Responsible Borrowing
A sensible approach to managing your money
A credit card is so easy to use and flexible that is has to be used sensibly. Managed properly it will give you flexibility and help you out when you need the funds. But, if you don’t keep a careful eye on it, you can borrow more than you can afford to spend. This is our guide to getting the most of your credit card so you can get the most from student life.
Your questions answered
- What are the pros and cons of credit cards?
- What should you do before selecting a credit card?
- How do we know you're creditworthy?
- How much can you afford to borrow?
- How should you manage your spending?
- What should you do if you have payment difficulties?
- Why is a good credit history important?
- How can you help avoid fraud?
Useful terms
Like all things financial, credit cards have their fair share of jargon. We’ve put together a brief Glossary of terms you should know when selecting your student credit card.
Alternative sources of information and help
Owning a credit card is a big decision so it’s best to do your homework. Listed below are some of the key organisations and information sources you may want to look at:
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NUS provides research, representation, training and expert advice for individual students and students' unions, representing around five million students in higher education throughout the UK.
www.nusonline.co.uk/info/money/272887.aspx -
choosingandusing has been created by APACS, the UK payments association, for a free and impartial guide to choosing a credit card and using a credit card.
www.choosingandusing.com -
Moneymadeclear is brought to you by the Financial Services Authority, the UK's financial watchdog. Clear, impartial information on money matters. No selling. No jargon. Just the facts.
www.moneymadeclear.fsa.gov.uk -
MoneyBasics is a partnership between Credit Action, Consumer Credit Counselling Service and GE Money. Credit Action is a national money education charity which aims to encourage "better thinking about money”.
www.moneybasics.co.uk/credit/credit-cards/costs.html -
The Citizens Advice service helps people resolve their legal, money and other problems by providing free information and advice from over 3,000 locations, and by influencing policymakers.
www.citizensadvice.org.uk -
The Consumer Credit Counselling Service is a registered charity whose purpose is to assist people who are in financial difficulty by providing free, independent, impartial and realistic advice.
www.cccs.co.uk -
Payplan are one of the UKs leading free debt management companies who use a system developed for the Paylink Trust (a not-for-profit organisation) to make repayment arrangements between clients who are in debt and the companies they owe money to.
www.payplan.com
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