The student credit card though has fewer requirements compared to other credit cards, it has low credit limits as well as low-interest rates. There are lots of student credit cards for individuals who meet the requirements, but it is very difficult to select the best one, especially for international students.
Going by the aforementioned, we are going to explore the concept of student credit cards in the UK as well as the list of best credit cards for international students in the UK all through this article.
List of Best Credit Card
In the UK, both domestic and international students find it difficult to obtain credit cards as they typically have little or no credit history and source of income which serve as proof to pay off credit spent. However, there is a specific credit card – Student Credit Card specially designed for students to help sort out their financial issues and build up their credit score for future purposes.
What are Student Credit Cards
Student cards are issued to college and university students to help provide for their financial needs and build their credit scores. It works like other credit cards but the difference is that you must be enrolled in college or university either on part-time or full-time study.
Student credit cards generally come with low credit limits and low-interest rates. It allows you to spend easily, earn rewards, build credit, protect against fraud, and enjoy several other perks.
Requirements for Securing Student Credit Cards in the UK
The student credit cards though have fewer requirements compared to other standard credit cards, some of these requirements that qualify you to apply for the student credit card in the UK are
- Active Studentship: The student credit card will be issued to you if you are pursuing a course at a UK university or college (usually one that lasts two years or more).
- Age: Aside from being a part-time or full-time student in the UK, you must be at least 18 years old, if you will have the chance to obtain a student credit card
- Living in the UK: Being in the UK or residing in the UK is another that qualifies you to apply for student credit cards. This means if you are studying in the UK through distance learning, you are not eligible to obtain a credit card.
- Have a UK Bank Account: For you to be eligible to obtain a student credit card, you must have a UK bank account. Usually, it is the bank you are using that issues the student credit cards.
Ways to Choose the Best Credit Card for International Students in the UK
When you already have a reason to use a student credit card, but you are stuck on the credit card to use. There are many students with credit cards and they vary depending on the specific features of individual cards. Here are the main features to consider in selecting the best student credit cards for international students in the UK.
1. Annual Fees: This is the fee charged for using the credit card per annum. Most of the card issuers charge little or no annual fee. So, you need to look out for this feature in selecting the right student credit cards.
2. APR: This is the interest rate for credit cards. It is the additional cost charged on the total purchase made per annum. The student credit card APR in the UK is around 22%, so you should consider this rate alongside your budget in determining the credit card to use.
3. Intro Rate: Some credit cards charge no interest rate for a particular period. Put this feature among your checklist for the best student credit card in the UK.
4. Cash-back: In every made for a particular good or time or at a particular shop, you will receive some rewards. This is one of the benefits of student credit cards, so one can decide to select the right student credit card based on that.
5. Foreign Transaction Fees: Some of the issuers in the UK charge a fee when you use their cards to make purchases overseas or with an international retailer online. This fee is usually between 2% and 3.5% of the total transaction. Be on the lookout for the cards without a foreign transaction fee to select the right student credit card.
List of Best Credit Card for International Students in the UK
When you have already know the requirements that qualify you to apply for the student credit card and how to choose the best one that suits your demand, knowing how to apply shouldn’t come with stress. This is a list of the best credit cards for international students in the UK.
1. Barclaycard Forward Credit Card
Annual Fee: £0
APR: 33.9% per annum (Variables)
Intro Rate: 0% for the first 56 days.
Foreign Transaction Fee: 2.99%
The Barclaycard Forward Credit Card is among the list of best credit cards for international students in the UK. You are eligible to apply for this card if you are at least 18 years, have a UK permanent address and source of income. The credit limit is between £50 – £1200 which comes with a relatively high purchasing interest of 33.9%. However, it has %0 intro rate for 56 days, and also, you will receive interest rate reductions of 3% in the first year and then 2% in the second year if you meet the terms and conditions.
This card gets you up to five months of Apple Music, Apple TV+, Apple News+, and Apple Arcade. Also, you can earn up to 15% cashback when you spend at a range of participating retailers.
2. Tesco Bank Foundation Credit Card
Annual Fee: £0
APR: 27.5% per annum (Variables)
Intro Rate: 0% for the first 56 days.
Foreign Transaction Fee: Not Available
This student credit card is suitable for those who want to build their credit score with low credit limits and low monthly repayments. It has a Representative APR of 27.5% with a purchase rate of 27.5% (variable) based on an assumed credit limit of £1,200. There is also a £0 intro rate for the first 56 days of using this card.
For using Tesco Bank Foundation Credit Card, you will earn 1 Clubcard point for every £4 spent in Tesco and 1 Clubcard point for every £8 spent (£8 minimum) everywhere else. There’s no annual fee for using this student credit card as well.
3. TSB Student Credit Card
Annual Fee: £0
APR: 21.9% per annum (Variables)
Intro Rate: 0% for the first 56 days.
Foreign Transaction Fee: £0
Like other student credit cards, TSB Student Credit Card provides an alternative for students’ financial issues and allow them to build a credit score for future purpose. Its representative and purchasing rate which is 21.95 is relatively low compared to others. It also charges no annual fee, foreign fee and there is a 0% intro rate for the first 56 days of using this card.
This card also comes with rewards and perks, but it can only be revealed when you apply to use the card. You must have a student account to be able to apply for this credit card.
4. AIB Student Credit Card
Annual Fee: £0
APR: 18.25% – 20.25% per annum (Variables)
Intro Rate: 0% for the first 56 days.
Foreign Transaction Fee: Not Available
If you are at least 18 years schooling in any of the colleges or universities in the UK that needs financial freedom and seeking a way to build a credit score, you should look out for AIB Student Credit Card. It has a credit limit that allows you to pay your balance in full and on time each month, you won’t incur any interest on purchases or cash advances.
Its interest rate is between 8.25% – 20.25% per annum but comes with 56 days of 0% interest on each. There are rewards and other perks for using this credit card. It is also mandatory that you have an existing AIB account to get this card.
5. HSBC Student Credit Card
Annual Fee: £0
APR: 18.9% per annum (Variables)
Intro Rate: 0% for the first 56 days.
Foreign Transaction Fee: Not Available
HSBC is one of the largest banks in the UK. It offers student credit cards for those seeking to build their credit score. Its interest is pegged at 18.9% for £500 assumed credit limit. It is also a no-annual-fee card and comes with sumptuous cash-backs. To be eligible, you must have an HSBC student bank account and be enrolled as a student in the UK.
Conclusion
Student credit cards can give you financial freedom and help you build a credit score that can be used to qualify for a loan and another mortgage after graduation. Getting the card isn’t difficult provided that you choose the right one. Above is the list of the best credit cards for international students in the UK. It should help you make the right choice. If there’s any inquiry regarding this article, we will gladly respond, just drop it in the comment box below.
