Students and credit cards – searching for the best deal
In recent years, the cost of going to university has risen greatly. From 2012, many institutions saw a dramatic rise in the tuition fees per year to attend campuses around the country. In some cases, the costs rose to a staggering £9,000. This has led to around a 15% drop in applications in many cases, according to sources such as The Guardian who explained university applicant numbers fell by 8.8% in 2012 and 7.2% in 2010 (totalling 16%).
One way that many students who do still wish to attend university are able to find the breathing room to study through difficult financial times is by using a credit card. If you are thinking about using one yourself, then here are a few key points to make sure you get the best deal.
A low APR (annual percentage rate) is essential when looking for a credit card. This will ensure that your repayments are affordable and attainable and using your card will not land you in trouble at a later date with high fees to pay off when you come to leave university. The graduate job market is a difficult one at the moment so you should always plan ahead for every eventuality.
A good credit history
A good credit history simply means that you have shown diligence and capability when paying off any direct debits or contract-based payments for items such as mobile phones or electronic goods. As long as you have kept up repayments successfully on anything you are either leasing contractually or have rented then you will be able to get the best deal possible.
Credit reference agencies such as Experian and Equifax will run your credit score based on your past ability to keep up with any repayments. Making sure you always have enough in your bank to cover your expenses will help you greatly.
Seek a student friendly card
There are now actually many cards out there on today’s market that do cater for students. Having seen such a rise in the cost of living, particularly when studying in an expensive city like London with its vastly high cost of living, many cards now do offer student-specific rates.
You can find out about the advance card which is on offer from aquacard and offers very reasonable rates for low-income students in need of financial assistance or alternatively search for other student credit cards to consider all of the options which are available to you.