Citi Bank Student Credit Cards Reduce APR!
In an extremely rare move, citi bank has actually reduced their APR on two of their student credit cards.
The standard purchase APR is being reduced from 17.99%(P+9.74) to 16.24(P+7.99) for the Citi® mtvUTM Platinum Select® Visa® Card for College Students. The Citi MTVU Card is one of our favorite student credit card because you can earn reward points not just for spending on your card, but also for paying on time (to encourage responsible habits) and also for getting good GPA scores (encourages students to study hard). The reward points in their Thank You Rewards Program can also be used to reduce your student loan principal!
The standard purchase APR is being reduced from 17.99%(P+9.74) to 14.24(P+5.99) for the Citi® Platinum Select® Visa® Card for College Students. This is a basic credit card with no rewards, but the APR has been lowered even more.
The reduction in APR makes both of these cards one of the lowest APR student credit cards around. While I do not encourage students to get into credit card debt, this move to lower the APR comes as a surprise. I’m not sure if the effect will be to encourage students to carry their balance or will it simply make their cards more attractive without the negative side effects?
I recommend the Citi MTVU card highly and the Citi Platinum Select Card for College Student is a pretty good student credit card as well. Citibank does not require any income or co-signer to get their cards. If are looking for a student credit card, then this APR can only be good news (though I don’t encourage you to get carried away).
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August 17th, 2007 at 5:43 am
I must say this does come as a surprise not very often do you see these companies actually reducing the rates instead of increasing them.
August 31st, 2007 at 8:28 pm
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