When I was in college, I remember a time when I signed up for a credit card because I received a really cool t-shirt. I don’t own the shirt anymore, and I don’t own the debt I incurred with that credit card either but for a while, I spent a lot more than I could afford. After I graduated college, I didn’t have many options in terms of credit cards because I had already ruined the very little credit I once had, but few credit card issuers have cards designed for the transition from student to professional.
One of the best cards for young professionals is the Citi Forward Card, not because of the massive rewards it offers, rather the way it teaches responsible credit card use. Cardholders learn proper spending habits, paying their bills on time and never going over their credit limit in a variety of ways, including bonus points for quality credit card use. Full details on the perks the Citi Forward Card offers are below.
- Lower your APR: Want to lower your purchase APR? All you have to do is make a purchase, stay under your credit limit, and pay on time 3 billing periods in a row and Citi will lower your APR for purchase by up to 2% “(0.25% each quarter, 8X maximum).
- Earn Points: The Citi Forward Card rewards cardholders with points based on purchases and using credit wisely. Up to 1,200 points may be earned each calendar year. Citi Forward’s points, called ThankYou Points, post to cardholder’s accounts at the close of each billing cycle and are transferred to a linked ThankYou Member Account. Here are the various ways points are earned:
- Purchases – Five (5) points are earned for every $1 spent on books, movies, music and restaurants. One (1) point is earned for every $1 spent on all other purchases.
- Pay On Time – Pay on time and stay under the credit limit and Citi will pay the cardholder 100 points each month.
- Up Front Bonus – 10,000 bonus points after you make $650 in purchases in the first three months and sign up for paperless statements – Enough for $100 in gift cards.
The Citi Forward Card comes with a 0% APR for 7 months on purchases and 12 months on balance transfers. As with most balance transfer offers today, Citi charges a fee of 3% for each balance transfer, minimum $5. The no interest on purchases for seven months, however, in conjunction with the ThankYou points earned, represents the card’s top feature. Unlike the balance transfer offer, the 0% on purchases does not come with any associated fees.
In an effort to help cardholders control spending, Citi has design a tool called Spend Tracker to help monitor spending. The tool helps cardholders estimate how much the are spending and compare the totals to how much their peers are spending. The Citi Forward Card offers competitive points rewards for those looking to earn points for purchases. The card is particularly suited for those who spend money in the categories that earn 5X reward points: books, movies, music and restaurants. And the 0% APR on purchases for seven months will help defer interest charges to put a little extra money in your pocket.