The Citi MTV-U Platinum Select Visa Card for College Students is a credit card designed specifically for students with a unique reward program that awards cardholders for using credit wisely and for receiving good grades.
Through the reward program, cardholders earn one point for general purchases and five points for every dollar spent at restaurants, bookstores, record stores, movie theaters, and video rentals. The program also awards 25 points when payments are made on time and spending does not surpass the credit limit. Twice per year, anywhere between 250 and 2,000 points may be awarded dependent on the student's GPA (beginning at 2.5). These points can be redeemed for gift cards, CDs, a VIP mtvU Spring Break Pass, tickets to the MTV Video Music Awards, and airline tickets. There is a 75,000 yearly limit to the number of points that can be earned, and points will expire in five years.
Aside from the reward program, the card provides platinum cardholder benefits that include up to $1,000,000 in travel accident insurance, an extended warranty for purchases, and various travel and emergency assistance services. Cardholders also receive a 10% discount on purchases made at the MTV online store and at the MTV New York City Store.
This card has no annual fee, but the interest rate for purchases and balance transfers is above average for a student card. However, there is a 0% introductory rate that applies to all transactions for the first six months (a rare benefit for a student credit card).
It is important to understand that there is a minimum cap of 19.99% for cash advances; so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap.
Therefore, students who can afford to pay in full each month after the introductory rate expires (to avoid finance charges) and plan to take advantage of the award program will benefit most from what the Citi MTV-U Platinum Select Visa Card for College Students has to offer.
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