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How to fund your student holiday with a credit card

Using your credit card to fund your student holiday has its benefits, but it doesn’t come without some costs. Use this guide to weigh up whether you should pay for your next trip on plastic.

Organising a holiday can be expensive. In between saving for flights, accommodation, travel insurance and spending money, it’s easy for the costs to pile up. If you’re still studying, finding the funds to do this can only make things more difficult. This is where a credit card could come in.

While you shouldn’t charge your entire holiday to a credit card, there are a few ways that paying on plastic could help you manage your cash flow when organising your next trip. Use this guide to compare which cards are suitable for students booking their next holiday, the features to look out for and the mistakes to avoid.

skiingholiday (1)

How can I use a credit card to fund my holiday?

While you shouldn’t pay for your whole holiday on plastic, there are a few different ways you can use a credit card to help manage those travel costs. Whether you want to use your credit card to pay for flights, cover your accommodation or consolidate your post-holiday debt, you can compare some of your options below:

Before your holiday: Managing your prepaid expenses

When you’re planning a holiday, many of the costs come up before you even step on the plane. However, there are a few different credit cards on the Australian market that could help you cover some of these costs while racking up some extra benefits.

0% purchase rate credit cards

If you have some big-ticket purchases in mind, a credit card with a 0% purchase rate might help. 0% purchase rate offers can last anywhere from 3 to 15 months, meaning you can pay off your balance without accruing interest for as long as the promotional period lasts. If you’re trying to save your holiday spending money and organise your prepaid costs, a 0% purchase rate credit card could help you manage some of those on credit without the burden of interest. As these 0% rates are only in place for a set period, make sure you pay off the prepaid purchases before the promotion ends to avoid collecting interest when the revert rate sets in.

Comparison of 0% purchase rate credit cards

Rates last updated September 21st, 2018
$
Name Product Product Description Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period Amount Saved
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Up to 44 days on purchases
Bankwest Breeze Platinum Mastercard
Receive a 0% p.a. interest rate on purchases and balance transfers for 13 months, complimentary travel insurance and 0% foreign transaction fees.
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$99 p.a.
Up to 55 days on purchases
NAB Low Rate Platinum Card
Enjoy a 0% p.a. interest rate offer on purchases for 9 months and the protection of 7 complimentary insurances including overseas travel insurance.
0% p.a. for 9 months (reverts to 13.99% p.a.)
0% p.a. for 6 months with 2% balance transfer fee
$100 p.a.
Up to 55 days on purchases
NAB Low Rate Credit Card
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.
0% p.a. for 6 months (reverts to 13.99% p.a.)
0% p.a. for 6 months with 2% balance transfer fee
$59 p.a.
Up to 55 days on purchases
Bankwest Breeze Classic Mastercard
Receive purchase and balance transfer offers of 0% p.a. for 13 months, a low ongoing rate and up to 55 interest-free days on purchases.
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$79 p.a.
Up to 55 days on purchases

Compare up to 4 providers

Cards with complimentary international travel insurance

When you plan an overseas holiday, travel insurance is another cost you’ll need to consider. This is where a credit card with complimentary insurance could come in handy. While some cards will require you to spend a percentage of your holiday costs (such as $500 for flights or accommodation) on the card to activate the policy, it could be a convenient way to receive insurance cover without the time and cost it takes to organise standalone travel insurance. The insurance is often eligible for up to six months worth of travel, though you’ll need to make sure you meet the eligibility requirements before you apply.

Comparison of credit cards with complimentary insurance covers

Rates last updated September 21st, 2018
Name Product Bonus Points Rewards Points per $ spent Complimentary Travel Insurance Annual fee Minimum Income Product Description
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0.66
No
$129 p.a.
$35,000
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Qantas Premier Everyday
40,000 bonus points
0.75
Yes
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
$35,000
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
Westpac Altitude Platinum Card - Qantas
60,000 bonus points
0.5
Yes
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
$30,000
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
St.George Vertigo Platinum - Online Offer
Yes
$99 p.a.
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
0.66
No
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
$35,000
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
HSBC Platinum Credit Card
1
Yes
$129 p.a.
$40,000
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
American Express Explorer Credit Card
75,000 bonus points
2
Yes
$395 p.a.
$65,000
Get 75,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge. Ends 26 Sept 2018.
NAB Low Fee Platinum Card
Yes
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
HSBC Platinum Qantas Credit Card
60,000 bonus points
1
Yes
$199 p.a.
$40,000
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
ANZ Platinum Credit Card
Yes
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
$35,000
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.

Compare up to 4 providers

Student credit card

If you’re using a credit card for both everyday and holiday expenses while you’re studying, a student credit card could be another worthwhile option. Only available to applicants who are enrolled in full-time study, student credit cards usually come with lower credit limits, annual fees and interest rates. While they don’t usually offer the same level of features as top-tier cards, they can be a convenient way to manage your costs without the frills.

Comparison of student credit cards

Rates last updated September 21st, 2018
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
Bendigo Bank Low Rate First Mastercard
11.99% p.a.
Up to 55 days on purchases
$29 p.a.
Exclusively for customers aged 18 to 25 years, this card gives you up to 55 interest-free days and a low variable interest rate on purchases.
ANZ First Student Card
19.74% p.a.
Up to 44 days on purchases
$0 p.a. annual fee for the first year ($30 p.a. thereafter)
An ideal, low limit credit card for full-time tertiary students with up to 44 days interest-free on purchases and a $0 annual fee for the first year.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$58 p.a.
0% p.a. for 15 months
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Clear Platinum Credit Card
12.99% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 14 months
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Westpac Low Rate Card
13.49% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
0% p.a. for 24 months with 1% balance transfer fee
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$49 p.a.
0% p.a. for 14 months
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
NAB Low Rate Credit Card
0% p.a. for 6 months (reverts to 13.99% p.a.)
Up to 55 days on purchases
$59 p.a.
0% p.a. for 6 months with 2% balance transfer fee
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.

Compare up to 4 providers

travelling on a budget

During your holiday: Handling your travel budget

Now that your prepaid expenses are out of the way, it’s time to plan how you’ll manage your travel budget overseas. While you should have some savings to spend overseas, a credit card could be a useful way to balance out your travel budget between cash and credit. If you want to avoid racking up post-holiday debt, you might even want to consider just carrying a credit card in case of emergencies. Either way, you can compare some of your options below:

No foreign currency conversion fee credit card.

If you’re spending overseas, a regular credit card will quickly rack up foreign currency conversion fees when you pay in the local currency. If you plan to make regular purchases overseas on your credit card, a card with no foreign currency conversion fees can help you save on those costs. These cards generally come with higher annual fees, though, so you’ll want to make sure the interest savings outweigh the standard costs before you apply.

Comparison of no foreign currency conversion fee credit cards

Rates last updated September 21st, 2018
Name Product Foreign Currency Conversion Fee Overseas ATM Withdrawal Fee Overseas Cash Advance Fee Annual fee Product Description
28 Degrees Platinum Mastercard
0% of transaction value
$0
3% of the cash advance or $4 (whichever is greater)
$0 p.a.
No foreign transaction fees on international purchases including international purchases online, together with a no annual fee.
Bankwest Zero Platinum Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
Bankwest Breeze Platinum Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$99 p.a.
Receive a 0% p.a. interest rate on purchases and balance transfers for 13 months, complimentary travel insurance and 0% foreign transaction fees.
ANZ Rewards Travel Adventures card
0% of transaction value
$5
$0
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.
Bankwest Qantas Platinum Mastercard
0% of transaction value
$0
2% or $4, whichever is greater
$160 p.a.
Enjoy 0% foreign transaction fees, complimentary travel insurances and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest More World Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$270 p.a.
Earn 115,000 bonus points when you meet the spend requirement, receive complimentary travel insurance and a LoungeKey membership.
Bankwest More Platinum Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$160 p.a.
Earn 2 More Rewards Points per $1 spent, 75,000 bonus points when you meet the spend requirement and save with 0% foreign transaction fees.

Compare up to 4 providers

Rewards credit card

If you’re planning to pay on plastic frequently throughout your holiday, you might want to increase the value you get from your purchases with a rewards credit card. These cards let you earn rewards points per $1 spent, which you can then redeem for flight rewards, travel packages, merchandise, cashback and more. Some cards even offer bonus points for purchases made overseas, which could come in handy on your trip. Again, these cards usually come with higher annual fees and interest rates, so don’t let the promise of rewards sway you. Instead, make sure you compare the other features, fees and costs involved before applying.

Comparison of rewards credit cards

Rates last updated September 21st, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
American Express Explorer Credit Card
75,000 bonus points
Membership Rewards Gateway
2
20.74% p.a.
$395 p.a.
Get 75,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge. Ends 26 Sept 2018.
St.George Amplify Signature - Qantas - Online Offer
90,000 bonus points
Qantas Frequent Flyer
0.75
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Offers 90,000 bonus Qantas Points when you spend $4,000 within 90 days, two yearly Qantas Club lounge passes and a reduced first year annual fee.
Qantas Premier Everyday
40,000 bonus points
Qantas Frequent Flyer
0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
American Express Velocity Platinum Card - Exclusive Offer
70,000 bonus points
Velocity Frequent Flyer
1.5
20.74% p.a.
$375 p.a.
finder Exclusive: Ends 26 September 2018 Receive 70,000 bonus Velocity Points when you spend $3,000 within the first 3 months. Plus, Status Credits & lounge passes.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
Westpac Altitude Platinum Card - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
Suncorp Bank Rewards Program
1.25
20.74% p.a.
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
Qantas Premier Platinum
60,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$299 p.a.
Get 60,000 bonus Qantas points and a $300 Qantas Flight Voucher when you spend $4,000 in 90 days. Plus, complimentary lounge passes.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
HSBC Platinum Credit Card
HSBC Rewards Plus
1
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.

Compare up to 4 providers

Credit cards with purchase protection

Shopping with a credit card overseas can help you make more secure purchases. Many credit cards offer purchase protection cover, which can protect you from fraudulent transactions, replacement or a refund of the purchase price if an item is lost, damaged or stolen and extended warranty protection. In the case of an emergency, make sure you understand what you’re covered for under the policy and the contact details you’ll need to report an issue or make a claim.

Comparison of credit cards with purchase protection

Rates last updated September 21st, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum - Exclusive Offer
14.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 25 months
$99 p.a.
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
NAB Low Fee Platinum Card
19.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
20.74% p.a.
0% p.a. for 18 months
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
St.George Amplify Signature - Qantas - Online Offer
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Offers 90,000 bonus Qantas Points when you spend $4,000 within 90 days, two yearly Qantas Club lounge passes and a reduced first year annual fee.
NAB Low Fee Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.

Compare up to 4 providers

Happy woman buying online with a smart phone

After your holiday: Consolidating any post-holiday debts

In 2015, finder.com.au reported that more than 2 million travellers were hit with debt lag when they returned from their holiday. According to the survey, one in three Australians who used their credit card on holiday failed to pay off their accumulated debt, worth a total of $139 million, in time to avoid interest. So, while a credit card can be a useful way to manage your costs, it can also be an easy way to fall into debt if you’re not careful. If you have overspent and are struggling to pay off your post-holiday debt, it might be time to consider a balance transfer.

Balance transfer

If you’re struggling to repay your holiday debt due to interest, a 0% balance transfer credit card could help you pay off your debt faster without the cost of interest. 0% balance transfer offers are only available for a promotional period and generally last from 6 to 20 months. When the promotional offer ends, a standard balance transfer interest rate will apply and your debt will continue to grow with interest. So if you really want to et your post-holiday debt under control, be sure to pay the debt off in full before the offer ends.

Comparison of balance transfer credit cards

Rates last updated September 21st, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 25 months
12.74% p.a.
$99 p.a.
Save with 0% p.a. interest for up to 25 months on balance transfers with no BT fee. Plus, platinum perks, including overseas travel insurance.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
0% p.a. for 18 months
20.74% p.a.
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
Citi Clear Platinum - Exclusive Offer
0% p.a. for 24 months with 1.5% balance transfer fee
14.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
St.George Vertigo Visa
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
NAB Low Fee Platinum Card
0% p.a. for 24 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.

Compare up to 4 providers

For more tips, see our guide on how to use a credit card for your next holiday.

What are the benefits of using a credit card to fund your student holiday?

  • Security of credit. Credit cards give you access to an emergency line of credit and their purchase protection features could give you extra peace of mind when shopping overseas.
  • Travel-centric extras. Some credit cards offer extra features designed for frequent travellers including rewards programs, complimentary airline lounge access and included international travel insurance.
  • Manage prepaid cash flow. Using a credit card to pay for expenses such as flights can free up your savings for incidental expenses and holiday spending.
  • Debt consolidation tool. If you return from holiday with a debt, a balance transfer credit card can help you consolidate your balance in a credit card with 0% on balance transfers for a set period. Not only will you be able to pay off your debt quicker, but you can do so without the burden of interest.

What are the downfalls of using a credit card to fund your student holiday?

  • Temptation to spend. Unlike when you’re spending to a budget with your debit card, a credit card can tempt you to spend more than you have. Remember that you have to repay everything you charge (plus interest) and stick to a budget whenever you can.
  • Come with extra costs. Unlike a debit card, credit cards come with extra costs such as annual fees, interest charges and late payment fees.
  • Shouldn’t be used for ATM withdrawals. Using your credit card at an ATM is considered a cash advance. Unfortunately, cash advances collect a higher interest rate and can also incur a cash advance fee. You might want to consider a debit card or prepaid travel card for withdrawals instead.
  • Eligibility requirements. Credit cards also come with stricter eligibility requirements than debit cards or prepaid cards. This means you’ll need to meet a minimum income requirement, have a good credit history and meet the age restriction to receive approval.

How do I apply for a credit card to fund my student holiday?

If you’ve decided to use a credit card to fund your student holiday and have compared your options, you’ll need to make sure you meet the eligibility requirements and have prepared the necessary documents before you apply:

Eligibility requirements

  • Age. All Australian credit cards require cardholders to be at least 18 years old.
  • Minimum income. Most credit cards come with a minimum income requirement. If you’re studying full-time, you might want to consider comparing low income credit cards (which usually start at around $15,000 p.a.) to ensure you meet the minimum requirement.
  • Credit history. Credit card issuers require applicants to have a good credit history. If you’ve never had a credit card before, it’s likely that you’ll have no activity on your credit history. If this is the case, you might need to get in touch with the issuer directly to see if there are any other details you need to provide to improve your chances of approval if you don’t have a credit score.
  • Residential status. Many credit cards require cardholders to be permanent Australian residents.
  • Full-time enrolment. If you’re applying for a student credit card, you’ll need to be enrolled full-time at an eligible university, TAFE or other education institution.

Required documents

  • Proof of identity. You’ll need to provide proof of identity such as your birth certificate, passport or driver’s licence.
  • Proof of income. You’ll need to include proof of income such as recent payslips, Centrelink payments and even student scholarships if relevant.
  • Student information. You’ll need to also provide proof of your full-time enrolment.
  • Co-signer. If you’ve never had a credit card, you might be required to have a co-signer when you sign up for the card. The co-signer is usually your parent or guardian and will be responsible for your debt if you’re unable to make repayments.

A credit card can come in handy whether you’re planning for your holiday, managing your travel spending budget or consolidating your post-holiday debt. However, it’s important to remember that you have to repay everything you charge and you don’t want to rack up debt and get your credit history off to a bad start while you’re still studying. Above all, be sure to compare your options and ensure you can afford the card before you apply.

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Credit Card Offers

Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

Westpac Altitude Platinum Card - Qantas

Interest rate

20.24

Annual fee

50*

*$200 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

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