Student Prepaid Credit Card
Student Prepaid Credit Card
Student Prepaid Credit Cards »
A student prepaid credit card works in much the same way as pay as you go mobile phones, you have to top them up with credit before you can use them. This is useful if you are not particularly good at managing your money, as you can only spend as much as you have put on the card and cannot become overdrawn or go over the limit.
Advantages of prepaid credit cards include:
- No interest to pay like on a normal credit card
- No late payment fees
- They have the convenience of a credit card, such as using it to pay for goods online or abroad
- They are a good option if you have a poor credit history
Disadvantages of student prepaid credit cards:
- A one-off fee of about £10 to join the scheme
- A monthly charge of about £5
- You may have to pay a transaction fee
A prepaid credit card can help you to keep your debt in check by not allowing you to go over the limit or running up huge credit card bills and interest.
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