Should Students Get A Credit Card?
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Should Students Get A Credit Card?

Zoe Kramer January 1, 2023

With adulthood and financial independence comes the ability to start a line of credit. It can be difficult to determine whether this is the right option when you’re just starting out on your own, since there are a multitude of factors at play. You might see a friend use theirs and admire the freedom it gives them, or you might be cautious of the potential ramifications of accruing debt. Whatever boat you’re in, here’s a guide to whether you should get a credit card as a student.

Photo by Stephen Phillips – on Unsplash

See also: When Are The Student Finance Payments For 2023?

Why A Credit Card Can Be a Good Idea

Having a credit card can open up plenty of doors for you, and lead to long-term benefits down the line. If you pay off your debts responsibly, you can start building up credit which can be useful in the future if you want to buy a car or house. It lets a bank know that you can be trusted to pay back what you owe without complications. If you run into an emergency where you need to spend more money than usual, a credit card will facilitate that. Credit cards can also come with special offers and deals, such as airline miles, cash back, or discounts on a variety of purchases. There are even credit cards specifically designed for students, with perks for good grades and other offers.

Another good reason to have a credit card is if you have a steady income. If you’re working part-time while you study, for example, you’ll have an extra layer of security so you know you won’t run into a tight spot when it comes time to pay your bill.

Why It Might Be Better To Wait

If you don’t normally budget, or if you suspect you may have the tendency to overspend, it may be better not to get a credit card. It’s easy to lose track of your spending when you have more money available to you than what you’re used to. Just as building up a good credit score can make things easier in the future, a bad credit score can lead to headaches down the line. Especially when you already have student debt, you don’t want to have more debt already piling up as you head into the workforce. Sticking to a debit card where there’s less capacity to overspend can be a safe bet.

See also: How Does Funding For A Master’s Degree Work?

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Zoe Kramer is a full-time staff writer on Freshered. She graduated from Cardiff University in 2022 with a BA in Journalism, Media and English Literature. During her time in university, she worked for her student newspaper as well as completing an internship with a book publisher. She has also written and continues to write book and theatre reviews. She is excited to now be pursuing a career as a journalist and learning something new every day. In particular, she loves writing about student life, books, the Internet, and travel. Originally from the United States, she is enjoying living abroad in the UK.