Citi ThankYou® Preferred Card for College Students – Review
The Citi ThankYou® Preferred Card for College Students is a student credit card with no annual fee, a nice sign-up bonus (compared with other student credit cards), and a fairly generous rewards program that mirrors the “grown-up” Citi ThankYou Preferred Card. Like ThankYou Preferred, ThankYou Preferred for College Students’ reward currency is the ThankYou point, which can be redeemed for almost anything, including cash, at the Citi ThankYou portal. Points are generally worth $0.005 to $0.01 apiece at redemption, depending on how they’re used.
The Citi ThankYou Preferred Card for College Students competes with a number of other popular student cards, including Discover it for Students, Discover it Chrome for Students, Capital One Journey Student Rewards, and the Upromise MasterCard.
Though student credit cards aren’t always marketed as tools for establishing a credit history and building good credit, many college students use them to do just that. But it’s important to remember that not all student credit cards are ideal for building credit. There tends to be an inverse relationship between favorable student credit card terms, including generous rewards programs, and suitability for students with poor or spotty credit. The more generous the card, the more strict its credit requirements are likely to be.
Unfortunately for students who lack solid credit (or much of a credit history at all), the Citi ThankYou® Preferred Card for College Students is a fairly generous student card that’s not suitable for credit newbies. If you’ve never had a credit card before, set your sights on a starter card, use it responsibly, and pay off your balances on time. Then, when your credit score has improved, try applying for a Citi rewards card.
The Citi ThankYou® Preferred Card for College Students is great for students who have good existing credit, who devote significant budgetary bandwidth to dining and entertainment purchases, and who want the flexibility of an introductory 0% purchase APR promotion. It’s not ideal for students who have poor or spotty credit, nor students who wish to spend extended periods of time abroad.
No annual fee, good sign-up bonus, solid intro APR promotion, and good rewards program overall are all nice benefits. Lack of credit content and scores, lack of balance transfer promotion, foreign transaction fee, penalty APR, and strict credit requirements hurt. Overall, a solid rewards card for students with a head start.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Categories: Careers, Citi, College & Education, Credit and Debt, Credit Cards, Reviews
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.
Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
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Citi ThankYou® Preferred Card for College Students – Review
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