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The lives of students today are packed with social activities and educational concerns, although more of the former rather than the latter in most cases. However, the average student has little thought about the long-term future. Debt and credit ratings seem to matter very little because neither is present in the immediate future. Some may have a credit card, but it is very rare that any student actually know what that card’s non-monetary features are, let alone how to make the most of them. Investigating the student credit card market takes time and a degree of effort that most individuals are not prepared to put in. Regardless of age and background, everyone has specific ideas of what they want out of a credit card in order for their needs to be fulfilled. Students are no different. This is one reason why basic credit cards only work for those who are unconcerned with features and have no particular need for credit in general. Individuals at university or college do not fit into this category and therefore should investigate the credit cards on the market before applying for one. One credit card that may be of particular interest to the student population is the Barclaycard Student Card. It is designed to meet individual needs and evolve to continue meeting them throughout education and following graduation. Indeed, there are perks offered from the day an application is submitted and approved. For example, Barclaycard offers the option of purchasing a Dell notebook with no interest for 12 months. This implies that the company actually recognises what needs a student may have and is dedicated to helping students’ studies along as well as their social life! Barclaycard Student Card also offers an impressive 20% discount at Argos. Their choice of store is especially notable because Argos stock everything you could ever need, from clothes to furniture to entertainments to computer consumables. One store may seem to pigeonhole and individual but actually serves in the best interest of the majority in this case. Other possible purchases are catered for in the form of vouchers offering 2 for 1 deals and temporary discounts. This is a popular choice with credit card providers who market their cards toward the student. NatWest, for example, also offers discounts but in a variety of stores. CD Wow, Kodak, Paperstone and Kitbag are just some of the retailers offering discount in conjunction with purchases paid for via the card. The university they attend itself may in fact offer another option for students wanting to apply for a credit card. Certain universities work in conjunction with a bank or credit agency to offer their own branded credit card. Dundee University, Essex University, Leeds University and Lancaster University are just a few of the educational institutions that have jumped on this bandwagon. However, instead of offering major incentives for the individual student, a percentage of any money made from the card is donated to the institution to improve it for the use of future generations. Obviously they do offer some incentives and perks to try and attract business, but these vary between institutions and largely depend on the demand for certain stores and facilities in the area. There are certain aspects of each individual credit card that a potential customer needs to examine and take into consideration. It may be wise to apply for a student credit card in order to build a credit rating. After all, if you plan on owning your own home in the future, it is a must. However, a credit rating is only as good as the individual's ability to pay back debts incurred. If the APR, or interest rate, on a student credit card is too high, then debts will soon mount up. Barclaycard Student Card’s rate of interest is manageable and, with a name like Barclaycard, your credit rating automatically gains credibility. Barclaycard has designed its card specifically for students and thus understands their wants and needs. Barclaycard seems to have provided a good all-round card to cater for the future as well as the present. Although it is worth researching any market before settling on a product as a solution for your financial needs, it is hard to find a weakness in the Barclaycard Student Card make-up. It is reliable yet fun if handled in the right way, thus providing an option that any student should check out.
Staff editor, Credit Cards Section, March 2007 |
