Is a student credit card worth it?

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Hi Tiff,

It depends what you're looking to use the card for! In terms of cashback/rebate, the only one that offers a higher rate than debit cards is the DBS LF student card. But it only gives rewards on a very limited range of expenses, like the ones Jeffrey has mentioned. So for those expenses, it would be a good card to use. For all other expenses, it's not worth it IMO.

The other student cards offer 1% cashback or less, which is on par with the SC Cashback debit card (from the Jumpstart account). In that sense, there's not much benefit to using them over the debit card.

But using a student credit card can be good to help you build credit score, which you wouldn't be able to do otherwise until you start working. It can also be good to let you get access to bank promotions that you don't already have a debit card with (ie Citibank) which can help you save some money too.

Hope this helps!

Regards,

thefrugalstudent​​​