Student or Not a Student?!

Gemmzie

I'm 18, will be 19 in October this year

Staying on at college full-time (well 12 hours+) next year to get A2s. I've managed to find out that I'm entitled to EMA for my third year, and should be able to keep my Child Benefit for another year, I think (not sure...?)

But I need either a credit card or loan to live because I work weekends but am limited to the hours I can work because of my health.
So do I apply as a student or not a student? I have a credit rating because I've had a collegue store card for six months but I'm not sure where to go for credit...

Any advice?

Gem_

My gut feeling would be to go 'non student' I think as a non university student you will probably not get the big interest free overdrafts etc. but might get offered kids accounts rather than a proper credit card. This is the approach i took at 18 (and then went the student account route when i got to uni).

I would check out the options for you in a couple of banks and then apply for the account that does what you need. Whether that is a student one or not.

I am sure someone here can recomend one. Is it a credit card or an overdraft that you prefer?

Gem

Gemmzie

I've got a current account with a Visa debit and £100 overdraft which is perfectly linked to savings accounts (Intelligent Finance).

It's probably a credit card / loan, for general living costs really

techno_geek

HSBC offer a MasterCard credit card to its customers on the RightTrack to Study and Pre-Student accounts. They don't advertise this product, but I asked if I could get a credit card before I go to Uni and they volunteered this - if you don't ask you don't get!

They offer a £250 limit (they won't go any higher, sadly) and up to 56 days to pay the balance once you receive a statement... the interest rate is pretty steep (18.9% APR).

On their CurrentPlus account, NatWest offer the first £100 of your overdraft interest-free, if that's worth anything?


Hope this helps!

nearlyrich

Just to make sure you take it into the calculation your Child Benefit will end on the week of your 19th birthday.

jr666

In short, UNLESS YOU ARE A UNIVERSITY STUDENT YOU WILL NOT BE CLASSIFIED AS A STUDENT BY THE MAJOR BANKS.

Sorry to shout but we get 10 of these queries a month here and the simple answer is the one above,

The reason a student is classified in this way is students recieve (optionally) a loan which will more than cover the OD of £1000-£2000. A 6th form student doesnt have this security. Sorry.

all the major banks have some sort of 16-19 year olds account.

(wish i was 19 again - i hate being old!!)