Top 3 Best Credit Cards for Students in the UK

One of the most significant advantages of credit cards is their flexibility. This flexibility allows holders to defer purchases to another time, build their credit profile, improve credit habits, earn rewards, and quickly clear their debts. If obtained legally and used wisely, the benefits are far-reaching for its holders.

With students prone to the temptation of constant spending, a student credit card is a great way to manage expenses when they are enrolled. It also gives them a solid foundation to handle future payments outside school. Provided a student clears the money spent regularly and uses it wisely, it’ll be helpful.

That’s why this article will explain what student credit cards are, how it works, reasons to get a credit card, and factors to consider before getting it. In light of all these, the article will also submit the top three best credit cards for students in the UK.

What’s a Student Credit Card?

As the name suggests, a student credit card is made for students. It differs from regular credit cards because you have to be enrolled full-time or part-time to study in a school. In addition, these cards come with features that help holders spend responsibly without incurring an overwhelming cost.

The purpose of creating student credit cards is to assist students without credit scores and a source of income whose proof can be submitted to get standard cards. So, student credit cards bypass these standard requirements to accommodate students’ expenses. Apart from being a student in the UK, other eligibility requirements for getting a student credit in the UK including being a resident and above 18 years of age.

How Does Student Credit Cards Work?

Student credit cards work like regular credit cards. Students can spend money they don’t have and clear the debt at the end of each month. But knowing the risks involved, there’s a spending limit on the cards, which is much lower than regular credit cards. Additionally, there’s a high-interest rate on student credit cards which ensures that they pay their debts when due.

The key to avoiding all pitfalls associated with student credit cards is prudent spending. No matter the case, do not go beyond the credit limit. It’s also crucial to avoid withdrawals with the card as it may incur charges and interest, which accumulates from when the money is withdrawn. Having known these, what are the best student credit cards in the UK?

Top 3 Best Student Credit Card in the UK

The three best student credit cards in the UK include:

HSBC Student Credit Card

HSBC student credit card is a visa card available to all customers. It has an 18.9% representative APR, with a credit limit of £250–£500. There are no annual fees, and holders enjoy 56 days of interest-free purchases for their cleared balances. It’s one of the best in the UK.

https://www.hsbc.co.uk/credit-cards/products/student/

TSB Student Credit Card

TSB personalizes customers’ credit limits. Customers get to set the amount they can borrow while using the card. TSB is a highly rated student credit card in the UK, but you’ll be required to have a TSB student account to get the card. It has no monthly or annual fee, with a 21.9% representative APR.

https://www.tsb.co.uk/credit-cards/student-credit-card/

AIB Student Credit Card

AIB student credit card is one of the best credit cards in the UK designed to fit all student financial needs. Students enjoy spending power for all essentials or online payments with no annual fee, a 12.9% APR, and up to 56 interest-free on cash advances, balance transfers, and purchases.

https://aib.ie/our-products/credit-cards/student-visa-card

Why Should You Get a Student Credit Card?

The following are reasons you should get student credit cards:

Credit Scores

Student credit cards help students build their financial history on time before they get real time income. The benefit of this offer is seamless access to financial products in the future. In addition, provided it is managed well, credit cards improve credit scores.

Serves as Emergency Funds

Sometimes, money in your savings may not be enough to sort emergencies as a student. That’s where student credit cards come in by providing funds for emergency needs. Although there are cheaper methods of sorting emergencies, student credit cards are an alternative.

Rewards

Provided that holders have an excellent repayment plan, there are cash-back rewards on student credit cards.

Factors to Consider Before Getting Student Credit Card

The things you should consider before getting credit cards to include:

Repayment

The best way to enjoy a student credit card is to stay within the spending limit. Unfortunately, going beyond that is asking for more than you can chew.

Credit Scores

Your credit score counts remarkably in consideration of your application. So, check it, and improve it if need be.

Terms and Conditions

While we’re all fond of clicking/ticking “I Agree” for most terms and conditions, it’s essential to double check for students’ credit cards.

APR

The annual percentage rate of the credit card is also essential. It shows the charges and interests that’ll be on the funds you use and don’t pay in due time.

Research Before Application

Knowing the credit card that’ll seamlessly grant your application and deliver the services you want before sending in applications.

Are Student Credit Cards Available for International Students?

Yes, international students are allowed to have student credit cards. The primary eligibility requirement for them is being a student. Once their foreign credit limit is reviewed, they can get a student credit card.

Are Credit Cards Good for Students?

Student credit cards are beneficial for students because they build money management skills and set up credit scores needed during their school programme and when they are done with school.

What’s the Age Limit for Getting a Student Credit Card in the UK?

To get a student credit card in the UK, you must be 18 years or older.

Conclusion

As you’re already aware, having read this article, student credit cards help considerably when in school and after school. But choosing the best student credit card is the first step to enjoying its benefits. Despite our suggestions, you must do your research about the requirements for each of them.