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As a student it can be difficult to get credit. Students generally have to watch their funds carefully – with no regular income but with everyday living costs (plus a social life!), a student has to manage finances well. There are times when they may need access to credit to cover expenses. This is where a student credit card can come in handy. Student credit cards should only be used sparingly – in times of unexpected expenses. Most of the student credit cards will have the credit limit capped at a low amount so you will not be able to get into too much debt. Some student credit cards also come with exclusive students especially catered to the needs of students. It is important when choosing a student credit card that you keep an eye on the representative APR – it is usually a bit higher than normal credit cards as a student lacks the security of a regular income. Also, remember that with representative APR, you won’t always receive the rate that is displayed.

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Student Credit Cards

If you are at university then you are just beginning your life away from home. Whilst being a student is an exciting time you will unfortunately have to think about money. Being a student can be expensive, you will have to think about accommodation and travel costs, books and equipment, not to mention general day to day living expenses. Students will find it difficult to acquire a standard credit card. This is because students are unlikely to have any credit history and credit card lenders only grant credit cards to those with a credit history. So what are your options?

How student credit cards work

Student credit cards are designed especially for students and the way they live their lives. These cards come with certain features exclusively for students. Some student credit cards have some great benefits such as no annual fee or an interest free period every month but this may depend on whether you pay your balance in full and on time. However, many cards come with Direct Debit which makes payments easy and means you will never miss a payment or be charged a late fee.

Build a strong credit profile

These cards are a great way to start your financial life and will help you to build up a good credit report. A good credit history will really help you in the future because it is used by banks and lenders when considering you for a loan or credit card. A bad credit report can really stand in your way when applying for financial products and services. Also as you begin to use the student card and use it properly, making payments in full and on time, proves that you are good at managing your finances, therefore you are likely to be offered a better APR and a higher credit limit. Student credit cards can be used to educate yourself about credit and how best to manage your finances. As long as these cards are used correctly you will be in better financial standing when you finish your education.

Keep your spending under control

As many students have no credit history lenders have no way of knowing whether you are reliable and will meet your financial commitments and your bills on time. As such, students are considered to be more of a risk, particularly as they are unlikely to have the security of a regular salaried income. With a student card there is usually a lower minimum income requirement. Students can get a credit card but again as you are considered to be more of a risk, the APR on the card is likely to be higher and the credit limit is likely to be significantly lower than with standard credit cards. However, a lower credit limit should help you keep your spending under control.

Take Care when using a student credit card

Please remember that student credit cards are still credit cards. If you do not use them correctly you will receive fines and you could damage your credit report. You shouldn’t use these cards as an easy way of borrowing money if you have spent your loan or maxed out your overdraft. Always remember to use the credit you are given wisely.


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