Best Credit Card for Students
May 24th, 2010
Students who are enrolled in full-time study often have part-time or casual jobs. This income is enough to sustain the use of a moderate credit card, which is what the best credit cards for students target.
These credit cards are designed to be a good fit for the needs of a typical student. The best credit cards for students also offer some special benefits to this class of consumers.
Best Credit Card For Students
If you are a student, and you’re looking for a little breathing room when it comes to money, have a look at the Commonwealth Bank Low Fee Card. It gives students a basic credit card to help ease financial stress. Also if you are a full time student you do not pay an annual fee
- $24 ($0 for qualifying customers) annual fee
- 20.24% p.a. on purchases
- 5.99% p.a. for 5 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
Read the Commonwealth Bank Low Fee Credit Card terms and conditions.
Advantages of Student Credit Cards
The best credit cards for students share these benefits:
- Easier to obtain – The credit requirements for this type of card is quite low. The minimum income requirement is set in par with the average earning level of a part-time or casual employee who’s paid close to minimum wage levels. The approval process is also simplified, which makes it easy to apply for one of these cards and receive them almost instantly.
- Tight credit limit – In accordance with the low income thresholds, the credit limit is also kept low. There is no point in approving higher credit for students when they are less likely to repay the debt. Keeping the credit limit low also helps to dissuade the cardholder from overspending.
- Reward scheme – Reward points are offered for purchases made using the card, which can be redeemed for items that are prized by students.
Disadvantage of Student Credit Cards
- The need for a parent/guardian to co-sign the credit application (who will be liable for repayment in the event of default by the student)
- The applicant has to be enrolled full-time in a school that is recognised by the card issuer
- Higher-than-normal interest rates on purchases
- Potentially risky when the card is used to fund education expenses
The Best Credit Card
Considering all of the above, the best credit card for students is the Commonwealth Bank Low Fee Card. The following main features are responsible for making this the best credit card for students:
- Low Annual Fee of only $24 ($0 for qualifying customers). This fee is waived for the duration of studies if the card holder is a full-time student.
- Up to 55 days interest free on purchases.
- Easy application and approval process.
- Low credit limits.
- Interest rate of 20.24% p.a. on purchases and 21.74% p.a. on cash advances.
- Balance transfers at the rate of 5.99% p.a. for 5 months
- MasterCard security providing a safe online shopping experience.
If you are searching for a credit card for your child, or if you are a student yourself, then the Commonwealth Bank Low Fee Card is a great fit. You can rest assured that you are getting the best credit card for students.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Westpac 55 Day Credit Card | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 | 21.49% |
|
 Citibank Clear Platinum Card | 11.99% | 2.9% for 12 months | $99 | 21.74% |
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