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STUDENT CREDIT CARDS INFORMATION
Please see information below on Student Credit Cards.
Student Credit Card
Student credit cards are widely available in Australia – find out the main facts in this section. For other types of credit cards please refer to the main menu on the Info Library.
What is a Student Credit Card?
Yes, even students can get credit cards. Student credit cards are regular credit cards but aimed specifically at students – therefore the card features will reflect this.
For instance, you may notice a typical student credit card will carry features such as:
- Lower minimum income requirement
- Option of a low credit limit
- Low (or no) annual fee
Aside from that the main features are the same as a normal credit card:
- Worldwide acceptance
- Chip security
- Purchase rate
- Balance transfer rate
- Cash advance rate
Why Get a Student Credit Card?
Some people ask, 'what is the point of a student credit card', given that students could risk damaging their credit rating more than other groups of society. Due to an often lower-than-normal income and many expenses, students are not often seen as ideal candidates for financial products.
However, a student credit card could be a great tool to starting your financial history – use the card wisely and you could build up your credit rating for the future. You can also take advantage of cheap balance transfers.
Some student credit cards will have special benefits which suit your needs, including cash back programs and reward points.
Who Can Apply?
To apply for a student credit card you will usually need to fulfill some requirements, including:
- Minimum age 18
- Full Australian resident
- Proof that you are a student
- You may need a co-signer
In most cases you will not need to prove a regular income as many students are not able to take on full or part-time jobs. It is normal for parents or guardians to support the student during their years at university or college.
What are the Benefits?
Student credit cards are great news for students that want to start their credit rating on a good footing and who want to budget and manage their money during their studies. There are plenty of excellent card offers on the Australian market so take your time and weigh up the many options!
Many student credit cards carry extra benefits like bonus /reward programs – check what is on offer when you search and compare!
What are the Disadvantages?
Sure, you can access a credit card and may be able to use it for better financial freedom during your studies. But if you fall into problems with your repayments, or find the card impossible to manage then you could risk damaging your credit rating. A damaged credit rating could ruin your chances of getting ahead financially after your studies – so think carefully before you apply.
Please Note: www.whichwaytopay.com.au is not authorised to give advice under the ASIC (Australian Securities & Investments Commission).
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