As a student it is always important to err on the side of caution as far credit cards are concerned. It’s all to easy to fall into serious debt with hefty APR interest payments to boot. Plus, if you encounter difficulty in terms of repayments, it could affect your credit reference for a very long time, which will impact your ability to hire cars, get further credit or most importantly obtain a mortgage. If you’re thinking that kind of thing is a way off, then think again because poor credit history lingers for a very long time.
However, the Barclays Student Card does seem to offer some reasonable functionality and features, albeit at a price.
Here’s the run down:
• APR 14.9%.
• Save money on an Inspiron 1300 notebook offer from Dell when you pay with your Barclaycard. Want more oomph.
• Up to 20% off student essentials from Argos.
• No annual fee.
• Secure shopping with identity protection information.
• Safer shopping online with fraud protection.
• Reassurance about delivery with purchase delivery promise.
• Emergency help when travelling abroad.
• Great holiday deals with our Travel Service.
• Convenient online account management.
• Emergency cash advance and credit card replacement service.
• Text alerts five days before payment is due.
• 24 hour helpline.
Credit Card Cool award a *** ranking out of a potential ***** star ranking for this Credit Card.
Posted by Peter Brady on Mon 10th July 2006 at 09:00 AM, Filed in Student Credit
It seems that along with pay as you go phone cards we about to see pay as you go credit cards aimed at poor students with reckless spending habits.
Apparently the cards will look virtually identical to a normal credit card, but will only be good for the amount loaded up on it. The idea is that they can be topped up at various destinations such as banks, building societies, shops and post offices. I quite like this idea because there is a danger while at university of racking insurmountable debts and incurring a severely unfavourable APR for your pains. Advanced Payment Solutions, the principal cash card provider forsee’s this becoming an ideal option for children studying in some god foresaken university.
The card will be part of the Master Card system and the intention appears to be that there will be a joining fee of £9.95 plus monthly charge of £4.95. But what on the surface of it appears to be a good idea is quite frankly given the kiss of the death by the fact that the card statements will be sent to parents not the students themselves.
Umm the guy who came up with the last bit obviously has never been to university. Just imagine 25 crates of beer, 10 mucky magazines and a night in a disreputable establishment popping up on your statement! Exactly. Unfortunately, because of that it will never get off the ground.
