Here is a superb credit card designed for the younger crowd looking to establish a credit history as well as earn some decent cash back rewards. It’s called the Citi Dividend Platinum Select Visa Card and it comes with an introductory rewards offer of 5% cash back as well as an introductory APR of 0%.
The credit limit issued with this card will depend on your credit history however, as you continue to pay off debt responsibly your credit limit will rise.
This card was specifically designed for college students as it’s primary features aim to educate one on fiscal responsibility and it’s incentives reinforce this goal.
Citi Dividend Platinum Select Visa Credit Card Features:
- 5% introductory Reward Offer – earn cash back when you use this card at gas stations, grocery stores, etc. You can also receive cash back when paying for utilities and other regular monthly expenses. The 5% promotional period lasts for 6 months which is followed by 2% thereafter as well as 1% on all other purchases. The 5% cash back promotion is geared towards typical college expenses, therefor try and do the majority of your spending within the first 6 months of obtaining this credit card.
- 0% introductory APR – on all purchases for 7 months. In order to qualify for this benefit you must have established somewhat of a decent credit history. Although this is a great bonus feature for a credit card, it doesn’t exactly fit with the college target market as many students have not yet established any credit worthiness.
- Fiscal Responsibility and Credit Education – Visit CitiBank’s “Use Credit Wisely” page to use valuable credit tools and plan monthly budgets.
- Applying for this credit card – If you’re under the age of 21 obtaining this credit card may be difficult to the recent CARD ACT which was established last February. However, there are no co-signer or minimum income obligations with this card as it is primarily aimed at building a foundation for an optimum credit score.
- Any Fees? – No annual fee, however, there are some rather high APRs (ranging 16%-20%) as well as late fees (set up in tiers based on number of days late). Be sure to pay your bill on time and in full! This is not an ideal card for carrying a monthly balance!