Student Credit Card Application - Things You Need To Know

Student Credit Card Application - Things You Need To Know  Should students have credit cards? My answer would be a resounding Yes!  Letting them experience this responsibility while still in a position to monitor and guide them is a great opportunity. As long as the parents themselves are responsible credit card users, then they can save their child a potentially (and needlessly) expensive lesson.  What You Need to Apply for a Credit Card, What You Need to Know About Owning a credit card while you're a student.
For a long time now, the trend has been to "go young". It's most apparent in show-business; there actually used to be a time when you had to sing/act/perform for years, if not a decade, before becoming a star.  Now, if you make a big youtube hit, you're "it" - even if you aren't legally old enough to drink nor drive.

The same is true in everyday life. Children nowadays are exposed to all sorts of gadgets even before stepping foot in their first school. In fact, the question isn't if children should have cellphones, but when.

Which brings us to credit cards. After reading the title, you probably asked yourself "Should students have credit cards?"

And actually, one of my college classmates had one. But even if that weren't the case, my answer would be a resounding "Yes!"

At what age they acquire one depends on the parents. But if the parents have credit cards themselves, it makes a lot of sense. Responsibility is taught; it's not always a good idea to just throw them into the water and let them sink or swim.

Letting them experience this responsibility while still in a position to monitor and guide them is a great opportunity. As long as the parents themselves are responsible credit card users, then they can save their child a potentially (and needlessly) expensive lesson.

And with that, I'd like now give way to this guest post from MoneyMax.ph
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You don’t have to fear owning a credit card anymore. It’s a financial advantage you can’t simply miss out on or ignore. E-banking is becoming a global norm, so you might as well apply for a credit card one of these days. Besides, cards offer important perks you can take advantage of.

Benefits of Getting a Credit Card Now


Below are three main reasons why you should get your own credit card—even as a student:
  1. Experience. It is the best teacher, after all. The only way to know what a credit card is worth is to own one. You’ll have to take charge of your personal finances. You’ll also be exposed to credit card jargon. If there’s one thing you should know about credit cards, it’s that you always have to keep yourself updated because rates and offers are always changing.
  2. Good credit history. Having a consistently good credit standing will do so much good for your credit reputation. Young as you are, you’ll get approved quicker for housing loans. You’ll also get lower interest rates, and better offers and perks. Owning one old account with a solid credit standing will definitely pay off when you need it.
  3. The actual benefits of owning a credit card: Being able to shop online. Also, with a credit card tucked in your purse or wallet, you wouldn’t have to live in fear should a financial emergency happen. You’ll also get rewards, miles, and special access to airport lounges.

What You Need to Apply for a Credit Card


Basically, most credit card companies would require you to have a consistent source of income every month to make sure you won’t miss on payments. Some would require you to be 21+ years old. However, if you don’t have a part-time job, you can always ask your parent(s) to allow you to avail of a supplementary credit card. If your parent or guardian is opening a credit card for the first time, you can guide them on the following:
  1. Knowing what kind of credit card to choose. Remember to pick the card that fits your lifestyle best. Don’t get tempted by all the benefits and perks if you’re not going to use them or at least remember to claim them.
  2. Compare. Visiting online comparison portals is always a must before you avail of a credit card. This way, you can see all the latest credit card offers, stress-free. 
  3. A clean record. It helps if you haven’t had any trouble with the law, and that all your records are filed and organized.

Don’t be discouraged when you think you won’t have the financial freedom to use your credit card. When your parents track your expenses, it’ll keep you in line, and hopefully, you’d be too afraid to disappoint or “surprise” them with a shocking purchase. This will train you to use your credit card sparingly, and only for important purchases.

What You Need to Know


If you know you’re finally ready to take the responsibility of owning a credit card, below are a few tips to help you practice better credit card use.
  • Pay off your credit purchases within 2-3 months after buying them. For big purchases, try paying half of the amount in cash, so your credit card bill will have a smaller monthly bill. It’ll be easier to pay a smaller amount, after all.
  • Impulse buying will be your downfall. If you’re going be an eager swiper, knowing you can’t really pay for what you swiped for ASAP, you’re in for a lot of trouble. Don’t develop this habit unless you want to live in debt.
  • Spend below your means. Don’t overestimate your income or spending power. You’re a student, so act like a student. As much as possible, you’re only supposed to worry about student-related purchases.

With these simple practices, you won’t find yourself falling into a quicksand of debt, especially while you’re still a student—and hopefully, this will keep until you reach adulthood. Keep in mind being responsible is always the best trait to have. So what are you waiting for? Apply for a credit card now.

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This contribution is written by MoneyMax.ph, the Philippines’ leading financial comparison portal which helps Filipino consumers make the right financial decisions as they settle on the best credit card, home loan, broadband plan, and more—fast, comprehensive, and free. Visit their blog for more financial tips and advice.


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