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PFCollege: Get A Credit Card

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Personal Finance for College Students Series Seal In line with my advice in the past about establishing credit early, I wanted to give my recommendation as to my favorite of the student credit cards out there, it’s the Citi mtvU Platinum Select card and here’s why I like it so much (and why I’m using it now):

  • First, you get 5% cashback on a lot of things you are likely to spend money on while you in school, such as bookstores (including Amazon.com), movies, and restaurants. I’m not advocating that you spend your money in any category but the books, but if you are, you might as well get 5% back.
  • The points are convertible to dollars on a dollar to dollar percentage if you put it towards your student loans, that’s clutch.
  • You also get points for good grades, timely bill payment, and other good credit practice activities – so it’s positive reinforcement and it’ll develop into good habits.
  • No minimum income or co-signer required, both of which are crucial. No minimum income, which is probably close to what you earn if you’re still in school, is good because you won’t be rejected on the grounds you don’t earn enough. No co-signer is also good because your parents credit and their names aren’t on the line for your transgressions – though you will have none, right?

None of the other student cards can come close to those first three benefits provided by the mtvU card and I’m not sure about the fourth. For more information, I wrote this review of the Citi mtvU card a few months ago when the card was first introduced.

This article is part of a series I’ve started called Personal Finance for College Students (hence, PF College).

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3 Responses to “PFCollege: Get A Credit Card”

  1. Todd says:

    Actually, the mtvU card only gives 5 thank you points, not really 5% of every dollar. For example, a $15 dollar Statement Credit will cost you 3,000 points. If it were 5% back, it should cost only 1,500 points. So actually, you got 2.5% on this reward. But its still better than 1% cash back

  2. Weekly Roundup – 01/05/06

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  3. Hariharan Vijay says:

    God.. what happened to the days when people used to do a little more research before giving up?

    Yes, the statement credit works at $1:200 TYpoints and a similarly crappy rate for cash rebates. The lower end gift cards work at $10:1500 TYpoints. Read on. You get $1 per hundred TYpoints if you buy a gift card of $25 or $50 or $100, which really shouldn’t be beyond you.


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