College students who want to earn rewards for their everyday spending on things like textbooks, dining out and movies might want to consider the Citibank student credit card.
In our review of the Citi ThankYou® Preferred Card for College Students we’ll cover the perks and potential pitfalls of this card, and help students decide if this is the best option for them in 2019.
Citibank Student Credit Card Serves Up Generous Reward Options
This card offers a top-notch rewards program designed with students’ needs in mind.
Cardholders earn one point for every dollar they spend on general purchases and two bonus points in the categories where they probably already spend most of their money: restaurants and entertainment.
Students also receive 2,500 bonus points if they spend $500 in the first three months of opening their account.
Points never expire and can be redeemed for a variety of rewards, including gift cards to companies like:
Students can also use their points to shop online at companies like Amazon and BestBuy or to buy concert tickets from Live Nation.
Basically, places many students are probably already spending their money, making this a good deal and boosting their savings.
More Perks? Yes, Please!
In addition to points, the Citibank student credit card also includes the Citi Private Pass program, which gives members special access to concerts and events.
Travelers will appreciate the car rental and travel insurance the card offers, as well as the EMV chip technology which makes it easier to use the card when overseas.
Also included: extended warranty protection on purchases and price rewind, which is a 60-day search conducted on your behalf by Citi to see if there is a lower price on an item you purchased.
If there’s a match, you may receive the difference in price.
How Does it Add Up Vs. Other Options?
There is no annual fee, which is always a bonus for students, and Citi offers a 0% APR on purchases for the first seven months that the account is active.
After that, the APR can be a little steep – running between 15.99% to 25.99%. And if you miss a payment it could rise as high as 29.99% APR.
For students who tend to carry a balance and/or aren’t great at paying bills on time, this card could prove costly, especially once the introductory APR ends.
On the plus side, balance transfers are allowed, with a balance transfer fee of either $5 or 4% of the amount of each transfer, whichever is greater.
In a nutshell, if you are a college student who wants to earn gift cards, points and entertainment rewards while making purchases you would normally pay for from your bank account, this card may earn a place next to your student ID in your wallet.
But if you are often late paying bills, or want the ability to earn airline miles, you may want to look elsewhere.