Is Getting A Student Credit Card Even Worth It?

I'm currently a year 1 uni student.

I'm wondering what kind of situation it would be worth getting a student credit card?

Most of them give ≤ 1% cashback, which is on par with SC's Jumpstart's 1% cashback anyway.

The best option seems to be DBS's LiveFresh card but the eligible transactions are very limited (I rarely watch movies, I only eat at Macs about once a month, I don't use Netflix or drink at Starbucks, I use concession for public transport as it's still cheaper than the 5% cashback it gives)

I get it, "improve credit score" and all that but would it be more worthwhile to get a much better credit card with better rewards after I graduate and start working?

Discussion (8)

What are your thoughts?

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YOC

30 Sep 2024

If you dont spend much, then i dont see a point.

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Debbie

27 Sep 2024

Hey, yes DBS live fresh is quite a popular card amongst students due to the low min spending requirements as compared to other credit cards. another option to consider is the ocbc frank card. but honestly if you are not spending that much then it might not be worth it to get one. It is okay to only sign up for one once you start your full time job. if you are interested in looking for other credit card options, you can check this out.

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Stella

26 Sep 2024

All credit card require income. If you don't have, you can share with your parents and pay them

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YenFei T

25 Sep 2024

Financial Service Consultant at AIA

Credit cards are great for earning rewards with spending. True that the Cashback or points earned from student credit cards are not a lot, but when you compound the rewards overtime, at least you will still see yourself saving some money.

For yourself (low spender) and students in general, because there is no minimum spending for student credit cards, you can just use them for normal purchases and earn the Cashback. Annual fees can be waived too so there's not much of a loss on your side.

Just need to remember to pay your credit card bills fully to avoid incurring interest, and stop the credit card when you don't need it anymore/ want to change to something better.

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