Reviewing the major student credit cards, it is easy to see that most are designed to maximize profit from interest and fees charged to the students. The Citi® Dividend Platinum Select® Visa Card for College Students looks to prove friendlier to the college students who use it. Yes, credit cards can be easy to get in trouble with if abused, but when used responsibly, they can really be an asset in the personal finance department.
Does This Credit Card Go Above and Beyond?The Citi® Dividend Platinum Select® Visa Card for College Students holds its own in several categories. First and foremost, this credit card is known for being relatively easy going when it comes to approving college students. It requires no minimum income and no cosigner, eliminating the hurdles faced by many students.Reasonable cash back rewards are extended on all purchases, from 1% across the board to all the way up to 5% for supermarket, gas station, convenience store, and utility purchases. Unfortunately, this higher amount is bumped down to 2% after the first 6 months of having this card.Citi® Dividend Platinum Select® Visa Card for College Students is respectable when it comes to not charging a hefty annual fee. In fact, this card charges no annual fee at all, which used to be practically unheard of for student category credit cards.What Does the Interest Rate Look Like for this Student Credit Card?The interest rates are not too bad for the Citi® Dividend Platinum Select® Visa Card for College Students. For regular purchases charged to the card, the rate is right in line with most student credit cards, albeit quite high when compared to premium platinum cards often extended to those with higher incomes and excellent credit ratings.This card shines the most when using it to transfer balances from higher balance credit cards, offering a zero percent six month introductory rate on the transfers and also having no balance transfer fee. Needless to say, the best regular platinum cards offer all the way up to 15 months with no interest. However, for a student card, 6 months suffices.For the most responsible of the crowd, the 6 months interest free period on purchases might be a pertinent benefit. But for many college students, this only ends up being a trap. The 6 months goes by fast and any balances remaining at that time will be subject to high interest finance charges.How Does This Credit Card Fare in the Long Run?Undeniably, the Citi® Dividend Platinum Select® Visa Card for College Students does have several beneficial features. If the options are limited, this might be a reasonable credit card choice for college students. Otherwise, there are probably better choices out there for the financially savvy, offering even better rewards programs and benefits for those that make charges on a regular basis.