Benefits Of A Student Credit Card
The choices you make in managing your money today can impact your credit history for years to come. Follow these useful steps to ensure you have a bright financial future.
Benefits of having a credit card
Getting a credit card and using it responsibly while you’re young can offer a wealth of benefits. Here’s how:
- Improve your credit rating: Over the course of your life, you may need credit for large purchases such as buying a new car or getting a mortgage on your first home. Because you’re just starting out, you’ll need to demonstrate to lenders that you can responsibly use credit products.
- Access to extra funds: While you shouldn’t see it as a replacement for day-to-day spending, a credit card can help you spread the cost of bigger, one-off purchases. As long as you pay off your balance in full, it can be a useful addition to your wallet.
- Online payment protection: If you spend more than £100 on an individual item with a credit card and do not receive the service you paid for, then you’re eligible for a refund under Section 75 of the Consumer Credit Act (1974). If you pay by cash or debit card, you aren’t protected.
Things to be aware of
- Try before you apply: An unsuccessful credit card application will leave a mark on your credit report that will be visible to all lenders. Using marbles’ eligibility FastCheck will show you your likelihood of acceptance, without affecting your credit rating.
- Avoid late payments and fees. If you miss a credit card payment, you’ll be charged interest. Protect yourself from unnecessary fees by making at least the minimum payment each month. A Direct Debit is a good way to do this.
- Understand charges: When taking out cash from an ATM with a credit card you’ll be charged a fee. Only take out money with your debit card and read your credit card provider’s terms and conditions for further information.
Get off to a good start with marbles
If you want to start building your credit rating, a card that could accept people with no credit history, such as marbles, can help.
With handy features such as real-time balance updates and spending alerts, managing your account with marbles is simple, stress-free and puts you in control.
The APR applicable to your account will depend on our assessment of your application. Credit only available to over 18s resident in the UK and subject to status.