four rate categories, ranging from 12.99% on up to 21.99% (variable). Be aware that if you qualify for the fourth category, you won’t be offered the promotional rate.
Just like with other Citi rewards cards, you’ll be able to earn cash back through cash advances and balance transfers. For cash advances you make at the standard APR, you’ll earn 1% cash back. And if you have a balance transfer that’s $1,500 or over, you can earn $5 cash back. If you decide to pursue a cash advance, you’ll be charged an APR of 25.24%, plus there are fees for balance transfers and cash advances. To sign up for this card, you need to be an enrolled college or graduate student; age 18 or over.
Earn Dividend Dollars
The cash back will show up on your monthly statement as “Dividend Dollars”. The great thing about this is that you don’t have to wait too long to receive this cash reward. Once you’ve accumulated $50 in Dividend Dollars, you can request a check. The downside is that there is a limit to the cash back you can earn per year — your Dividend Dollars are capped to $300 a year, unfortunately, with one exception: the Dividend Dollars that you earn when buying through the Citi Dividend Merchant Network aren’t capped.
Unlike some credit cards, you don’t need a cosigner to apply for this card. You might like the fact that it’s a “no annual fee” card as well. Once you become a cardmember, you’ll determine your credit limit, which will be based on your credit history, assets and annual income.
As with most promotional offers, it’s possible for Citi to deny anyone the “0% APR for 7 months” offer for any justifiable reason, such as returned payments, late payments, missed payments or tripping the credit limit. I find that the default rate for this card is pretty high, at 29.99%, so it’s clear that you get heavily penalized when you fail to abide by the conditions of your card agreement.
Lost Wallet Service & More
The beneficial features don’t end with the credit card rewards program. You can look forward to identity theft protection and the option to add a photo to your card, plus $0 liability if you find an unauthorized transaction on your account. There’s also a Lost Wallet service that can help you get emergency cash based on your cash advance balance and can help replace your credit card if you misplace it. You can even call on this help if you’re traveling outside the country. And if you’re interested in learning more about credit issues, there’s access to credit education tools, too.
As a college student, you might want the convenience of a credit card. If you select a card like the Citi Dividend Platinum Select Visa Card for College Students, you’ll be able to make purchases and earn rewards as well. Just make sure you’re able to abide by the card’s terms and conditions in order to make the best use of the card and its benefits.
Copyright © 2010 The Digerati Life. All Rights Reserved.