29 March 2017 : 

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Student Credit Cards

Living as a student, finances can be tight, especially if you have little income coming in and lots going out. It can therefore be handy to have a student credit card to help make ends meet or for emergencies. These cards typically come with a low credit limit so that you cannot get into too much debt. As a result of this, the student cards can be more relaxed regarding their application criteria and accept people with little or no credit history. Compare the market and different providers to find an appropriate card for your needs.



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Product Name Balance Transfer Intro Purchases
Intro
Representative
APR (variable)
Rewards
 
Representative Example: Representative 27.4% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 27.45% p.a. (variable)
aqua Classic application
Representative Example: Representative 34.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 34.9% p.a. (variable)
Ocean Credit Card application
Representative Example: Representative 34.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 34.95% p.a. (variable)
aqua Advance application
Representative Example: Representative 34.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 34.95% p.a. (variable)
aqua Classic 0% for 4 Months on Purchases application
Representative Example: Representative 34.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 34.9% p.a. (variable)
Barclaycard Initial with 3m Purchases application
Representative Example: Representative 59.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 59.94% p.a. (variable)
Black Diamond Visa application

 

compareandsave.com is a trading name of Freedom Marketing Ltd. Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117.

The offers that appear on this site are from companies from which compareandsave.com receives compensation. compareandsave.com does not include the entire universe of available financial or credit offers.

This table details cards available to students, and others with a limited credit history. Table position does not imply product strength or superiority. Please ensure you have thoroughly investigated all available options before applying for products.

 
 
 

Advantages of Student Credit Cards

Student cards can be useful while you are studying and some of the benefits of owning a card of this type are:

  • Credit card purchases are protected under the "Consumer Credit Act" (Section 75). so if there are any problems with any purchased goods such as lost or damaged and the supplier refuses to resolve the situation, a refund can be claimed from the credit card issuer instead. The purchase should however, be above £100.
  • These cards can help you get into good payment habits and build up a good credit rating.
  • Credit limits tend to be low, making the debt manageable for individuals new to credit.
  • In addition to building up a credit rating, if the balance is paid off in full each month, this could be useful in the future when applying for another credit card or loan as the records will show that payments have always been received on time.

Disadvantages of Student Credit Cards

  • These cards are not ideal for long term borrowing as they do not come with offers such as balance transfers that you could get with standard credit cards.
  • If payments are not met, this could potentially damage the credit rating that is trying to be built and could possibly create a problem when trying to apply for any financial products such as credit cards or mortgages after graduation.

What are the alternatives to a Student Credit Card?

Student credit cards can be useful whilst you are studying at the university, but they are not for everyone. If an individual wants the convenience of a credit card without worrying about damaging their credit score they could consider a prepaid card. Prepaid cards are similar to credit cards but they have to be topped up with money like a "pay as you go" phone before it can be used. These cards can be used to pay for things in shops or online and you cannot get into debt with this card (NB. Prepaid cards do not offer the same additional consumer protection as credit cards). Other alternatives students may also consider are Student loans or Student Bank Accounts.

If you want further details on getting a credit card to start building your credit score read our "Guide to Getting Your First Credit Card".

 
 
 


 Compare Credit Cards by Issuer

American Express Credit Cards American Express
Aqua Credit Cards Aqua Credit Cards
Barclaycard Credit Cards Barclaycard
Bank of Scotland Credit Cards Bank of Scotland
Capital One Credit Cards Capital One
Halifax Credit Cards Halifax
Lloyds Bank Credit Cards Lloyds Bank
MBNA Credit Cards MBNA
Nationwide Credit Cards Nationwide
NatWest Credit Cards Natwest
Royal Bank of Scotland Credit Cards Royal Bank of Scotland
Sainsbury's Bank Credit Cards Sainsbury's Bank
Santander Credit Cards Santander
Tesco Bank Credit Cards Tesco Bank
TSB Credit Cards TSB Credit Cards
Vanquis Credit Cards Vanquis
Virgin Money Credit Cards Virgin Money


 
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
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©2017 compareandsave.com is a trading name of Freedom Marketing Ltd.
Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117. This can be checked at http://www.fca.org.uk/register. Registered in England & Wales under registration number 05349340. The company's registered office is Freedom Marketing Limited, Colchester Centre, Hawkins Road, Colchester, Essex, United Kingdom, CO2 8JX.

The offers that appear on this site are from companies from which compareandsave.com receives compensation.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.