Meet the new AT&T Universal Rewards credit card

In the coupon section of the Sunday paper, on the front page of the Valassis coupon book, we find a new offer for the revamped AT&T Universal card powered by Citibank.

What are the proposed benefits of this card?

0% APR on balance transfers until December 1, 2008

up to 10% off eligible AT&T products and services for the first 12 months. Read the fine print for the details

No annual fee (as if!)

Earn 1 point for every dollar you spend (the typical 1% reward)

The most interesting part of this card is obviously the 0% APR for 12 months, and from a rewards perspective the 10% off on AT&T products. According to their own fineprint, you get 10% off on AT&T products and services for the first 12 months, and 5% after the first 12 months. However, the maximum you can earn (save) from this is $350 per calendar year.

So if you are a heavy user of AT&T products and services, or if you like the 0% APR for 12 months, then you should take a look awt this credit card.

The 1% rewards program on all other purchases is just too average these days. The program is managed by the Thank You Network, which means that the rate for cash conversions is even lower than 1%. It is an effective 1% when you have enough poitns to redeem $100 gift cards however.