Should a Student own a Credit card? If so which?

The long answer is that there are many benefits to using a credit card and one of the most important ones is that it can help you build good credit. This is especially important for students because once you graduate and enter the job market, having good credit will be essential for getting an affordable mortgage or renting an apartment in most areas. Do you have enough credit? It's not possible to get into debt without using a credit card so it's important to have access to some form of borrowing before taking on any type of debt. You also have to write a good term paper because I will suggest to you the perfect article that will assist you in writing term paper.

It's a good idea to start building your credit score as a student. Almost all banks will have credit cards designed for students. Here are some useful cards to consider:

Card 1: Maybank eVibes

• Unlimited 1% cashback

• No minimum spend

• $50 cash credit upon spending $150 within first 2 months

• $500 credit limit per month

• $20 annual fee, but waived if you use the card at least 1x every 3 months

This is a solid card with all-purpose cashback. You'll earn cashback on online shopping, dining, retail, etc.

Card 2: DBS Live Fresh

• 5% cashback on McDonalds, McDelivery, Starbucks, Netflix, Spotify, Golden Village, and Steam Credits (capped at $15 per month)

• 5% cashback on specified list of eco-friendly transport: e.g. SG Bike, BlueSG car share, and 5% cashback on specified list of eco-friendly eateries/shops (capped at $15 per month).

• 0.3% cashback on other spend (capped at $20 per month)

• No minimum spend

• $500 credit limit per month

• $192.60 annual fee, but waived for 5 years

If you eat at McDonalds, drink Starbucks, game using Steam, or have a Netflix/Spotify subscription, the DBS card is a great option. If you spend $300/month on these purchases, you'll hit the max $15 cashback. If you use other student credit cards (most of them have only 1% cashback), you'll need to spend at least $1,500 to earn $15/month cashback.

The DBS card also has a unique "green" angle to it, offering 5% cashback on eco-friendly transport options like BlueSG car rentals. If you shop at selected "green" retailers or dine at selected eco-friendly eateries, you'll also get 5% cashback.

If you wanted to, you could maintain 2 credit cards. You could use the DBS Fresh card for your Netflix/Spotify/Mcdonalds/Starbucks/etc. to earn the 5% cashback, whilst you use the Maybank card for pretty much everything else (e.g. online shopping, dining, etc.)

If you decide you want to be the next Mark Zuckerberg and found a startup, check out these best credit cards for entrepreneurs.​​​