Student Credit Card and Credit Education Blog

Over the holidays people often receive small cash windfalls as gifts or holiday bonuses. Extra money is always great, but it is sometimes hard to decide what to do with this money especially if you have debt to pay off. When you get extra money it is fun to go out and buy something you really want, but it is practical to put that money towards debt. So what should you really do?

I usually use the 25%-75% rule. This means using 25% of the money to buy something fun and 75% of the money toward paying off debt. By doing this you won’t feel deprived, but you won’t feel guilty either. It is best to put the 75% towards your debt with the highest interest rate. If you have credit card debt that is probably the one you will want to tackle first. You should use this rule with every cash windfall until your debt is paid off. If you do not have any debt you can use the same rule and put the money into savings or investments instead.

Here is an example: For Christmas this year I received about $500 in gifts from family members. Although I do not have any credit card debt I do have student loan debt and a car that I am paying off. Since my car loan has the highest interest rate I took $375 and put it towards paying that off. I then took the the remaining $125 and went on a little shopping spree.

Of course, if you are in serious debt and not able to make even minimum monthly payments it is wise and necessary to put the entire sum towards digging yourself out. Otherwise, have a little bit of fun, but keep your eye on the end result and think about how good it will feel when you are debt free!

ScholarshipPoints Bonus Code: CASHWINDFALL

Hi all! Little Miss Platinum here. I don’t know about you, but it seems like every year I spend more and more money on holiday gifts. However, ever since I got my first credit card I have enforced a rule upon myself to never spend more than I can pay off at the end of the month… event during the holidays.

After Christmas it is very tempting to let credit card debt build up. It might seem like a good idea to only make the minimum monthly payment, but the total payoff amount will only continue to grow. When debt builds up interest builds up and you end up essentially throwing money away. I will be the first person to admit that giving feels good and we all want to spend money on our loved ones, but is is really important not to let your credit card debt spin out of control.

So this holiday season give modestly and spend within your means. Remember, no one would want you to put your credit score at risk to give them a nice gift.

ScholarshipPoints Bonus Code: HOLIDAYDEBT

By now most of you are probably cramming for finals and packing up your dorm rooms to head home for winter break. Winter break is a great time to catch up with old high school friends over dinner, head out to see all of the holiday release movies, and maybe even take a trip or two. However, after all that holiday shopping who can afford to do anything fun? Well, remember all of those rewards points you got for charging presents to your Citi card? It is time to cash them in and do something for yourself!

Instead of spending every last penny you have saved to entertain yourself over winter break, get creative and take a look at all of the things you can do with your Citi reward points.  With a Citi credit card not only are you able to build your credit history and stay prepared in emergency situations, but Citi gives back to you too!  They offer you one point for every dollar you spend with your Citi Credit Card throughout the entire year!
Here are some of the ways you can cash in and have some fun this winter:

Go out to dinner with friends: For about 3,500 points you can get gift certificates to Chili’s Grill & Bar, Hard Rock Café, Legal Sea Foods and Olive Garden.

Go to a movie: For 3,500 points you can get a gift certificate to Fandango; the nation’s largest movie ticketing service.

Take a trip: If you have a lot of points in the bank you can cash them in for flights, hotel stays and even theme park tickets! 16,700 points will get you a 1 Day/2 Park ticket to Universal Studios!

Are these not the coolest rewards ever? I bet now you are happy you got a Citi card in time to build up points over the holiday season.  Don’t have a Citi card yet? Well, there is a way for you to build up points quickly and take advantage of your own reward points! The Citi mtvU Platinum Select Visa Card for College Students and the Citi Forward Card for College Students are offering new college student cardmembers the opportunity to earn up to an additional 3,600 bonus points just for paying your bill on time and staying under your credit limit. (Offer expires January 15, 2010)

Let’s face it; mom loved the cashmere sweater you got her for Christmas and dad loved his new iPod (even though he doesn’t know how to use it), but don’t you think it is time to do something for yourself? You have worked hard all semester, so this winter break reward yourself!

Apply for a Citi mtvU Platinum Select Visa or Citi Forward Card Today!

ScholarshipPoints Bonus Code: WINTERREWARDS

Disclosure: This blog post is sponsored by Citi®; Edvisors Online Education and/or the Student Loan Network have received a fee for creating this content and recommendations in the content may reflect a commercial interest.

I don’t think there’s anything quite like coming home for the holidays for some warm holiday cheer.  Family and friends make the festive season truly special. In fact, whenever I hear Perry Como singing “Home For The Holidays” it still brings me back to my college days when I traveled home on my winter breaks.  It was a simpler time back then and one that I truly treasured. However, I wasn’t able to benefit by merely flying home like students today. I couldn’t use the cost of my flight to score some sweet merchandise, but you can.  You can be rewarded for coming home for the holidays.

How do you plan on getting home this year? Train, plane, or automobile? Hopefully your commute home won’t be as grueling as the mother in the movie Home Alone who was forced to ride in the back of a van with a polka band for nearly 12 hours. But if you plan to drive, hop on a boat, take the bullet train, fly, or take any other mode of transportation there is no reason you can’t cash in with the Citi Forward card for students.

The Citi Forward card rewards you for everyday purchases; there are no restrictions. You don’t need to buy tickets on a certain airline or pump gas at a certain gas station to cash in.  All you need to do is make the purchases you would normally make and then watch the points roll in with each swipe.

You can earn points fast too.  Citi gives you a plethora of ways to rack up the points.  With the Citi Forward card you will earn one point for every dollar spent and five points for every dollar you spend on books, movies, music, and restaurants. You can also scoop up a combined 11,000 points just for signing up for paperless statements and making $250 in purchases within the first three months.  In addition new Citi mtvU Platinum Select and Citi Forward cardmembers, who are college students, can earn up to an additional 3,600 points through this offer just for paying their bill on time and staying under their credit limit.  That’s enough to score you a $25 gift card to the Hard Rock! This limited time offer expires January 15, 2010.

You can use your rewards points toward gift cards to popular retail outlets, on merchandise, discounts on flights, and can even take advantage of sweet cash rewards.  We all win when we come home for the holidays, but there is more than one way to be a winner.  Who says you can’t have it all?

Apply for a Citi mtvU Platinum Select Visa or Citi Forward Card Today!

ScholarshipPoints Bonus Code: COMINGHOME

Disclosure: This blog post is sponsored by Citi®; Edvisors Online Education and/or the Student Loan Network have received a fee for creating this content and recommendations in the content may reflect a commercial interest.