The Royal Bank of Scotland Student Credit Card offers a great foundation for customers who wish to build their credit and learn how to use credit cards responsibly.
The credit limit for this card is £500, and this limit can help the cardholder from spending too much and racking up huge debts. This credit card also allows prospective customers to check the likelihood of getting the card through their eligibility checker.
This Student Credit Card can be used for short-term credit and building up your credit rating for the future. Read on to learn more about this card, and how you can apply for it.
No Credit History Required
The approval process of the card does not look into your credit history. This is because RBS understands that students may not have built much of a credit history, and therefore, they offer the manageable limits, so they can give you an opportunity to start building credit.
Competitive APR
The card has a representative APR that is extremely competitive, especially when it comes to students. Other cards actually have higher rates compared to this one. You will also receive up to 56 days of interest-free purchases if you pay the balances off in full at the end of each month.
Card Can Be Used Abroad
The card is issued in the UK, but if you happen to travel overseas, the card will still be useful. Just be mindful of the non-sterling purchases, and any cash withdrawals, as these will incur some fees and charges.
Eligibility Criteria
To be eligible, you must be 18 years old or older, and you must have a UK address for at least 3 years. You must have an RBS student account, and you must be enrolled at a university or college.
How to Apply for the RBS Student Credit Card
You can either apply for this card in-person or online. If you do it online, ensure to check your eligibility first by using the eligibility checker. The application will take approximately 10 minutes online.
You will be required to provide your name, address, income, expenses, phone number, monthly rent or mortgage, and other payments.
Interest Rates and Fees
The Royal Bank of Scotland Student Credit Card is a solid option if you are a student who is looking to build credit. Make sure to consider the rates and fees of this card, which are listed below.
- Representative 18.9% APR (variable)
- Simple Purchase APR: 17.48%
- Effective Purchase APR: 18.95%
- Simple Cash Advance APR: 24.90%
- Effective Cash Advance APR: 27.95%
- Simple Balance Transfer APR: 17.48%
- Effective Balance Transfer APR: 18.95%
- Simple Money Transfer APR: 17.48%
- Effective Money Transfer APR: 18.95%
- No Annual Fee
- Cash Advance Fee: 3% handling fee, minimum £3
- Non-Sterling Transaction Fee: 2.75% of transaction
- Foreign Usage Cash Fee: 3% handling fee, minimum £3
Contact Information
If you would like to get in contact with a Royal Bank of Scotland representative, you can reach them by calling 03457 242424. Their head address is 36 St Andrew Square, Edinburgh, United Kingdom, EH2 2YB.
Conclusion
If you are a student looking to either improve or build your credit, this is a great card to have on your radar. The low credit limit and charges are what make it most attractive to students.
Make sure to consider the information listed in this article if you are interested in this credit card, or if you are looking for a credit card.
Note: There are risks involved when applying for a loan. Consult the lender’s terms and conditions page for more information.
