Credit Card Choices

There are many things to consider when choosing a credit card. For many students, this will be the first time they are introduced to credit and making the right decision is extremely important. Each credit card will offer varying APR’s, introductory rates, annual fees and maybe even perks or benefits associated with using the card. Many cards have some additional requirements for students, such as the need for a co-signer who is a parent or guardian. If the student fails to repay his or her debt the co-signer will be responsible for repayments. Other credit cards may have income requirements, or would like to see some history of financial activity such as an active savings account.

When searching for the perfect credit card to get your credit history started, students should look into the Westpac Student Visa Card.

Benefits of the Westpac Student Visa Card

The Westpac Student Visa Card is a great option for students as it offers a low credit limit so students are not tempted to overspend. The approval process is simple and easy. Following are some of the terms of the credit card.

  • Annual fee of $30
  • Interest rate starting at 20.45% p.a.
  • Credit limits ranging from $300-$500
  • Quick and easy replacement of lost or stolen card
  • Purchases are interest free for the first 55 days
  • Shopping security on the Internet
  • Approval is based on income, even part time jobs

Requirements for obtaining a credit card

In order to apply and be approved for a Westpac Student Visa Card, there are certain things a student must have. Students must be an Australian citizen and age 18 or older. Students will want to ensure they have all their banking information available as well as any employment information they have. You may be required to prove you have a bank account open and in use before applying for the card. Once you have all of the required information, you can now apply for the credit card. The easiest way to do this is via the Internet. If you do not have access to the Internet, applications can also be made over the telephone or in person at a bank branch. Regardless of what credit card you choose to obtain, the most important thing for students to remember is to be responsible for your credit. Your first experience with credit cards can set the tone for the rest of your credit profile. Always pay your bills on time, pay your credit cards off each month and do not overspend.