5 reasons to have a credit card at university

Are you a university student looking for ways to manage your finances effectively? You might want to consider getting a credit card.

A credit card can provide you with a number of benefits, including building your credit score, establishing a strong repayment history, being used in emergencies, developing financial literacy skills, and making travelling overseas easier.

Lets discuss the top 5 reasons why owning a credit card can support your university experience.

1. Helps build a credit score

Having a credit card and using it responsibly can help you build a positive credit score.

Your credit score is a numerical representation of your creditworthiness, and it is used by lenders to determine whether to approve you for loans or credit cards.

A good credit score can make it easier for you to get approved for future loans or credit cards, and may even help you get better interest rates.

2. Helps establish a strong repayment history

Using a credit card and making your payments on time can help establish a strong repayment history.

This can be important when applying for future loans, as lenders want to see that you have a history of making payments on time.

3. Can be used during emergencies

A credit card can be a lifesaver in emergency situations.

If you have an unexpected expense, such as a car repair or medical bill, a credit card can help you cover the cost until you can pay it off.

4. Helps develop financial literacy skills

Using a credit card responsibly can help you develop financial literacy skills.

You will need to learn how to budget your money, track your spending, and make payments on time.

These skills will be useful throughout your life, not just during your university years.

5. Makes travelling overseas easier

If you plan to travel overseas during your university years, a credit card can make things easier.

Many credit cards offer travel rewards such as airline miles or hotel discounts. In addition, a credit card can be a convenient and safe way to make purchases when travelling.

Choosing the credit card that is right for you

When choosing a credit card, there are several factors to consider:

• Credit limit: The amount of credit you are approved for
• Interest rate: The amount of interest you will be charged on your balance
• Fees: Any fees associated with the card, such as annual fees or late payment fees
• Rewards: Any rewards offered by the card, such as cash back or travel rewards

Make sure to research your options and choose the card that fits your needs and financial situation.

Responsible credit card use

It is important to use a credit card responsibly in order to avoid getting into debt. Some tips for responsible credit card use include:

• Make payments on time: Late payments can result in fees and damage to your credit score
• Stay within your credit limit: Going over your credit limit can result in fees and damage to your credit score
• Monitor your spending: Keep track of your spending to make sure you don't spend more

Am I eligible?

To ensure you're eligible to apply for a Visa Credit Card with Greater Bank, you'll simply need to be:

• 18 years of age or older and reside within NSW, QLD or ACT;
• Have an income in excess of $20,000 p.a. and have a satisfactory credit history, and;
• An Australian permanent resident. That's it!

Steps to apply for a credit card

To apply for a Greater Bank Visa Credit Card, simply click on the button below and provide us with your details as part of our application form.

Apply online

Our credit team will assess whether or not you're suitable for a Credit Card, and will be in touch shortly with the result of your application.