Benefits Of A Student Credit Card

The choices you make in managing your money today can impact your credit history for years to come. Follow these useful steps to ensure you have a bright financial future.

Benefits of having a credit card

Getting a credit card and using it responsibly while you’re young can offer a wealth of benefits. Here’s how:

• Improve your credit rating: Over the course of your life, you may need credit for large purchases such as buying a new car or getting a mortgage on your first home. Because you’re just starting out, you’ll need to demonstrate to lenders that you can responsibly use credit products.
• Access to extra funds: While you shouldn’t see it as a replacement for day-to-day spending, a credit card can help you spread the cost of bigger, one-off purchases. As long as you pay off your balance in full, it can be a useful addition to your wallet.
• Online payment protection: If you spend more than £100 on an individual item with a credit card and do not receive the service you paid for, then you’re eligible for a refund under Section 75 of the Consumer Credit Act (1974). If you pay by cash or debit card, you aren’t protected.

Things to be aware of

• Try before you apply: An unsuccessful credit card application will leave a mark on your credit report that will be visible to all lenders. Using marbles’ eligibility FastCheck will show you your likelihood of acceptance, without affecting your credit rating.
• Avoid late payments and fees. If you miss a credit card payment, you’ll be charged interest. Protect yourself from unnecessary fees by making at least the minimum payment each month. A Direct Debit is a good way to do this.
• Understand charges: When taking out cash from an ATM with a credit card you’ll be charged a fee. Only take out money with your debit card and read your credit card provider’s terms and conditions for further information.

Get off to a good start with marbles

If you want to start building your credit rating, a card that could accept people with no credit history, such as marbles, can help.

With handy features such as real-time balance updates and spending alerts, managing your account with marbles is simple, stress-free and puts you in control.