Westpac Student Visa Card

As a student you are probably just beginning to realise the importance of cash flow in your life, and how hard it can be to maintain a balance between your incomings and your outgoings. Your student income could fluctuate for any number of reasons and whether you’ve just started a new part-time job and not getting many shifts yet, you’ve had to cut back at work because exams are coming up, or you’re working around the clock in the lead up to Christmas, two consecutive months are rarely the same financially.

However, a Westpac Student Visa Card can help you manage the ups and downs of your cash flow and income more easily, as well as stand your finances and credit report in good stead for the future. The Westpac Student Visa Card is specifically designed for those on a student income, with other commitments and you can benefit from more than just online shopping.

 

How Students Can Benefit From Credit Card Use

Unfortunately credit cards have a reputation as not just bad debt, but the most evil and ugly debt of all; you may have even heard your parent curse their credit card bill each month, and so have vowed not to get into the same situation. However, when used correctly, a credit card can actually be a powerful financial tool to help you secure the financial future you want. For example, having a credit card as a student can:

• Teach you responsibility and budgeting skills. Most people get into trouble with their credit card because they fail to budget. Spending on the card without knowing how much you have spent and how much you can afford to repay will quickly land you with a large balance and impending and compounding interest charges. Instead, use a budget from the start, calculating how much you expect to be coming in each week, and know exactly where all of your money goes. This will ensure you only spend what you know you can afford to repay within the interest free period, and if you can’t afford to repay it, don’t charge it to your card because getting into the interest trap just isn’t worthwhile.

• Build a positive credit report. You may hear a loan officer or financial advisor say that ‘there is no such thing as a good credit rating’ meaning that no matter how well you’ve paid off and managed debt in the past, your future borrowing capacity depends on your income and savings ability. While this is true, you can still use your credit card to show responsible use of credit which can be particularly impressive on the credit report of someone so young. You’ll also be able to cover bills using your card, to avoid defaulting on payments which will show up on your credit report.

• Misuse comes from misunderstanding. When you fear something or don’t understand it, you are more likely to have trouble managing your relationship with it and credit is no different. If you shy away from credit cards and don’t take the time to understand how the system works, you are more likely to misuse credit in the future when you get your first credit card as a young adult with a new job, a much larger pay cheque and a whole lot of peer expectations. However, if you consider using a student credit card, you can master what your parents and thousands of other Australian can not, before you’ve even graduated.

 

Compare the Features and Benefits of the Westpac Student Visa Card

The Westpac Student Visa Card is specifically designed with the income and budget of a student in mind. This means there are not exorbitant cash advance rates or flashy rewards which will try and get you into trouble, it is simply a card to help you manage your finances and learn to navigate the credit card market. Consider features such as:

• One interest rate of 20.45% p.a.. This is the purchase rate and the cash advance rate so even if you do withdraw cash from your account, you’re not going to be slogged with 25% interest.
• A 55 day interest free period. This means you have almost two months in which to repay your purchases before you are charged interest so you can pay your bills, watch your budget and use the bank’s money until the end of the interest free period. Just remember the interest free period only applies if you repay your balance in full each month.
• A low $30 annual fee. This is a minimal cost, and Westpac will even waive the fee in the first year you hold the account.
• Secure credit card use. You can register your credit card with Verified by Visa for added online purchasing security, and you will also be protected by CardShield if your card is lost or stolen.

 

Approval for the Westpac Student Visa

You also don’t have to worry about intrusive or demeaning application processes because the Student Visa card application can be assessed on your part time, casual or Austudy income, and all students from a recognised tertiary institution will be considered.

To apply:

• Takes just 15 minutes online.
• You must be at least 18 years old.
• You must be a permanent Australian resident or citizen.
• You must be a full time tertiary student.
• You may need to collect your card from a Westpac branch upon approval to verify your identification details.

 

If you are interested to see how the dedicated Westpac Student Visa Card compares to other Australian credit cards on offer, you can view our comparison tables here. If you have decided that the Westpac Student Visa Card is the right one for you, follow our secure links to start your application today.

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Posted on Wednesday, August 4th, 2010 at 10:23 am

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