Student Credit Card Options When Looking for a Student Credit Card
Getting a student credit card can be quite exciting. It’s important to make sure however that you don’t rush into credit agreements without being equipped with the right information.
Some banks offer student credit cards, while others avoid doing this because students are deemed to be high-risk clients. If you consider the fact that many students struggle to find employment in South Africa as well as that when applying, many of these students don’t have an extensive credit history; it makes sense that some banks would approach this precariously.
Absa bank, one of the leading banks in the country, offers a specialised credit card for students. The Absa Student Credit Card is offered to full-time registered students. The card may be helpful by providing access to additional funds in an emergency.
One of the reasons for Absa offering this credit facility, is that it can help if you are keen to start building up a good credit history. Although it is a risky offering, the bank lends prudently in line with National Credit Act regulations and relating to individual affordability. Student Credit Cards are offered to individuals who have an income or allowance of R800 or more per month.
Further benefits of the Absa Student Credit Card:
- Automatic Travel insurance
- Get up to 57 days of interest free credit
- Free Lost Card Protection
- Free monthly eStatements
- The card is accepted worldwide
- You can use the card for secure online shopping
Nedbank Dezign Student Credit Card
This card is offered to South African citizens between the ages of 18 and 24 who are registered at an accredited South African university.
Tips for students when looking for a student credit card:
- Don’t rush into any agreements
- Avoid taking more credit than you can handle
- Conduct your accounts well
- Check your credit profile regularly
