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Student credit cards

Student credit cards are offered because standard credit cards are only available to those with a stable income and decent credit rating. The reason why banks are willing to offer students - this section of the society that has no regular income or credit history to prove their worth - a credit card account is a question of loyalty.

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Much like Adidas or Nike will compete to sponsor some wonder kid at the Manchester United academy in the hope that when he does break through to the first team (and the rich list!) he will remember who looked after him as a youngster and stick with them, banks want students (who on average go on to earn £160,000 more than the national average once they have graduated!) to stick with them.

There is the fact that the financial institutions are keen to tap into the earnings potential early to gain loyalty, and then there is also the fact that these institutions are aware that once somebody has joined a bank (whether they feel a sense of loyalty or not) they cannot be bothered, or are at least reluctant, to change.

When you are a student there comes a whole new meaning to the word 'budgeting'; no longer do you only need to worry about beer money and the odd trip to the cinema or shops. When you are a student living away from home you need to account for things like washing up liquid, toilet roll, food and deodorant, not to mention text books and tuition fees.

Student credit cards can be a useful short-term strategy if you are struggling to make ends meet, however, the interest rates tend to be relatively high and so a debit card account with a 0% overdraft facility, or a student loan, could well be a more practical option for the long-term.

However, if used wisely to pay for those necessities while you wait for your monthly wages or a delayed instalment of your student loan to finally arrive in you bank account; a student credit card can prove to be very useful.

But, do not just settle for the one that your current bank offers, look around for the best deal, and depending on if you have got any part time income, you may even be able to find a standard credit card that you meet the requirements for.

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