Citi mtvU Platinum Select Visa Card for College Students

This is a slightly less generous version of the Citi Forward Visa Card, which is also aimed at college students. This card offers discounts on MTV merchandise and access to MTV-sponsored events such as the MTV Video Music Awards.

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Credit Rating Required: Fair and up (660+)

Pros

• Generous rewards package.
• Multiple ways to earn rewards, for spending, good credit behavior, and good grades.
• Low interest rates (if you qualify).
• No co-signer required.
• Discounts and access to exclusive MTV events.

Cons

• Complicated rewards program.
• Important restrictions buried in the fine print.
• High interest rates, unless you have really good credit.

Rewards

• Five ThankYou Points for every $1 spent at restaurants, bookstores, music stores, video rental stores and movie theatres.
• One point per $1 spent everywhere else.
• 10 percent discount on purchases at shop.mtv.com
• 25 points monthly for good credit behavior.
• 250 to 2,000 bonus points for good grades, depending on your grade point average (twice a year).

APRs

• 0 percent on purchases for first seven months, 12 months for balance transfers; after that, 12.99 percent to 20.24 percent depending on your income and credit history.
• Penalty interest rate: 29.99 percent.

Fees

• No annual fee.
• Balance transfer fee: 3 percent of balance.
• Late fees: $15 to $39.
• Over the limit fee: $39.

This card includes many - but not all - of the same features as the Citi Forward Visa credit card. Unfortunately, it drops the best things about the Forward card and keeps some of the worst.

It's missing several components that can make the Forward Card worthwhile, such as thousands of bonus points for merely switching to paperless statements and minimal card usage during the first three months. That's an easy way to rack up points.

Unfortunately, one of the bad things it shares with Forward is the greatly reduced rewards if you buy certain items where most people shop. Like the Forward card, the big print says you earn five points for every dollar you spend on books, movies, and music. However, you only earn one point per dollar if you buy those items at Walmart or Target or some of America's other largest retailers. But you won't know that unless you dig into the fine print, which most people don't.

Instead, this card offers a 10 percent discount on music and entertainment products on MTV's shopping website. Points can be redeemed for MTV experiences like free concert tickets and VIP status at mtvU's Spring Break (subject to availability, of course). So it's really just for people who love their MTV.

You can also earn up to 2,500 bonus points twice a year for good grades at school. But, it's up to you to send your transcript information to Citi.

Unless you're a really big MTV fan, you're probably better off with the Forward card, despite its drawbacks. At least the rewards are more realistic. Or shop around for a simpler rewards card.