Student Credit Cards | Comparison & Reviews

Student Credit Cards

Students can establish credit and learn to manage debt with low-fee credit cards geared specifically toward them.

5 reviews
$0 p.a. annual fee.
One low 11.99% p.a. rate on purchases.
Up to 55 days on purchases if you pay your balance in full each month.
purchase rate
annual fee
min credit limit
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No foreign transaction fees on purchases when travelling or shopping online.
Free Global Wi-Fi at more than 1 million hotspots worldwide.
$0 annual fee.
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21.99% p.a.
ongoing
$0
ongoing
$6,000
NEW
Commonwealth Bank Low Fee Gold Credit Card
Apply by 29 feb 20
13 reviews
0% p.a. on purchases for 15 months (terms and conditions apply).
Enjoy $0 annual fee for the first year and for each subsequent year where you spend $10,000 or more in the previous year.
Overseas travel insurance to give you cover for up to 3 months travel.
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15 months
0% p.a.
then 19.74%
$0
1st year
then $89
$4,000
0% p.a. for 6 months on purchases.
Make purchases with NAB’s lowest interest rate card and longest interest-free period.
Low $59 p.a. annual fee.
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6 months
0% p.a.
then 13.99%
$59
ongoing
$500
$0 p.a. annual fee.
One low 11.99% p.a. rate on purchases.
Up to 55 days on purchases if you pay your balance in full each month.
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11.99% p.a.
ongoing
$0
ongoing
$1,000
NEW
Commonwealth Bank Low Rate Gold Credit Card
Apply by 29 feb 20
13 reviews
0% p.a. on purchases for 15 months (terms and conditions apply).
$89 p.a. annual fee.
Low ongoing purchase interest rate of 13.24% p.a.
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15 months
0% p.a.
then 13.24%
$89
ongoing
$4,000
Low $30 p.a. ongoing annual fee.
Complimentary purchase protection insurance.
0% p.a. for 6 months on balance transfers. (2% balance transfer fee applies). Reverts to cash advance rate.
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19.74% p.a.
ongoing
$30
ongoing
$500
Pay no annual fee as long as you hold the card.
2.99% p.a. for 9 months on balances transferred.
Up to 55 days interest free on purchases.
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17.99% p.a.
ongoing
$0
ongoing
$1,000
Virgin Money No Annual Fee Credit Card
Apply by 02 dec 19
13 reviews
$0 annual fee for the life of the card.
6.9% p.a. for 36 months on balance transfers.
Up to 44 days on purchases.
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18.99% p.a.
ongoing
$0
ongoing
$2,000
0% p.a. for 6 months on balance transfers.
No annual fee for the first year ($79 p.a. thereafter).
A low-interest rate of 9.90% p.a. on purchases.
New customers. Limited time. Fees & charges, T&Cs apply.
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9.90% p.a.
ongoing
$0
1st year
then $79
$1,000
A low-interest rate of 9.90% p.a. on purchases.
0% p.a. for 6 months on balance transfers.
No annual fee for the first year ($99 p.a. thereafter).
New customers. Limited time. Fees & charges, T&Cs apply.
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9.90% p.a.
ongoing
$0
1st year
then $99
$6,000
$0 p.a. annual fee for the first year, then $30 p.a.
An easy to manage credit limit from $500 will mean you can’t build up a lot of debt.
Make every day a little bit easier and do your banking on the go with the ANZ App.
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20.24% p.a.
ongoing
$0
1st year
then $30
$500
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Q&As about Student Credit Cards from customers

What are the benefits of a student credit card?

A student credit card is a good opportunity to learn to use a credit card responsibly in a fairly low risk way – the credit limit is kept intentionally fairly low, meaning you can only overspend so much before your card maxes out. Student credit cards are also affordable – they typically have $0 or very low annual fees. It’s also great for building credit history – if you pay off your debts on time, it shows future credit card companies that you can be trusted with a more powerful card because you’ve been faithful with the last one you had.

Are there drawbacks?

Unfortunately, yes. Even though the credit limits are low, any credit card can open the door to building up debt. And student cards often have high interest rates, making debt even easier to accrue. If a student doesn’t fully understand how interest works and isn’t organised enough to make their repayments punctually, they could easily get themselves in trouble.

What features should I look for?

You want a card with low or no annual fee, low interest rates and, if you have debt elsewhere, a balance transfer option. The card should also have basic security features.

How can I best manage my finances and use my student credit card?

Here are a few basic tips to keep you out of trouble:

  • Have some life goals – This is a great starting point because it will motivate you to keep out of debt more than anything else. If you want to buy a car or house one day, you’ll have the incentive to live conservatively for the sake of the greater goal. Whatever money you get, try to put a little of it aside every week toward your goal, no matter what.
  • Make a budget and stick to it – Be realistic when you budget and include recreational spending because this is normally where the money gets blown. If you know what you’ve got to spend, you’ll be more likely to stick to it. Break it down into a monthly and weekly budget. Get some help from a friend or online if you’re stuck.
  • Live within your means – That’s right, everyone else might be accumulating debt, but you’ll be so much better off spending only what you have or what you know you can pay off in full at the end of the month.
  • Have an emergency fund – Most people rely on their credit card for emergencies. You’ll do yourself a favour if you set aside some money in an emergency savings account. Then, when an emergency comes (which is inevitable), you won’t have to go into debt amidst an already stressful time.
  • Pay in cash as much as you can – Paying for things in cash means you’re paying for things with your own money. It’s much easier to lose track when you pay for everything with a plastic card.
  • Use your card as little as possible – Sometimes you need a credit card for online purchasing or other needs, but because student cards don’t generally have any rewards programs, and because they have low credit limits, you’re not doing yourself any favours by using it for the sake of using it. Keep it for when you have no other option.
  • Pay off your balance in full each month – You want to build up a good credit rating and stay out of debt. Paying off your balance and covering anything you’ve spent that month will accomplish that.

What happens if I can’t make a payment?

If you don’t make your monthly repayments on a credit card, you’ll get charged interest. If you just let the debt sit there without paying it down, it will automatically grow astronomically. Additionally, if a credit provider sees that you’re not paying down your debt, they can even increase your interest rate and you’ll be in even more trouble. In addition to accumulating overwhelming debt, you will damage your credit rating. This will affect any future credit card applications and can even hinder you getting a rental property or loan of any kind, including a car or home loan. If you want to keep your options open in the future, do not go down this track. If you’re in trouble and need help, there are a wealth of resources online, in local libraries and in credit centres everywhere.

Should I go with a credit or debit card?

Debit cards function very similarly to credit cards except for one major difference. Debit cards use money you already have, credit cards use money you don’t have (and can put you into debt unless you manage your account). Unless you have to spend money you don’t have, a debit card is more than fine for pretty well anything you’d use a credit card for, including online shopping. The best part is it eliminates the risk of losing track of spending and getting into debt. If you’re worried about needing funds in an emergency, start putting aside some money each week for that very purpose now.

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