Student Credit Cards
Most University students will eventually get themselves a student credit card so it would pay to know exactly what you are getting yourself into by signing up for one, and exactly when it is best to use them, and how to use them responsibly.
As a student you can access special offers from banks which have special features for students, as well as student credit cards for over 18’s.
These student credit cards are recommended for students who are having issues with money, residence and work in relation to non-students of their own age.
All interest rates are updated daily.
Requirements for a Student Visa Credit Card
Student visa credit card is dependant on you being over 18, an Australian citizen and a full time student. When applying for this card you will need to have with you - your personal, employment, education and bank account details handy with you. Some branches require you to have a streamline bank account already open with them already for approval.
The best way to go about the application process is to research the cards on the market; effective methods of doing this include:
- asking friends and family, or simply
- research the internet!
- interest rates,
- interest free periods,
- reward point systems, and
- credit card limits.
Avoid Using Your Credit Card If The Cost Is Not In Your Budget:
- You cannot foresee that you will have the money to pay it off in full during the next billing cycle. It is possible to pay part cash and part credit.
- You are spending on a ‘want’ or ‘impulse’ rather than ‘need’. There is a big difference here and it is often this spending which will blow out your credit card balance, so please be careful.
- If you are doubling up on items or services just for the sake of convenience. For example, you may have a great student discount on food at your campus, but you can't be bothered going back for a meal so you buy a meal on credit card off campus.
- Research - give this serious thought because they can be very different, don't fall for rewards because they look good, only go for a reward system if you are actually able to utilise them or they benefit you
- A student credit card being offered from your existing bank may not be the best card for you! Go back to the first dot point. Always go for a low interest rate card
- Be smart when you use of the card - set a budget before getting a card and make ensure you work it to your advantage
- Check what additional fees or hidden fees are on a card, for example: late payment fees, ‘over the limit’ fees, how far over ‘over the limit’ before the card is declined and also what the grace period is as this differs from card to card
- Don't fall for 'sales hype' when choosing your card as this is most often targeting instant gratification. Remember, it is the long term cost of the card which will be the real advantage or disadvantage!
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