Credit cards can give actually save you some money!
That's if you use it responsibly and avoid owing the bank on repayments.
I know right, school didn't really teach much on it.
This post is to share the best credit cards for university and tertiary students!
Why using credit cards are better than debit card!
I am currently using the FRANK debit card by OCBC as it was free and I was attracted by its variety of designs.
Why did i resist using a credit card till now?
I was afraid to use a credit card because of the risk that comes along with it.
Did you also think that if you weren't able to repay what you borrowed, then you would damage your credit record which would be a huge financial burden?
Maybe all future applications such as car loans and housing loans would be affected.
I also wrongly assumed that all credit cards from other banks only allow people with an annual income of $30,000 and above to own a credit card.
Before we get further, check this video below on "Why credit is better!"
Best 4 credit cards for university students!
Citibank Clear Card
The minimum age requirement for this card is 18 years old, but applicants under 21 must get their parent/guardian’s consent to the application and guarantee for the payment of outstanding balances.
Current promotions:
- A welcome gift of $20 cashback!
- Love Bonito - 10% off with minimum spend of SGD100 online and in-stores (Valid till 29 Feb 2020)
- Love and Bravery - 10% off with minimum spend of SGD60 online and in-stores (Valid till 31 Mar 2020)
- Booking.com - Up to 10% cashback on hotel bookings (Valid till 31 Mar 2021)
No minimum income is required! This makes it an ideal card for tertiary students. However, it does come with an annual fee of $29.96.
With a Citi card, you'll gain access to Citi World Privileges, where you can enjoy deals and discounts locally & in 90 other countries. You'll be able to use your accumulated points to pay for any purchase with Citipay OR redeem Citi ThankYousm Rewards flexibly.
MayBank eVibes Card
While the age requirement for most credit cards are 21 years old and above, you can get your credit card as early as 18 years old.
You can purchase ANYTHING and you will receive a 1% rebate
Current promotions:
- Enjoy quarterly service fee waiver for the first 2 years (save $40!)
- Get a stylish adidas wristwatch worth S$120 when you apply for this card
This card comes with a $500 credit limit is given.
The rebates will automatically be used to offset (reduce the amount of money owed) . Hence, it would be better for you because you get to pay lesser instead of the full amount.
- Ideal for Samsung users
Samsung users can simply fill in their credit card details on Samsung Pay. By doing so, with a tap of your fingerprint/passcode, you will be able to purchase anything without a physical credit card being in hand. One less card for your bulky wallet ! Sorry IPhone and other phone users !
- Quarterly service fee of S$5
Yes, the annual fee is free. However, you will be charged $5 every 3 months.
For example, if you got your credit card in January means you would be charged in March,June, September and December.
So technically, $5 X 4 = $20, you do have an 'annual fee' of $20.
CIMB AWSM Card
- Stolen/Lost Liability
Be sure to check if you have your credit card at all times ! As it would cost you $100 if it was lost/stolen and there will be an additional replacement fee of $20 charged.
- Transit Card
Say goodbye to your EZlink cards because now, we can even use our credit cards when we're travelling on the bus and trains with SimplyGo! You will no longer have to stand in long queues to top up your card.
- Telco Benefits
Not only will you receive 1% cashback when you dine and shop, you will also receive 1% cashback when you purchase your new phone or pay your monthly bills with this card !
- CIMB Deals and discounts
Enjoy awesome deals and discounts on with their exclusive network of over 1,000 local and overseas partners across dining, retail and lifestyle outlets with the CIMB AWSM Card.
Best part is this card is Free For Life which means NO Annual Fees Ever! Whohoo!
DBS Live Fresh Student Card
- Fee waiver - 5 years
Most credit cards do not provide such a LONG duration for fee waiver. Lucky for you and cheers to 5 years of not caring about the annual fee!
However, by the end of that 5 years, you will need to pay $192.60. So cancel it by then?
- Visa payWave purchases (Apple Pay, Samsung Pay and Google Pay
Current promotions:
- Sign up by 31 December 2020 to get S$40 off your FoodPanda order when you spend a minimum of S$250 anywhere within 30 days from Card Approval Date!
- Graduating soon? Sign up for the DBS Live Fresh Student Card now to get S$200 worth of rewards upon upgrading to the regular DBS Live Fresh Card after graduating.
This credit card caters to a larger audience (IPhone users, Samsung users, Android users).
As such, in spite of what phone you use, you will be able to sync your credit card details into your phone and you can use it to purchase anything offline or online.
Much like the MayBank eVibes card, you need not worry about carrying an extra card in your wallet !
- Be an eligible Undergraduate student from NUS, NTU, SMU, SUTD, SUSS, SIT, Nanyang Polytechnic, Ngee Ann Polytechnic, Temasek Polytechnic, Singapore Polytechnic or Republic Polytechnic
Because this a student card, it is only catered for tertiary students.
These are one of its mandatory requirement. You have to belong to any of these schools, otherwise you won't be able to purchase the card.
So make sure to seize your opportunities while you're in your tertiary phase and make use of all the advantages while it lasts
- Not have an existing DBS/POSB Credit Card and/or other unsecured facilities# with DBS/POSB
Many of us carry various cards/accounts for different purposes. Hence, weigh the pros and cons of your current vs this card to see if its worthy to invest on.
Looking to get a card? #notsponsoredpost
A friend of mine runs this credit card portal and it's pretty good
Quick summary and why I choose Maybank eVibes Card!
Below is a quick snapshot of the cards mentioned with special focus on the annual fee.
However, most banks will waive off annual fees if you use it frequently enough and are prepared to cancel it away after a telephone call in.
Personally, I would go for the Maybank eVibes card just because it doesn't require me to have a minimum income and at worse I'd be paying only $20/year ($5 quarterly fees) instead of $100+.
Check here to see card on Maybank page
The 1% cash rebate with NO minimum spend on EVERYTHING is also appealing,
Check out this post on the TOP 5 things your money is wasted on - 2019 version for millennials!
Making payments on your credit card bills.
I know what you're feeling, if you are unsure on how to go about making a bill payment or afraid that you missed the due date dont' worry.
Banks are known to give late fee waivers at least once!
I'd recommend that you get used to logging into Banking frequently or at least once a month.
In this way, you've see the "AMOUNT DUE". And when it is selected there, PAY THE FULL AMOUNT and not the minimum amount.
It is not possible to use a debit card to pay a credit card bill. But it is possible to set up a giro to pay off the credit card bill automatically.
Have you heard of the NEW Apple credit card?
While doing research, I came across this new apple credit card.
Apple launched their first ever physical credit card in August 20 2019.
It is made of titanium and it has a minimalistic look and it is all matte white in the front and back. Because its metal, its not as flexible as regular credit cards. Its more durable.
It has a mastercard logo on the back as well as a Goldman Sacs logo.
To activate your Apple credit card, you have to put your IPhone on the packaging and it would come up on your IOS.
Key Factors about this Apple Credit Card
1) Previously Iphone users purchase items online using Apple Pay. Now, IPhone users can now use Apple Pay at places that don't accept Apple Pay. Therefore, it would still end up in your wallet application
2) There is a slider in your wallet app to see how much interest you would be paying as well as payment schedules.
3) In the app, the colour gradient of the card means something!
Completely white : Before you spend any money on anything
Colourful: Anytime you spend money at different merchant or category, it adds colours to the gradient.
4) It's all secured with FaceID so even if someone finds/ steals your card, they won't be able to use it because they don't have your IPhone and even if they do have your IPhone, they don't have your face.
5) You know we do lose things once in a while but there is NO card number on the card which makes it even more secured.
These are the following rebates offered on the card
- 1% cash back on any spending
- 2% cashback on using ApplePay.
- 3% cashback on anything you buy at an Apple store.
Of course, this credit card is more for working adults than university students.
Conclusion on credit cards!
Credit cards can earn you rebates unlike a debit card so stop using one!
In addition, credit card allows you to pay next month so as long as you use it responsibly, it will be fine.
This is part of #adulting don't you agree?
Last updated on January 20th, 2020 at 01:53 pm