Student Credit Cards

Student credit cards are increasingly becoming popular as they offer students more relaxed terms while still giving them the freedom of using credit when necessary. Many people can be classified as students: You could be studying at Uni, be a high school graduate, or even be an over 18’s student of some sorts to be able to apply for a student credit card.

Choosing the right student credit card for you.

Before you claim your share in the student credit market assess your financial situation first. Right now Australians can choose from a good range of student credit cards that offer them favourable terms to not end up in debt for life.

If you can’t handle money well you are probably better off choosing a debit card instead such as the ANZ Visa Debit Card. You can access your own money with the Visa network and sleep peacefully at night knowing you won’t end up with credit debt.
If you think you’ve got enough emotional control to avoid the pitfalls of excessive credit card spending then the best place to start looking is with your bank.
They already know your financial situation and are more inclined to grant you an application.
If you bank with the Commonwealth Bank you need a savings account before you can even think of applying for their ‘Student Options’ credit card.

Reduce debt before you apply for a student credit card.

Before a bank grants you with the rights to buy with credit you have to show them you can actually handle debt. Many students are forced to take out a personal loan to pay for their education. Therefore they already have substantial debt before they are even qualified to work in the marketplace.

If for example you have taken out a high-interest personal loans it could have a negative effect on your student credit card application. Reduce your existing debt if you can before you apply.

Do you qualify for a student credit card?

Stricter eligibility requirements are a by-product for student credit card applications. You have to be an Australian citizen, 18 years of age or over, and in some cases you do have to show actual proof of being a student – therefore forget THAT idea of going to Bangkok and coming home with a fake – don’t say we didn’t warn you.
Students who don’t have an income via a part-time job or youth allowance might need to have a co-signer (a parent or guardian.) It is the co-signers job to guarantee the funds spent by you if you can’t repay your debt.

Start here: Student credit cards:

• BankWest Lite MasterCard
• Commonwealth Student Option
• Westpac Student Visa

With the above selection of student credit cards you have the best choices of selecting the right one at your fingertips. Follow our tips and you can be the proud owner of one of these in no time.