Parents with students headed for college will appreciate the convenience of a student card by CitiBank. In years past, credit issuers found college students were a great source of new credit customers. Students using easy to obtain credit cards often became long term customers after finishing their education.
These were good customers as graduating college students moved into high paying professional work and were likely to use credit cards frequently.
This source of new customers led large banks to offer credit to students without requiring proof of ability to pay. Clearly, students don’t have a large income and many have no regular income at all during the school years. For that reason, credit lenders issued low spending limit credit accounts to young people who had not yet established a credit file.
The Leader in Credit Industry
Citi student cards carry the name of a financial institution that is recognized globally as a leader in the credit industry. In addition, this lender offers the same rewards programs to students as those available on other consumer credit accounts.
Citi Forward Card is a popular option for students with a reward program of bonus points and ThankYou points. Extra bonus points can be earned for one year of on-time payment and staying below spending limit.
- Up to 2% purchase APR reduction when you make a purchase, stay under the spending limit and pay on time 3 successive billing periods.
- 0% introductory Annual Percentage Rate for 7 months.
- 0% introductory APR on balance transfers for 12 months.
- 12.99%-19.99% APR on the credit card account.
Citi Platinum Select Visa has no annual fee and no co-signer is required. Unlike the other student cards offered by CitiBank, there is no balance transfer option on this credit account.
Citi Dividend Platinum Select Visa Card for college students offers a cash back reward to be used at supermarkets, gas stations, drug stores and for some utility payments. In addition,
- No co-signer required.
- $0 liability on unauthorized charges.
- Minimum 2% cash back in rotating categories that are department stores, restaurants, hotels, and more.
- 0% introductory APR on purchases for 7 months.
- 12.99-19.99% annual percentage rate on the account.
Advantages
Student cards from Citi are easy to use and carry a huge number of benefits also found on standard consumer Citi accounts.
College students who practice good personal financial management can reduce the interest rate and costs associated with credit cards. They can buy books, food and other necessities as needed without carrying cash and can spread their payments out over time to help them budget for their needs.
On graduation, students who have used their student accounts wisely will have no problem acquiring more credit cards, renting apartments or getting car loans.
Disadvantages
Some student cards issued by CitiBank require close attention to detail on the part of the student. The Citi Platinum Select card is perhaps the easiest to use if you are not willing to pay close attention to details of a complicated list of terms and conditions.
If you are good at details and like the idea of having some control over your interest rate, the Citi Dividend Platinum Select and the Citi Forward credit cards would be a good choice to make.
Fees are high on all credit cards account today and student credit cards are no exception. Should you miss a payment or be late on a payment you would be charged a $39 fee but could also find your interest rate raised to almost 30% APR for a minimum of six months.
Citibank student credit cards can help you build a credit file but can also build a bad credit file if not used responsibly.
Summary
Citibank student cards are one of the most population options for college student. They offer a range of control and bonuses unmatched by other credit lenders.
There is perhaps no better way for a college student to learn personal financial management than through use of the Citi Bank student credit cards and the tools available on the Citi website.
