|
There was a time when as a student we were lucky if the bank manger would let us have a bank account and a cheque book. I can even remember being told that by giving me a chequebook guarantee card I had effectively the power to write about two and a half grand worth of cash, which may or many not be in my account.
I think my bank manager would have had a heart attack on the spot if he had been made to dish out credit cards to students who after could not hope to understand the complexities of cash flow.
How times have changed, the banks have suddenly realised that actually students who are after actually studying for degrees may understand the concept of money and what credit actually is. Now they have accepted this idea they are falling over themselves to promote special student cards.
So what do you get with a student credit card.
Well as far as the credit not a lot you normally get a smaller limit than you would do if you had a full time income
You still have to pay interest on outstanding balances and you can expect it to be accepted like any other credit card.
There are even a number of banks offering interest free periods and 0% balance transfers if you switch to them.
No matter which company you go with the rules are still basically the same. Check what the interest rate you will be charged after any introductory offer because that?s more important than any freebies you are going to get for taking the card.
If your not used to paying bills on a regular basis make sure you get a card that allows you to make monthly standing order payments, this will ensure you are not hit with any late payment charges which is not funny even when you are working.
See if they offer online banking facilities to check your balance and make payments to the card. Again I'm sure by the fact your reading this you are internet wise so it makes sense to be able to access your account and make larger payments so that you pay as little interest as possible.
Make sure there is not any annual fees for the privilege of carry a particular card, they are not common these days but the odd company still makes a small charge each year.
If at all possible only use the card to make purchases that you would normally need and try not to spend money you do not already have in your bank account. Remember the credit limit is not a present from the bank they want you to spend it and only pay a small amount off each month so that they earn interest. If you need to borrow money there are much cheaper ways available for students.
Having said that the credit card is almost universally excepted and safer abroad.
Make sure you check out the information above first before making a decision, if you have a few candidates then take a look at the freebies they offer which are really down to your own taste. We have found cards offering discounts on anything from music (obvious choice for students in the marketing departments of the banks) to sports equipment.
|