Thanks to the recent reduction in the federal funds interest rate, debtors have reason to celebrate. Interest rates on credit cards pegged to the prime rate are decreasing. CitiBank recently reset the APRs on a number of their credit cards. Here are some of the highlights.

Citi CashReturns MasterCard (apply here)

Now as low as 9.74% on purchases. The Citi CashReturns MasterCard is one of Citi’s newer cards and may be one of the best rewards cards for people who look for cash back. The card offers 1% cash back on all purchases. The rewards accumulate as “CitiDollars” and Citi will automatically send a check once 50 CitiDollars are accumulated.

If you are lamenting the lower benefits of the Citi Dividend Platinum Select, call the number on the back of the card and ask to have your program changed to CashReturns.

Citi® Gold / AAdvantage® World MasterCard® (apply here)

Now 13.99% on purchases. The Citi® Gold / AAdvantage® World MasterCard®, which comes in a Platinum edition, offers rewards for frequent travelers on American Airlines. Both cards earn one mile for each dollar. Miles can be redeemed not only with American Airlines, but with 25 top airlines, car rental companies, and hotels.

The cards offer sign-on bonuses after your first purchase. You will earn 15,000 or 25,000 points depending on the level of card you own. The increasing benefits come with increasing annual fees, however. The Gold and Platinum cards charge $50 and $85 respectively. This annual fee can be worthwhile if you make the most out of these credit cards’ rewards.

Citi® Dividend Platinum Select® for College Students (apply here)

Now 12.99% on purchases. The Citi Dividend Platinum Select was the flagship rewards card, but unfortunately, it is no longer available. Many past cardholders saw a reduction of the cash back rewards and were later suggested to change to the Citi Dividend World MasterCard. The version of the card for students, Citi® Dividend Platinum Select® for College Students, is still available. For new card members, this rewards card offers 5% cash back on purchases at supermarkets drugstores, gas stations, convenience stores, and utilities including cable. After 6 months, this is reduced to a 2% cash back bonus. All other purchases earn 1% cash back.

The Citi Dividend Platinum Select Card for Students card is currently offering a promotion. With this card, new holders can receive 0% APR on purchases, cash advances, and balance transfers for 6 months.

Citi Driver’s Edge Platinum Card for Students (apply here)

Now 13.99% on purchases. This card offers 3% cash back on purchases at supermarkets, gas stations, and drugstores and 1% rebates on all other purchases. The Citi Driver’s Edge Platinum Card for Students benefits students with an introductory 0% APR on purchases, balance transfers, and cash advances for 6 months. You also receive rebates for each mile you drive, $1 for each 100 miles. That can add up considerably. Citi verifies your mileage by requiring a copy of auto service receipts with odometer readings.

Unfortunately, the rebate isn’t pure cash. The rebated can only be used towards the purchase of a car, repairs or service, or merchandise in the Thank You network. The maximum you can earn each year is $1,000 in rebates, higher than other rebate programs, but not unlimited.

As always, these credit card rewards are not for everyone. If you pay interest or late fees, you won’t benefit from any special offers. Only consider opening new credit if you are an expert at managing your own money and buy only what you can afford to pay each month.

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