Details of the Citi mtvU Platinum Select Visa Application

by : Beth Derkowitz

If you are a college student who has good grades and looking to build credit and earn rewards, then the Citi mtvU Platinum Select Visa might be the card for you. The Citi mtvU Platinum Select Visa for College Students, offered by Citibank, has no annual fee and a 0% introductory APR, which makes it a great starter card.

The rewards part of the Citi mtvU Platinum Select Visa offers one point for every dollar used for general purchases, while it offers 5 points for every dollar spend at restaurants, book stores, record stores, movie theaters and video rental stores. If card holders make payments on time and don't exceed the credit limit, 25 points are awarded. Card holders can also receive award point based on their GPA! Unfortunately, these point do expire in five years, but since they can be used on gift cards, CDs, mtvU Spring Break passes and airline tickets, those who earn them probably have no trouble using them on time.

Although the annual fee is a big plus for this Visa card, the APR is not. It starts at a nice 0% at the beginning, but the variable APR is 17.74% afterwards on general purchases, which is a bit higher than most cards designed for students. However, if the card holder can pay off the card balance each month, this interest rate shouldn't be a concern. The variable APR on cash advances jumps to 22.99%, with the minimum APR for cash advances always being 19.99%. There are, of course, finance charges for any purchases that are not paid for within the first 20 days, and there are charges for other services like cash advances, foreign purchases and balance transfers.

One great perk of this particular Visa is that it offers platinum cardholder benefits: up to $1,000,000 in travel accident insurance, auto rental insurance and other assistance services. People using the Citi mtvU Platinum Select Visa on purchases at the MTV online store and retail store in New York get a 10% discount, too.