STUDENT CREDIT CARDS INFORMATION

Students are in their final few years before a career begins a great time to start building up a credit report and making sure that when you do graduate you will be taken seriously by banks and lenders.

        

Student Credit Cards

What is a Student Credit Card?

Student credit cards are essentially credit cards aimed specifically as students. Being a student comes with a variety of expenses and most students will find it difficult to get a standard credit card. Student credit cards come with certain features, rewards and deals exclusively for students. They are also great for those who want to start building their credit rating and who want to budget and manage their money during their studies.

There are many options available in South Africa so make sure you weigh up all the different options.

What are the Benefits?

Many students will struggle to acquire a standard credit card because they do not have a regular income. With a student card there is a lower minimum income requirement, if one at all. Most student cards will also either have no annual fee at all or if it does this will be considerable lower than other credit cards.

Student credit cards can be a great way of starting to build up you credit score which can be very important in the future. They can also 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 a better financial standing once you have finished your education.

What are the Disadvantages?

Student credit cards have lower credit rates again because students are unlikely to have the security of a regular income.

Although as stated above these cards can be a great way of starting your credit history they are still ultimately credit cards. If you do not manage them correctly you will end up with hefty fines and can easily end up in debt. This will damage your credit report which will affect your financial freedom in the future meaning you will be less likely to be accepted for a home or vehicle loan.

Always make sure you stay on top of the repayments and use the credit wisely. Think carefully before you apply.

        


Please note that Which Way To Pay South Africa www.whichwaytopay.co.za is not authorised to give personal financial advice under the South Africa financial regulations.

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