Blow $10k before you graduate college, get a crisp new benji.
Written: Feb 05 '01 (Updated Feb 05 '01)
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Pros: All the basics, nice web site, 1% cash back (theoretically).
Cons: You need to spend a lot to get your 1% cash back!
The Bottom Line: This is a great first credit card for students, but you need to spend $10000 before the card expires (at graduation) to get any rewards.
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| jeremyf's Full Review: Dividend Card for Students (Citibank) |
This is a review on the actual student card, although there is one that a couple other people have written on the "normal one." There appear to be some differences: First, this card has NO annual fee. Second, you get 1% "cash back" on every purchase. The interest rate is average; nothing special that I've seen, but it looks pretty good for a student card. I pay all my bills on time so I don't know. :D
I've had absolutely no problems with Citibank or this card! I applied when I previously had no credit whatsoever, and I got a $1100 credit line. This card is made for college students, and I'm not sure if they will let non-students or students in other areas get this card; they're probably a little strict about it but will give some leeway. On the application (which can be filled out online, but I did it in person when one of the solicitors got me on campus) there is a space for college currently being attended and student number.
Citibank, in generally, is a good credit card company from what I've seen. Their customer service (by phone) seemed very fast and informed the couple of times I've called. They have very informative monthly statements, which includes the "Dividend Dollars" you've received (more about this later). They have a good web site (www.accountonline.com) where you can make changes to your personal information, view previous statements and unbilled activity, or make payments online through a checking account. You can even set it up to automatically pay online. It has tons of helpful info, but I could NOT find a place where it listed current "dividend dollars."
The "dividend dollars" are the reward dollars you rack up when you make purchases: 1% of what you've charged. This sounds like a good figure, but three things need to be kept in mind. First, the expiration date on the card is the same date you put down as "expected graduation date" on the application. I put down a fairly liberal estimate and got about two years on it. Second, your dividend dollars are lost when the card expired. Third, you must earn $100 in dividend dollars to get ANY cash back. That means you need to charge $10000 before graduation. For some, this won't be a problem. I don't think I'll be able to do it though. Right now I have about $17 with a little over a year left. If you have plenty of time before graduation (although I'm not sure the card-ends-when-you-graduate policy applies to everyone, or just me:D) and will charge a lot, don't worry about this though! You'll get your money :D.
Unless you only want cash and the above stipulations don't apply, I'd highly recommend the Sony Rewards Citibank Students card instead. It gives you 2000 "points" (a little more than $20) off the bat, and you don't need to buy as much to get rewards. All the rewards are Sony-related (Playstation items, movies, movie tickets, and electronics). You get 1 point per dollar you spent (about 1% still), but you only need to spend $2000 to get a nice reward instead of $10000. Even if you spend more, the prizes get very expensive. :D If you buy Sony products, you'll get 3% in points instead of 1%.
Both cards are good, but if you plan on spending $10000 before graduation and like money more than having fun looking through rewards catalogs, get this card, it's good times. ;D
Recommended:
Yes
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jeremyf
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Location: West coast
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