CreditDonkey is a credit card comparison and financial education website. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Advertiser Disclosure†

Updated January 4, 2016

Citi ThankYou Preferred for College Students Review

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.
This article contains references to products from our partners. We receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

College students - whose pockets always have receipts from a restaurant and who always have a concert planned in their near future - stand to benefit from the Citi ThankYou Preferred. This rewards credit card was designed for students who frequently dine away from the dorm cafeteria and never pass up an entertainment opportunity, whether it’s to the movies, a museum, an amusement park, or a live performance of a favorite band.

And with no annual fee to strain your budget and easy reward point redemption (without the pressure of point expiration), this is a good starter card for anyone new to rewards credit cards.

Here are 10 reasons to consider adding the Citi ThankYou Preferred Card for College Students card to your wallet:

  1. You make a lot of purchases that will earn double rewards: Purchases earn one point per dollar spent, and dining and entertainment purchases earn double points.

  2. You like bonuses: Spend $500 on your card within your first three months as a cardholder and you’ll earn 2,500 points. Those points roughly translate to $25 in gift card rewards when you redeem them.

  3. You get 0% APR intro on new purchases: For your first seven months as a cardholder, new purchases won’t accumulate any interest charges. After this intro period, a variable APR, currently 14.74% to 24.74%, depending on your creditworthiness.

  4. It doesn’t have an annual fee: The Citi ThankYou Preferred for College Students does not have an annual fee.

  5. Point redemption is easy to understand: You can redeem your points for merchandise, gift cards, or even travel. The general exchange rate between rewards points and cash value is 100 points to $1, so a $25 gift card will cost you 2,500 points. Similarly, merchandise that would be marked at $50 in the store will cost 5,000 points.

  6. And points have no expiration or limits: There’s no limit to the amount of points you can earn, and the points you earn do not expire.

  7. You get purchase protection: For up to 120 days (90 days for New York residents), eligible purchases made with your ThankYou card are covered for up to $1,000 in damages resulting from theft or accidental breakage. Some purchases can also have their manufacturer warranties extended for an additional year.

  8. You have access to Citi Price Rewind: Citi gives you the option of registering eligible purchases at citi.com/pricerewind to save you from spending more than you should have. For 60 days, the Price Rewind program will automatically search hundreds of retail sites to find a lower price. If a price more than $25 below what you paid is found, you’ll be refunded the price difference up to $300 per eligible item and $1,200 per year.

  9. Chip technology will help you if you study abroad: The Citi ThankYou is a chip-enabled card, so studying (or vacationing) abroad will be a hassle-free experience. Some international businesses reject cards that don’t have chip technology.

  10. You can get car rental insurance: Students who will be taking a spring break road trip can save money by skipping the rental company’s collision insurance. The Citi ThankYou card provides automatic coverage when renting an eligible car.

Reasons to Consider Other Credit Cards

  1. You could do a better rewards rate: If you don’t tend to spend a lot at fast food restaurants, fine dining establishments, or entertainment venues, chances are you can find a rewards credit card that will offer you a better rewards rate on your spending. Even people who will frequently be able to take advantage of the double points on dining and entertainment will earn just 2% on those purchases. Other cards offer 5% back on rotating bonus categories of spending, including dining and entertainment. You may also find a card that offers 2% back on categories like gas stations a better deal for you.

  2. The 0% APR period does not apply to balance transfers: The 0% intro APR is only applicable to new purchases. If you have an existing balance from another credit card to transfer, consider a credit card with an intro APR on balance transfers.

  3. International travel will lead to fees on every purchase: This card has a 3% foreign transaction fee on purchases made outside the United States. If you are planning to study abroad, consider using a credit card with a 0% foreign transaction fee like Discover.

Other Credit Cards Worth Considering

Discover It for Students: This card offers a similar 1% rewards base rate, but rotating bonus spending categories that change quarterly offer cardholders the opportunity to earn 5% cash back on some spending. It also has an introductory APR that lasts six months (versus the seven you get with the Citi card) and no annual fee.

 

Citi Thank You Student Card

Discover Student It Card

 

Interest Rates and Fees

Introductory APR for Purchases0%* introductory APR for 7 months*0% introductory APR for 6 months
Introductory APR for Balance TransfersN/A10.99% introductory APR for 6 months
Purchase APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors13.74% to 22.74% Variable* based on your creditworthiness and other factors
Balance Transfers APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors13.74% to 22.74% Variable* based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Student
Student: New student cardmembers who apply after July 23, 2015 will be rewarded with $20 in Cashback Bonus® if their grade point average is 3.0 (or equivalent) or higher each year they are enrolled in school, for the first five years from the account opening.
Cash Back Deal Introductory Bonus Cash Back: Discover will match all the cash back you've earned at the end of your first year (only for new cardmembers).
Points DealIntroductory Bonus Reward Points: Earn 2,500 bonus ThankYou® Points after you spend $500 within the first 3 months of card membership. 
Cash Back Cash Back Rewards: 1% cash back on all other purchases.
Bonus Cash Back Bonus Cash Back: 5% cash back on up to $1,500 in purchases in rotating categories that change each quarter (requires free and easy sign-up for 5% Cashback Bonus)*
Limitations apply*. See issuer's website for additional program details.
Bonus Categories for 2016:
January - March 2016: 5% on up to $1,500 in purchases at Gas Stations and for Ground Transportation
April - June 2016: 5% on up to $1,500 in purchases at Restaurants and Movies
July - September 2016: 5% on up to $1,500 in purchases at Home Improvement Stores and Amazon.com
October - December 2016: 5% on up to $1,500 in purchases at Amazon.com, Department Stores and Sam's Club
Bonus Categories for 2017:
January - March 2017: 5% on up to $1,500 in purchases at Gas Stations, Ground Transportation & Wholesale Clubs
April - June 2017: 5% on up to $1,500 in purchases at Home Improvement Stores and Wholesale Clubs
PointsPoint Rewards: 1 ThankYou® Point on other purchases. 
RestaurantDining Rewards: 2 ThankYou® Points per dollar spent on purchases for dining at restaurants and entertainment. 

Citi Thank You Student Card: Pricing information including interest rates, rewards, benefits and fees were obtained on March 21, 2017 from published websites and are believed to be accurate, but not guaranteed.

Discover Student It Card: Pricing information including interest rates, rewards, benefits and fees were obtained on April 3, 2017 from published websites and are believed to be accurate, but not guaranteed.

Disclaimer: The information for the Citi ThankYou® Preferred Card for College Students and Discover it® for Students have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Discover It Chrome for Students: This has the same intro offer and no annual fee features as the Discover It, but you get 2% cash back on up to $1,000 in combined purchases at restaurants and gas stations every quarter. If you commute to school and you’re always eating on the go, you could earn more in rewards with this card than you would with Citi’s.

 

Citi Thank You Student Card

Discover it Chrome for Students

 

Interest Rates and Fees

Introductory APR for Purchases0%* introductory APR for 7 months*0% introductory APR for 6 months
Introductory APR for Balance TransfersN/A10.99% introductory APR for 6 months
Purchase APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors13.74% to 22.74% Variable* based on your creditworthiness and other factors
Balance Transfers APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors13.74% to 22.74% Variable* based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Student
Student: New student cardmembers who apply after July 23, 2015 will be rewarded with $20 in Cashback Bonus® if their grade point average is 3.0 (or equivalent) or higher each year they are enrolled in school, for the first five years from the account opening.
Cash Back Deal Introductory Bonus Cash Back: Discover will match all the cash back you've earned at the end of your first year (only for new cardmembers).
Points DealIntroductory Bonus Reward Points: Earn 2,500 bonus ThankYou® Points after you spend $500 within the first 3 months of card membership. 
Cash Back Cash Back Rewards: 2% cash back on up to $1,000 in combined purchases at restaurants and gas stations every quarter-no sign-ups needed.* 1% cash back on all your other purchases.
PointsPoint Rewards: 1 ThankYou® Point on other purchases. 
Gas Gas Rewards: 2% cash back on up to $1,000 in combined purchases at restaurants and gas stations every quarter - no sign-ups needed*.
RestaurantDining Rewards: 2 ThankYou® Points per dollar spent on purchases for dining at restaurants and entertainment.Dining Rewards: 2% cash back on up to $1,000 in combined purchases at restaurants and gas stations every quarter - no sign-ups needed*.

Citi Thank You Student Card: Pricing information including interest rates, rewards, benefits and fees were obtained on March 21, 2017 from published websites and are believed to be accurate, but not guaranteed.

Discover it Chrome for Students: Pricing information including interest rates, rewards, benefits and fees were obtained on April 3, 2017 from published websites and are believed to be accurate, but not guaranteed.

Disclaimer: The information for the Citi ThankYou® Preferred Card for College Students and Discover it® Chrome for Students have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Bottom Line

© sarunas_b (CC BY-SA 2.0) via Flickr

With a very simple rewards structure that earns cardholders easy-to-redeem points, the Citi ThankYou Preferred for College Students is a good option for students who are new to the world of rewards credit cards.

Leah Norris is a research analyst at CreditDonkey, a credit card comparison and financial education website. Write to Leah Norris at leah@creditdonkey.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

Editorial Note: This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

Disclaimer: This content was first published on December 8, 2014. This content may have been updated on January 4, 2016. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Citi website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Citi ThankYou® Preferred Card for College Students, Discover it® for Students, and Discover it® Chrome for Students have been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

More from CreditDonkey:

More Articles in Reviews

Leave a comment about Citi ThankYou Preferred for College Students Review?

Name
Email (won't be published)


April
27
2017

Personal Capital Review

Personal Capital bills itself as a robo-advisor with a human touch. You get personalized service, but the fees are slightly higher. Is it worth it?
More Articles in Reviews

Learn more about Student, Restaurant and Smart Chip cards:
Infographics: Build Credit for Students

How to Build Credit for Students


Restaurant


Beginner's Guide to Chip Credit Cards









About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.