|Student Rating:||0 / 5|
|Interest and Fees||1.0|
In a Nutshell:
Citi’s student card lavishes cardholders with some great rewards and travel perks, but watch out for the high costs in the fine print. This offer is no longer available on our site.
Estimated Yearly Rewards Value ($300 monthly spend)
Other Notable Features:EMV chip, extended warranty. Citi Private Pass program membership
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You’ve probably spent a small fortune on textbooks and school supplies this semester, and we bet you wouldn’t mind getting something out of it in addition to wisdom and college credits. With the Citi ThankYou Preferred Card for College Students, you can accumulate points on all of your spending and apply them toward merchandise, such as iPads and Bluetooth speakers, as well as travel, gift cards and more. Citibank’s student card is one of the few on the market to offer a wide array of rewards along with a long list of travel perks.
Valuable rewards program
In terms of value, Citibank offers a good rewards program for students. The rewards rate is higher than average: one point per dollar spent on general purchases, with a bonus of two points per dollar for restaurants and entertainment. We like that Citi provides extra points for categories where students are likely to allocate a large part of their budget. There is also a nice sign-up bonus of 2,500 points when you spend $500 in the first three months.
Wide variety of rewards
The fact that you earn rewards points rather than cash means the rewards are less valuable than a straight-up cash back card. However, if you prefer a rewards program with a large variety of rewards categories, including merchandise and travel, Citibank can’t be beat. Redemption options are also very flexible – there are no blackout dates, expiration dates or limits on your points.
The card comes with additional features that are rarely seen on student cards. It contains new EMV chip technology, which adds an extra layer of security and makes it easier to use your card overseas and comes with a few valuable perks like the opportunity to get an extended warranty and membership to the Citi Private Pass program, which gives you special access to concerts and events.
Carrying a balance could cost you
The downside is that all the rewards and features come with a cost. The regular APR for this card, which ranges up to 26.49 percent, is high. Even more troubling is the penalty APR. If you get behind and miss a payment, Citibank could raise your APR to 29.99 percent. If you are not disciplined with spending, this could put you in some serious hot water.
For this reason, we recommend this card strictly to cardholders who are prepared to manage their credit wisely. If you prefer a variety of rewards over a simple cash-back program, you will enjoy spending points on the Citi ThankYou portal. But make sure all those rewards don’t tempt you into spending money you don’t have.
Why get the Citi ThankYou Preferred Card for College Students:
- You want a valuable rewards program.
- You prefer a variety of rewards over plain cash back.
- You want a card with some perks not usually included with student cards.
- You spend most of your budget on restaurants and entertainment.
How to use the Citi ThankYou Preferred Card for College Students:
- Redeem rewards points for gift cards or travel if you can – they have the highest value.
- Be diligent about paying your bills. You can get a penalty APR of 29.99 percent if you miss a payment.
- Don’t let the zero-percent introductory APR tempt you into carrying a balance. The regular APR – once it kicks in – is high.
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