What is a Student Credit Card?
A student credit card is a payment card particularly designed for students to help them meet their various expenses. The Student Credit Cards enable students to enjoy interest free short term credits. These credit cards not only provide financial independence to students, they also come with attractive rewards and pave the way for establishing a good credit history for students, which is really important for them to avail further credits in the future.
Student Credit Cards in Malaysia
There are many banks in Malaysia which offer customized student credit cards for students. These credit cards are mainly meant for high school and college students.
Key Features of Student Credit Cards in Malaysia
The Students Credit Cards offered by Malaysian Banks come with a number of attractive features. Listed below are the main features of Student Credit Cards
- No Annual Fee:
- Annual Percentage Rate (APR):
- Lower credit limit:
- Like other credit cards, Students Credit Cards are equipped with latest technology to protect students from fraud.
- These cards come with extended warranty protection.
- Supplementary Credit Cards may be available along with the primary credit card.
- Students Credit Cards offer attractive and lower rates of interest so as to benefit the students most.
Mostly, Students Credit Cards are free form annual fees. Because, paying annual fees can serve as an additional burden for students.
Student Credit Cards come with various attractive rewards in the form of reward points or cashbacks.
Student Credit Card usually have a zero introductory Annual Percentage Rate for the first few months.
Student Credit Cards usually offer lower credit limits.
Benefits of Student Credit Cards in Malaysia
The Student Credit Cards in Malaysia offer a host of benefits which include:
- These cards are safe and secure means of payment.
- Students get introduced to an increasingly cashless society.
- By using these cards, students can build up a good credit history. Going forward, a good credit history will help them when it comes to applying for different types of credits such as Home Loan, Car loan and Personal Loan.
- Students learn to manage credit responsibly by using these credit cards.
- Students can enjoy travel assistance with the help of these cards.
- Many Student Credit Cards come with medical insurance and travel insurance.
Things to remember while using Student Credit Cards
While using Student Credit Cards, a student has to pay attention to the following factors:
- Never delay your credit card bill payments. Pay your outstanding amount on time in full so as to build a good credit rating and avoid paying interest on your credit card balance.
- Don’t misuse your financial independence. Avoid spending carelessly so as to develop a controlled spending habit.
- Although, you can use your Student Credit Card to withdraw cash from ATMs, never use your credit card to withdraw cash. If you use your card to withdraw cash, you will end up paying very high withdrawal charges. So, use your Debit Card to withdraw when it comes to cash withdrawal.
When used wisely, the Student Credit Cards can really benefit you in many ways, especially in building a good credit score.
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