Going away to school is the first step toward freedom. Having financial liberty is the second step. Citibank offers college students a little taste of that freedom with the Citi Thank You Preferred Credit Card for College Students. The following Citibank Student Credit Card review provides some information about the card’s features, benefits, qualifications and reputation. Take the time to review it so that you can decide whether the card is right for you or your student child.
Qualifying for the Card
To gain approval for this card, the applicant must meet certain criteria. First, the person must be 18 years of age or older and be a U.S. Citizen. Secondly, the applicant’s credit score should be good. The applicant must also have a social security number and be verifiable as a college student. The application will ask for information about the school that the person claims to attend. He or she will have to type in the school’s full address as well as the phone number and some additional information. Applicants that meet those criteria can obtain approval for the card.
Fees and Percentages
This card comes with a promotional 0 percent interest rate for the first seven months that the cardholder has a card. After the introductory period, the interest rates goes back to the original amount, which is 14.49 percent to 24.49 percent. The interest rate depends on the applicant’s credit score and payment history. There is no annual fee for this card. Other fees do exist, however. The balance transfer fee is $5. The cash advance fee is $10, and the penalty APR can be up to 29.99 percent. The card company reserves the right to impose the penalty if the cardholder is late on a payment.
Features and Benefits
This card has many features from which cardholders can benefit. The first feature is a huge 2,500-point bonus that new cardholders receive once they spend $500 on purchases. They must spend the money within the first three months after opening the account. That is the only catch to it. Other benefits that the card offers are benefits such as advanced microchip technology and the ability to earn two time the normal amount of points on certain purchases.
How the Point System Works
Citibank issues points to its cardholders every time they make a purchase of any kind. Cardholders earn one point for every dollar they spend on most purchases. However, they earn two points for every dollar they spend on entertainment and dining. Cardholders can eat and watch their favorite movies and shows while they earn a smorgasbord of point. They can then use those to get discounts on plane tickets, merchandise, electronics, gift cards and items on Amazon.com. The most wonderful thing about the Citibank point system is that the points never expire. Cardholders can redeem them at any time. There is also no cap on the amount of points a person can earn. That’s where the Citibank card goes above and beyond other providers. The advanced microchip technology ensures that the cardholder does not fall victim to fraudulent activity. This truly is a card of all a cards.
How to Apply
Interested persons can visit the main page on the site and complete the online application. The application process takes between three and five minutes to complete. At the end of the process, the system will generate the appropriate answer. It will either tell the applicant that he or she has been approved or denied. Approved applicants will receive their cards in the mail within seven to 10 business days from the date of their approvals.