Student life in the UK can be exciting and challenging at the same time. With the rising cost of living and tuition fees, managing your finances is more important than ever. A key part of that is having the right credit card. In this Flik Eco blog post, we'll explore the best credit cards for students in the UK to help you take control of your finances and make the most of your time at university.
Best Credit Cards For Students UK Table of Contents
Finding the Right Student Credit Card
It's crucial for students to find a credit card that offers the best possible benefits without the risk of running up debts. That said, let's take a look at some key aspects to consider when choosing the right card for you:
• Low or No Annual Fees
As a student, every penny counts. Choose a card that has either no annual fees or very low fees to make sure you're not wasting money on unnecessary expenses.
• Interest-Free Periods
Many cards offer interest-free periods, which means you won't have to pay any interest on your purchases if you pay your balance in full every month. This is a great feature for students who are careful with their spending and can help you save a significant amount of money.
• Cashback Rewards
Some cards provide cashback rewards, allowing you to earn a percentage of your spending back in cash or as credit towards your account. This is a fantastic way to make your money go further.
• Credit-Building Features
As a student, it's never too early to start building a good credit score. This will be invaluable for your future borrowing needs, so look for cards that offer credit-building features such as regular credit limit reviews and reporting to credit bureaus.
Now that we know what to look for in a student credit card, let's dive into our top picks:
Top 5 Student Credit Cards in the UK
1.
HSBC Student Credit Card
- No annual fee
- Representative APR: 18.9%
- Interest-free period: Up to 56 days
- Great for students who want a simple, low-cost card that’s easy to manage
2.
Tandem Cashback Credit Card
- No annual fee
- Representative APR: 18.9%
- Interest-free period: Up to 51 days
- Earn 0.5% cashback on all purchases
- Ideal for students wanting to earn cashback on their everyday spending
3.
Aqua Classic Credit Card
- No annual fee
- Representative APR: 37.9%
- Interest-free period: Up to 48 days
- Aimed at students looking to build their credit score
- Regular credit limit increases on good behavior
4.
Barclaycard Forward Credit Card
- No annual fee
- Representative APR: 33.9%
- Interest-free period: Up to 56 days
- Helps students build their credit rating
- Potential for APR reduction after 12 months of good account management
5.
Halifax Student Credit Card
- No annual fee
- Representative APR: 19.9%
- Interest-free period: Up to 50 days
- A straightforward option for students who want a basic, no-frills credit card
Best Credit Cards For Students UK Example:
Imagine you're a student in the UK who spends an average of £300 per month on your credit card. By using the Tandem Cashback Credit Card in our list, you could earn £1.50 cashback per month (0.5% of £300), equating to £18 per year. With a 51-day interest-free period, as long as you pay off your balance in full each month, you won't pay any interest on your purchases.
Choosing the best credit card as a student in the UK can make managing your finances during your time at university much easier. It can also help you to build a healthy credit score for your financial future. With the variety of student credit cards available, it's essential to find one that best suits your needs and spending habits.
Flik Eco is here to support you in your personal finance journey, so be sure to explore our other guides and articles. If you found this article helpful, please share it with other students and fellow money-savvy individuals out there!
