The students today are different from the students of the earlier generation. He/she has many benefits that the previous students did not have. One of them is having access to student credit cards. Student credit cards come with various advantages. Let us look at some of them in brief.
1.Have access to funds when you need it the most
Students go to faraway lands for higher education today. It is possible for them to need money in an emergency. A credit card is a useful instrument under such circumstances. Students do not have to depend on external borrowings or trouble their parents for money every time. The student credit card can be of tremendous help.
With more and more shopping establishments accepting credit cards, students need not resort to carrying around hard cash with them wherever they go. It is risky to carry cash anywhere, more so in a foreign land where you do not know anybody. A credit card is safe because you can always block its use when you lose it anywhere. This protection is one of the most significant advantages of using a student credit card.
A credit card allows students to purchase books and other study material with ease. Most of the colleges accept fees and additional charges online. A credit card comes handy during such times.
Students can also withdraw cash from ATMs if they are in urgent need of money.
2. Purchase your necessities online and offline
The times have changed a lot today as compared to the earlier days. Today, you can purchase almost anything online. Ordering food online is possible today. You can summon a cab online or buy your favourite items online. The number of e-retailers has grown considerably over the years. A student credit card is the most convenient way to pay for your necessities online. It is not only comfortable but also safe. Some of the student credit cards provide insurance against fraudulent purchases. It also serves as proof of payment.
Similarly, students can use their credit cards to purchase their necessities from the supermarket. They can use the card to pay their restaurant bills and so on.
3. Take advantage of various services that are available online
Nowadays, it has become a trend to order food online. People also avail cab services by booking and paying online. Car rental services are available online. You can also book your plane and train tickets online. The possibilities are endless. A credit card is an essential instrument to have when you pay online.
4. Take benefit of rewards and cashback offers
One of the advantages of credit cards is the facility to pay for your necessities when you purchase them online or offline. Credit cards have other benefits as well. Almost all credit cards come with additional perquisites such as cashback, discount offers, rebates, rewards points, fuel surcharge waivers, and so on.
Students love to dine out frequently. Hence, you find almost all student credit cards coming with discount vouchers that students can use at select restaurants. Similarly, student credit cards come with gifts like free cinema tickets. The student community uses these benefits more than anyone else does these days.
5. Build up a good credit history
Students are at the threshold of their career when they go for higher education today. Everyone needs to avail loans in the future. It could be car loans, home loans, or personal loans. Banks and credit institutions look at the credit history of the applicants before approving such loans.
Generally, students start their careers on the back foot. Most of them have education loans to repay. It is a challenge for the student to develop a good credit score immediately after completing their education. A student credit card can help them achieve it. If the students use the credit card judiciously by making payment of the entire card bills on time, they begin to develop a good credit history. It helps them when they apply for loans in the future. Students develop the habit of repayment as well.
6. Develop a sense of financial responsibility
A student credit card helps the students to develop an understanding of financial responsibility. Credit cards entail that students have to pay the bills on time every month. They develop this habit of repaying loans. It stands them in good stead in the future. A credit card makes the student feel responsible as he/she starts monitoring their expenses. They learn to balance the income and expenses properly thereby ending up becoming responsible citizens of the future. To know more about the student credit cards and its benefits click on the following link
https://blog.cred.club/2019/05/27/top-student-credit-cards-other-payment-options-in-india/
Final words
A student credit card is advantageous to students in many ways. At the same time, the students should remember to take the following precautions.
- Not to overspend on the credit card
- Maintain the credit utilisation ratio within acceptable limits
- Ensure to pay the bills in full and on a timely basis
- Refrain from applying for more than one card
- Restrict cash advances as much as possible
