Student credit cards: Top tips when applying for a student credit card

24 September 2013 - Which Way To Pay

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I am a student aged 18 21 years old, what student credit card is suitable for me?

Student credit cards can be a great way for you as a student to earn extra protection on your purchases. They can, however, be extremely expensive to use as a borrowing tool, especially if you are not able to make the full repayments every month.

Using a student credit card CAN be cheaper

A student credit card can be cheaper than high street rates and penalties charges imposed by your bank, always check the headline rates before you apply as they can sometimes be misleading. If you pay off your credit card in full every month, you can get an interest free period between the purchase date and the date you will need to pay your credit card back.

Student credit cards offer discounts

Check out any student credit cards which offer discounts on products and services through particular retailers. This could save you some money, but ensure that you are able to pay the bill of in full at the end of the month otherwise the discount or reward might not outweigh the interest you will pay on your credit card.

Watch out for credit card interest rates

The interest rate on student credit cards is above average. This is usually because young people are a higher risk, perhaps you do not have a credit history or you are unemployed. If you are not able to repay in full then it is advisable to steer well clear of these cards.

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