bank rates

Citi Visa 12.24% for College Students


College students need credit cards when it’s time to buy books and supplies, and Citi’s Platinum Select Visa is one of the best. After enjoying 0% interest on purchases for the first six months, the rate increases to only 12.24% (3.25% prime rate plus 8.99%).

This is a good deal considering you don’t need a minimum income or co-signer to qualify. The rate is slightly below the national average for a platinum variable-rate card (12.30%) and less than most student cards, which usually charge 14.99% or more.

There is no annual fee and you can manage your account online. But there is a cash advance fee of 5% if you borrow money from the card, and you will never pay less than 21.99% when repaying that money.

You also must pay your bills on time – at least the minimum due – or your interest will jump to 23.99% plus prime or 29.99%, which ever is greater.

Warnings aside, if handled responsibly this card can help you through the financial ups and downs of college life and start building a great score as a bonus.

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Comments (6)
1 Star2 Stars3 Stars4 Stars5 Stars (12 votes, average: 3.58 out of 5)
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6 Existing Comments
  1. BloggingBanks said:
    on March 19th at 11:28 am

    Credit Cards in college are a good way to build your credit history. One should be careful however not to fall into debt trap that so many americans are suffering from right now.

  2. Larry Hopkins said:
    on March 19th at 06:26 pm

    WHAT a ripoff!!

  3. Larry Hopkins said:
    on March 19th at 06:52 pm

    Credit-worthy applicants should never be approved, and then have their interest rate jacked up 100% in a few months if they are late on ONE payment. But, that’s what is happening. Banks are looking at your credit report CONSTANTLY- and looking for excuses to raise your rate-blood-sucking leachs is the only appropriate description for these people.

  4. MGreen said:
    on March 20th at 12:29 pm

    CardMogul you are wrong…this is not a good deal. College students should research local and regional Credit Unions. Credit Unions usually offer better rates without the additional fees added for using the card, such as Citi Visa (see the details). In various capacities, everyone qualifies to become a member of a credit union.

    This is a trap and illusory because the interest charged will definitely go up

    • Prime rate will go up and APR follows
    • See the late payment interest rate…this is a debt trap

  5. Lee Durst said:
    on March 27th at 08:21 pm

    Young people especially are enticed into using credit cards much to their chargrin when it`s time to pay the bill and the interest rates eat up most of the payment. Our polititions should stop accepting donations from the banking industry and protect the public from usuary rates with maximum rates caps.

  6. BloggingBanks.com said:
    on April 26th at 09:16 am

    It does seem that the interest rate is a little high. But over time if you are responsible enough you and build your credit score, you could find a much better deal.