Citi Dividend Platinum Select MasterCard for College Students Review | CreditShout

Citi Dividend Platinum Select MasterCard for College Students Review

By Dan Rafter / October 28, 2010
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Editor's Note

The Citi® Dividend® Platinum Select for College Students is no longer available. Currently, we recommend the Capital One Journey and Discover it® for Students cash back cards. Or you can check out our Guide to Student Credit Cards for more recommendations.

If you still have this card, check out the 2016 Cash Back Calendar here.

citibank credit card college studentsVerdict:

College students who need to build their credit can also earn cash-back rewards with the Citi Dividend Platinum Select MasterCard for College Students.

The only downside? Depending on their current credit scores, college students might pay a high interest rate with this card.

Overview:

The Citi Dividend Platinum Select allows cardholders to earn cash-back bonuses according to a multi-tiered structure. Certain charges will earn them more money back. The card also comes with a 0-percent introductory interest rate.

Cardholders might still pay a low rate when the introductory period ends; It all depends on their creditworthiness.

How This Card Works:

The Citi Dividend Platinum Select is designed to allow college students or other young adults steadily boost their credit history. This is important: Mortgage, auto and personal lenders today all rely on consumers’ credit scores when making lending decisions. The Citi Dividend Platinum Select card does not require co-signers, so cardholders can use the card to add data to their credit reports.

Travel and Shopping Benefits:

For the first six months, cardholders will earn cash-back bonuses of 5 percent whenever the use their card to purchase items from supermarkets, gas stations and drugstores. They’ll earn the same amount, also for six months, whenever they use their cards to pay their utility bills.

After the first six months, these purchases will earn cardholders a cash-back bonus of 1 percent.

All other purchases also earn cash-back rewards of 1 percent. The card, though, does come with an additional special feature: Certain rotating purchases — these purchases can be made for apparel, jewelry, department store items and many others — will earn cardholders cash-back bonuses of 2 percent.

Fees:

First, the good news: The card comes with no annual fee and, for cardholders with strong credit, an interest rate of 12.99 percent.

The bad news? Those with low credit scores or limited credit histories might be saddled with an interest rate as high as 19.99 percent.

Credit scores, though, won’t mean anything during the first seven months in which cardholders use this card. During this introductory period, cardholders will pay an interest rate of 0 percent.

Other fees are fairly standard: Cash advances cost $10 or 5 percent of the advance amount, whichever is higher.

Returned-payment and late-payment fees can run as high as $39.

The Bottom Line

Pros:

  • No annual fee.
  • Cash-back bonuses on every purchase.
  • Users can steadily build their credit with this card.

Cons:

  • Interest rate can be high, depending on cardholders’ credit scores.
  • Penalty interest rate can soar to as much as 29.99 percent.
  • Late and returned-payment fees can run as high as $39.
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The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone.Additionally, the opinions of the commenters are not necessarily the opinions of this site

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