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Citi Dividend Platinum Student Visa Card or Wamu Platinum MasterCard?
I am a college student with two checking/saving accounts. I have one with BOA and WAMU. I been having these accounts open for over a year already and I can honestly say I handle my money very well. I want to apply for my first credit card, but I do not know if I should apply for the Citi student credit card or the one Wamu offer me. The APR rate that Wamu has given me is 11.99% and 0% until July 1, 2009. However, some research said choosing a credit card should have some benefits. For example, cash back rewards. What do you think?
I forgot to mention.. I have no history either.
Answer
I use a card that pays me 1% cash back each year.
I like it, but keep in mind if you don't pay the statement balance in full each month, you pay interest charges on it. That interest charge alone can wipe out any cash back incentive.
If you can promise yourself to pay it back in full each month, go for the cash back.
Read closely as you'll see if the reward is "points" instead of cash %, the point equivalent will be only 1/4%.
Go for one that plainly says a % cash back. Avoid the "points" systems as they hide a crummier rate of return.
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