Choosing the right Student Credit Cards and Debit Cards

Tuesday July 7, 2009

Most people at some point in their lives own one or several credit cards, with many people beginning their credit files when they are students, or around 18 years of age. Due to this fact, many banks and financial lenders now offer a selection of student credit cards and student debit cards that are designed to cater to the lifestyle of a student, including its financial limitations.

The majority of people applying for their first credit cards will do so during their student's years, many not understanding the responsibility associated with such an account including the repayment process with many resulting with debt. What's more, many students may not be prepared for the necessary application process and may be denied if they cannot prove their financial reliability.

Typically speaking, student credit cards and student debit cards are financial accounts with a different set of limits and restrictions that are designed to suit the student lifestyle with benefits and rates.

Several of Australia's major banks and financial institutions offer a student credit card or debit card option for existing members of their own banks, that is, young people who have an established savings account with the bank who now wish to open a credit account.

Most major banks offer a student credit card option including the BankWest Lite MasterCard, Westpac Student Visa Card, Commonwealth Bank Student credit card, NAB Student card and a St George Student Credit Card.

When it comes to students, the choice is normally between Student Credit Cards or Low Interest Rate Credit Cards, with each presenting its own pros and cons. Generally speaking, student credit cards will be more suited to those who may be dealing with financial issues that are not typical of other non-students. Although, it should be noted that student credit cards will typically have lower limits and higher interest rates attached, unlike low interest rate credit cards.

Of course, if a credit card is not your preference then there are a number of student debit cards available that offer all the benefits of the credit card without the risk of debt, allowing student to spend their own funds.

A student debit card will allow for online purchasing, online security and over-the-phone buying, without the risk of debt. Additionally, there are far lower fees associated with debit cards, making it even more appealing for many students.

It is important that before choosing a student credit card or debit card that you should research all available on the market, and if you are entitled to any deals or offers with your own bank. For example, if you have a good history with one particular bank then you may be entitled to benefits such as lower annual fees.

Compare the best credit cards on the market to your credit card and see if you're getting the best deal

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