Credit card review: Citi Upromise Visa Card

Two credit card reviews in one day?! Wild and crazy times here at CreditBloggers.com! Credit.com just posted the Citi Upromise Visa Card offer online and I couldn't resist doing a little research. Here are the basic facts about the Citi Upromise card:

• APR - 0% introductory APR for 12 months and 13.74% thereafter. 
  
• Other APRs - 0% for 12 months on balance transfers. 22.47% for cash advances.
  
• Default APR - A whopping 31.74%. This is the highest default rate around right now. 
• Annual Fee - None
• Other Fees - 3% foreign transaction fee. 3% cash advance fee. 3% balance transfer fee after 12 months.  $15 to $35 per late payment depending on balances.
  
• Universal Default Clause - Citi will raise your APR to the default rate if you are late on any Citi account. Doesn't appear to apply to all the accounts on your credit report.
  
• Online Banking - Free online account management.
  
• Rewards Program - Earn 1% in Upromise college savings rewards everywhere you shop on top of the other 10% Upromise bonuses from participating companies.  Plus, 2% rewards on Exxon and Mobile gas purchases.
• Acceptance Requirements - You need to have good credit in order to open a Citi Upromise Visa card.

Our overall review:

• Pros - Helps you save money for college. No annual fee and a good APR.
• Cons - High default APR and expensive foreign transaction, cash advance and balance transfer fees.

If you are trying to save for your children's college education, the Citi Upromise Visa Card may be a great choice for you.  If you spend $10,000 on your credit card each in a year, Citi will put $100 in your college savings account.  Plus, the other Upromise and gas rewards. Just be sure to avoid those expensive fees and the high default APR if you open this account.

You can also sign up for the Upromise college savings program without applying for the Citi Upromise Visa Card. Upromise works by having large companies give a portion of the money you spend with them to a college savings fund. Sign up online for free, and when you shop with participating companies you can earn up to 10% back in college savings. You don't have to be a parent or even a relative of the child to participate in the savings.

Questions about the Citi Upromise Visa Card? Ideas for other credit cards, loans or financial services our team should review? Share your feedback in the comments section below.

Comments

[Emma]

It amazes me to this day that people would look at a credit card as a way of saving for your kids continued education. Believe me, the last place I would look to for college savings is a credit card. Especiall one that has a default APR of over 30%.

[sam wells]

citi canceled our dividend card and is sending another number card. the first card didd not come so they are sending another. why? whats going on?