The Lowdown on Citi Student Credit Card

by : Eric Wasselman

Most credit cards would make it a prerequisite for applicants to have a credit history before their application can be approved. With this, students may find their choices of credit cards rather limited. However, the Citi Platinum Select Card for College Students is designed specially to meet the needs of students.

There are no annual fees incurred for this card, although the APR is higher than most other credit cards. Furthermore, the APR is based on a variable rate with the figure tied to the Prime Rate. Nonetheless, there is always the 6-months 0% APR (for balance transfers, cash advances and purchases) and a cashback reward program to fall back on.

Apart from that, the cash rebate program rewards students with up to 5% of the amount spent on purchases charged to the card. Purchases made with the Citi Student credit card at supermarkets, drugstores and participating merchant partners are eligible for a 5% cash return. Nevertheless, lower cash rebates of 1% are applicable for cash advances and check transactions.

The downside to this is that cash rebates will be issued through $50 checks with rebates for general purchases limited to $300 a year. Other attributes of the card include a 20-day interest-free grace period each month, and a minimum credit limit of $500.

Interest charges are calculated based on an average daily balance method but as always, it may not be advisable for consumers to make late payments. Accounts can be managed online and customers are given the choice to pay their bills automatically. As a safety feature, the Citi Student credit card provides an option for the card holder's photo to be printed on the card to prevent identity theft occurrences. Ultimately, this card serves as their stepping stone for students towards building a strong credit history, which is vital for their future financial dealings. Concurrently, this would also be a great card to instill spending habits discipline in young adults.