While reviewing the Citi ThankYou Redemption Network, I came across interesting feature in their reward program that allowed you to reduce your principal of your student loan. You can use the reward points you have earned to reduce your student loan. Below is a brief summary of this benefit (:

2500 points - $25
5000 points - $50
7500 points - $75
10000 points - $100
15000 points - $150
20000 points - $250
50000 points - $500
100000 points - $1000

As an example, you can redeem 10,000 points and get $100 that is used to reduce your student loan principal. This is the only credit card reward program I know off that actually has this reward feature.

For college students who want to prepay your loan principal while still in college, then you might want to consider the Citi® mtvU^TM Platinum Select® Visa® Card for College Students. It is a reward credit card based on the ThankYou Reward Program.

If you are not a college student but want to make use of this reward program to reduce your student loan principal, then these are other citicards to consider.

Citi® Professional^SM Card - This card allows you to earn 3 points for every dollar you spend on certain types of expenses. Great way to earn extra points.

Citi PremierPass^SM Card - Great card if you travel a lot as you can earn points on what you spend and on the miles you fly as well.

This entry was posted on Thursday, February 8th, 2007 at 2:47 am and is filed under Citicards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.