Review: Citi ThankYou® Preferred Card for College Students - April 2018 | finder.com

Review: Citi ThankYou® Preferred Card for College Students – April 2018

With a no annual fee, a 0% intro APR, and a rewards structure, the Citi ThankYou Preferred is a solid choice if you’re looking for your first credit card.

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Many will see it as a starter card, but the Citi ThankYou Preferred packs quite a punch. The card offers rewards in the form of ThankYou points, which can be redeemed at the market rate (1 point equals 1 cent) for gift cards and just slightly under the market rate for various merchandise. It comes with no annual fee and an introductory 0% APR for 7 months. And it’s stocked with Citi’s suite of features like Price Rewind, travel protection, and concierge services. It’s not for every college student — particularly those with little or no credit — but it’s a solid choice for those who qualify.

Product NameCiti ThankYou® Preferred Card for College Students
Balance Transfer Rate (not intro)15.74% to 25.74% variable
APR for Purchases ( Purchase Rate )15.74% to 25.74% variable
Annual fee$0
Cash Advance Rate26.29% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 23 days
Returned Payment Fee$35
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$0.50
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$35
Late Payment Fee$35
Cash Advance Fee$10 or 5% of the amount of each cash advance, whichever is greater
Rewards ProgramCiti Rewards Program
Bonus Points on Sign-up2,500
Rewards Points per $ spent (VISA/MC)1
Points ExpiryNever

The nuts and bolts

Product details

  • APR for purchases (purchase rate): 0% for the first 7 months; 15.74% to 25.74% variable thereafter (based on creditworthiness; varies based on Prime Rate)
  • Balance transfer rate: 15.74% to 25.74% variable (based on creditworthiness; varies based on Prime Rate)
  • Cash advance rate: 26.29% variable (varies based on Prime Rate)
  • Annual fee: $0 p.a.
  • Card type: Citi
  • Interest-free period: Up to 23 days
  • Minimum interest: $0.50
  • Returned payment fee: $35
  • Late payment fee: $35.00

Application requirements

  • Minimum credit score: Good (690+)
  • Minimum age: 18 years of age
  • Miscellaneous: Must be a currently enrolled college student

Fees and payments

  • Annual fee: $0 p.a.
  • Returned payment fee: 35.00
  • Late payment fee: $35
  • Balance transfer fee: whichever is greater, $5 or 4 (whichever is greater)
  • Cash advance fee: $10 or 5% of the amount of each cash advance, whichever is greater
  • Foreign transaction fee: 3%

Citi ThankYou Preferred Card for College Students review

For college students looking to apply for their first credit card, the Citi ThankYou Preferred is a solid choice with a lot of helpful features. The card doesn’t come with an annual fee, which is especially helpful for students who might have limited income. Also, the 0% introductory APR for 7 months might come in handy for students who need to make substantial purchases (say, laptops for class) throughout the school year. To whet students’ appetite for credit card rewards, the Citi ThankYou Preferred offers ThankYou points for spending. Cardholders will receive 2 points per dollar spent at restaurants and on entertainment, and they’ll earn 1 point per dollar spent on everything else. Eventually, students will be able to redeem their points for gift cards from top retailers, as well as merchandise like electronics and sporting goods. The point value for merchandise redemptions is a little below average (around an eighth of a cent), but points redeemed for gift cards clock in at the market rate of 1 cent apiece. A video game worth $14.99 might cost 1,870 points, for example, while a Best Buy gift card worth $25 might cost 2,500 points. Also worth noting is the card’s relatively low introductory point bonus (2,500 points) — but on the plus side, earning it only requires $500 of spending within the first 3 months. The ThankYou Preferred card comes with Citi’s usual suite of add-ons, such as Price Rewind (Citi’s version of price protection), travel protection (accident insurance, car rental insurance, etc.), purchase protection (extended warranties, no liability for unauthorized purchases, etc.), and concierge services. It’s a solid package of extras for a potential starter credit card. If you’re thinking about applying for the Citi ThankYou Preferred card, keep in mind that it’s recommended you apply with good credit. If you have zero or mediocre credit, consider applying for a card like the Citi Secured Mastercard instead.

The perks

  • Introductory 2,500 bonus points. If you spend $500 within the first 3 months, you will receive 2,500 ThankYou points.
  • Redeem ThankYou Points for gift cards and merchandise. You can redeem ThankYou points for gift cards from American Eagle, Nike, Best Buy, iTunes, Regal Entertainment, Barnes and Noble, and more. You can also exchange your points for electronics, health and beauty products, outdoor products, and more.
  • 0% introductory APR for 7 months. For the first 7 months after you open your account, you’ll have a purchase APR of 0%. Afterward, the purchase APR will be 15.74% to 25.74% variable based on your creditworthiness.
  • No annual fee. As a student, you may find it very helpful to not have to pay annual fees while using the Citi ThankYou Preferred card.
  • 2x points for spending on dining and entertainment. You’ll earn 2 ThankYou points per dollar spent at restaurants and on entertainment.
  • 1x points on everything else. You’ll earn 1 ThankYou point per dollar spent on all other purchases.
  • Attractive point terms. ThankYou points earned with your card never expire, and you can earn as many ThankYou points as you’d like.
  • Citi Price Rewind. If you purchase an item with your Citi card, Price Rewind will look for a lower price elsewhere. If it finds a lower price on the item within 60 days after your purchase, you may receive a rebate for the extra amount you paid.
  • Access to Citi Private Pass. Through Citi Private Pass, you can purchase VIP packages and pre-sale tickets for events around the world. You’ll also receive extras like free movie screenings.
  • Travel protection. With the Citi card, you’ll receive travel protection like accident insurance, car rental insurance, and trip cancellation protection.
  • Purchase protection. With Citi’s purchase protection, you’ll receive extended warranties on your purchases, damage and theft protection on purchases, and no liability for unauthorized charges to your card.
  • Concierge services. Citi’s concierge services can help you with planning travel, dining, entertainment, and more.
  • Choose your payment due date. You can pay your bill on any eligible date (beginning, middle or end of the month).

Features of the Citi ThankYou Preferred Card for College Students

  • Sliding APR scale. After the introductory APR period, your purchase APR will be 15.74% to 25.74% variable based on your creditworthiness.
  • Higher APR for cash advances. Keep in mind the APR for cash advances is 26.29% variable, higher than the card’s purchase rate. You will also incur a fee of $10 or 5% of the amount of each cash advance, whichever is greater, when taking out a cash advance.
  • Penalty APR for late or returned payments. If you pay late or one of your payments is returned, you may be subject to a penalty APR of 29.99%. This penalty APR may last indefinitely.
  • Introductory APR may be canceled due to late payment. If you pay late during the first 7 months, your introductory 0% APR may be canceled.

Compare other Citi credit cards

Rates last updated April 19th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Citi® Double Cash Card
14.74% to 24.74% variable
0% Intro APR for 18 months (with the amount of each transfer, $5 or 3% balance transfer fee)
$0
Earn 1% cash back for payments on purchases, on top of the 1% cash back on purchases. No annual fee.
Citi ThankYou® Preferred Card
14.74% to 24.74% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0 annual fee for the first year ($0 thereafter)
Enjoy our low intro APR for 15 months on purchases and balance transfers.
Citi® Secured Mastercard®
23.74% variable
$0
Start building credit for tomorrow with a secured credit card.
AT&T Access Card from Citi
15.24% to 24.24% variable
$0
Get rewarded for purchases you're already making with the AT&T Access Card, a top rewards credit card from Citi. Apply for the AT&T credit card today and start earning ThankYou® Points redeemable for gift cards, travel rewards electronics and much more.
Citi Simplicity® Card
15.24% to 25.24% variable
0% Intro APR for 18 months from date of first transfer; completed within 4 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
This is the only card with No Late Fees, No Penalty Rate and No Annual Fee - Ever. Give it a try and apply to find out what the Citi Simplicity® Card can do for you.
Citi Prestige® Card
16.99% to 24.99% variable
$450 for the primary cardmember
Complimentary 4th night stay at any hotel of your choice after a minimum 4-consecutive night booking through ThankYou.com
Costco Anywhere Visa® Card by Citi
16.49% variable
$0
Earn Costco cash rewards everywhere Visa® is accepted.
Citi® Diamond Preferred®
14.24% to 24.24% variable
0% Intro APR for 21 months (with whichever is greater, $5 or 5% balance transfer fee)
$0
Lowest intro APR for 21 months plus VIP Access.
Citi® / AAdvantage® Executive World Elite™ Mastercard®
16.99% to 24.99% variable
$450
Earn 50000 American Airlines AAdvantage® bonus miles after making $5,000 in purchases within the first 3 months of account opening.
Citi® / AAdvantage®  Platinum Select®  World Elite™ Mastercard®
17.24% to 25.24% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 AAdvantage® bonus miles after you spend $3,000 in the first 3 months.
Citibank AT&T Universal Savings and Rewards Card
13.99% to 23.99% variable
0% Intro APR for 12 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Earn 10000 bonus ThankYou Points after spending $500 in your first 3 months.
Citibank AT&T Universal Savings Platinum Card
13.99% to 23.99% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Citi ThankYou® Preferred Card for College Students
15.74% to 25.74% variable
$0
Earn 2500 bonus points after spending $500 within the first 3 months of account opening.
Citi Gold / AAdvantage World Mastercard
16.99% to 24.99% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0 annual fee for the first year ($50 thereafter)
Earn 25000 American Airlines AAdvantage® bonus miles after you spend $750 in purchases within the first 3 months of account opening.
Citi ThankYou® Premier Card
15.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
Enjoy Great Rewards and Earn ThankYou® Points on Dining, Entertainment, Travel and more

Compare up to 4 providers

How to apply

Always consider your options and your financial situation before you apply for a credit card. Eligibility criteria

  • You are at least 18 years of age
  • You are a currently enrolled college student

Required documents & information

  • Your name, residential status and residential address
  • Your Social Security number
  • Your email address, phone number and date of birth
  • Financial information like your annual salary and wages
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