By: Ian Webb | Updated: 16th December 2020.
The Royal Bank of Scotland (RBS) offers eligible students a way to start and build a credit profile for future borrowing needs. This could be beneficial when you finish your studies and head into working life. With a competitive APR and manageable credit limit, the card also has no annual fee. To be eligible, you must have an RBS student current account, be 18+, a UK resident, and be enrolled in a university or college course.
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The Royal Bank of Scotland (RBS) offers eligible students a way to start and build a credit profile for future borrowing needs. This could be beneficial when you finish your studies and head into working life. With a competitive APR and manageable credit limit, the card also has no annual fee. To be eligible, you must have an RBS student current account, be 18+, a UK resident, and be enrolled in a university or college course.
The Royal Bank Student Credit Card gives students the chance to start their working life on the right foot. By potentially building a sound credit rating, students may be able to gain access to better financial products in the future. If you are a student, RBS could give you the opportunity to learn how to handle and manage a small amount of credit debt before taking on larger purchases.
For 15 years, I taught both primary and secondary students. One thing that always stood out to me was that we do not teach financial literacy in schools, despite the fact that students nearly always lack knowledge in this critical subject. I have always had a keen interest in personal finance, debt management and wealth creation, so I decided to make a career change and become a financial planner/educator with the aim to provide sound, independent financial education. I moved to the UK three years ago, so I know personally what it is like to begin my credit history all over again, since financial institutions don’t take into account your overseas history. My commitment to you is to give you up to date, “no BS” information that will help you decide what is best for you.
The Royal Bank Student Credit Card is a basic starter credit card to get students underway on their credit journey. The card doesn’t provide any introductory offers, and there are the usual penalties if you miss your minimum repayments or go over your credit limit.
The Royal Bank Student Credit Card ranks alongside its rivals with a competitive APR and has a lower fee than some cards do on overseas transactions. This card is very similar to the NatWest Student Credit Card but has some higher fees and charges. It offers a lower credit limit than some similar cards. As with other student credit cards, the user must have a student bank account with the lender.
The Royal Bank Student Credit Card web page has an eligibility checker that checks whether you are eligible for the student credit card. The check takes approximately two minutes to complete and won’t affect your credit rating even if it comes back negative.
You must be at least 18 years old to be eligible for the card, have had a UK address for at least three years, and have an RBS student current account. You must also be enrolled in a university or college course.
You can apply in a branch or online. If you plan to apply online, make sure to use the eligibility checker first. If the eligibility checker shows that you are not eligible then don’t apply, as a knockback would be recorded against your credit rating.
Make sure you have the required information ready when applying online, as well as details of your RBS current account. The application will take approximately 10 minutes, and you will receive a decision within five minutes. If you are accepted, you should receive your card in five to seven working days.
The Royal Bank Student Credit Card could be a good way for students with limited or no credit history to get started and build their credit rating. The RBS card offers a manageable credit limit and a competitive APR, and it has fees in line with those of other similar cards. If you currently bank with RBS and are looking for a student credit card, the RBS card could be worth having a look at.
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