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Should Students Be Offered Credit Cards?

ghiselle rousso by ghiselle rousso
November 1, 2022
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Nowadays there are more credit cards being offered than one can count, each with its own unique features and benefits, some credit cards are made to cater to particular tastes. If you are a shopaholic, having a credit card that is expressly geared toward shopping will likely be beneficial to you. Rewards credit cards will help you if you make regular transactions and love collecting rewards, likewise, there are cashback credit cards, travel credit cards, student credit cards, etc. A student credit card is similar to a regular credit card, with the exception that it was created especially for students, and its features are primarily geared toward helping students. But should students get a credit card at an early age? Let’s see both sides first before we come to any conclusion.

Why students should be offered credit cards?

Before you graduate, a student credit card can help you establish a solid credit history. If you manage your credit card responsibly, you can obtain credit in the future at favourable terms. Following are the reasons for students to have credit card:

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Helps in building credit score:

Having a credit card at a young age means starting with a clean fresh slate, you can either be disciplined and use it to build a good credit score or you can choose the wrong path, make costly errors like exceeding your credit utilization ratio or use it for unimportant purchases, and watch as your credit score goes worse.

Instils financial responsibility in you at an early age:

Youngsters having credit cards would be able to understand the value of each and every rupee because they will have more management of their spending. Being in possession of a credit card will inevitably make you feel more accountable. Along with acting and feeling more mature, you’ll also be able to keep tabs on your spending. You get to know what matters the most and what doesn’t.

Efficient in times of need:

You cannot anticipate what the future will bring; it could be extremely good or extremely horrible. Credit cards may come in handy for you in this uncertain future, whether it be for medical costs, textbook expenses, exam fees, etc., the credit card will be there for you as long as you fully repay the balance.

Rewards and benefits: 

Because of the name ‘student credit card,’ users may think that these credit cards only offer benefits related to students, while it may be true to some extent because students were their main focus while creating such cards that’s not all that the credit card offers, it comes with rewards and cashback benefits just like regular credit cards. Although the rewards these cards may offer may not be as good as a regular credit card but they are not as bad either.

Will help in future loans:

Starting your credit journey at a young age will not only make you a responsible adult with time but will also help you in building a strong credit score which is a very crucial thing. Having a good credit score will not only help you in getting a better credit card, but it will also open doors for you to get a loan at low-interest rates, it will also be simpler for you to find an apartment to rent, etc.

Why students should not be offered credit cards?

If students are given access to bank cards, they will waste money on luxury and other activities that will keep them from studying. Here under are some reasons to support why students should not be offered credit card:

May hurt their credit score:

Since you are still a student, there is a lot to learn so having a credit card as a student and not knowing how to use it properly may result in damaging your score than helping in building one. Our advice would be to start with a beginner’s credit card preferably which comes at a zero annual or joining fee and with a credit card that is designed specifically for students.

They may overspend: 

Even if you promise yourself at the outset that you won’t go over your allotted spending, sometimes the impulse to overspend will win. You might, like many young students, start to think about materialistic things, and the buy now, pay later option would just entice you more. Spending too much will not only make it difficult for you to repay your debt, but it will also lower your credit score. Maintaining a budget and strictly adhering to it is one approach to prevent overspending.

They may fall for fraud:

Young people who lack experience and aren’t familiar with using a credit card may fall victim to scams because frauds these days are so clever that even seasoned users are susceptible to such scams. In this day and age, finding a product online for less than its actual cost may lure you to buy it. Without knowing anything about the website, consumers may provide their card information, and by the time they notice their cards have been used fraudulently, it is too late.

Temptation of collecting rewards:

Rewards are the main thing that attracts users to get a credit card, and why wouldn’t they? You will practically be getting paid to make transactions. Only that is not the whole picture. While you will receive rewards like reward points and cashback that should not be the sole reason for you to keep making unnecessary purchases. In the end, you’ll have to figure out that the rewards you are getting are at least equal to the amount you’ll be paying for the transactions you make.

Can either be good or very bad:

Given the fact that they’re still young and accustomed to having their parents manage their finances, it will be uncommon for them to already be financially responsible. However, giving them a credit card might either help them become disciplined and responsible adults or just the opposite.

Bottom Line:

A credit card is an effective financial instrument. Additionally, having one while you are still a student has many advantages. Users have access to financial freedom thanks to it, ensuring that they’ll seldom run out of funds. Additionally, they have the availability of alluring benefits and prizes for your transactions. Users get additional worth for their spending, in the form of cashback or rewards on their credit card purchases. It is better and easier not to mention safer to carry a credit card with you than cash.

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