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As a parent, you play a vital role in supporting your child's education and overall well-being. And as your child prepares for the upcoming fall admissions abroad, your support will be even more crucial.
One of the biggest concerns for parents when their child goes abroad is managing finances. With fluctuating exchange rates, unexpected expenses, and the need for a reliable and accessible means of money, navigating the financial aspects of your child's education can be challenging.
This is where a student credit card like the FIRST WOW! Credit Card can provide peace of mind for both you and your child.
A student credit card can be an effective financial tool for students studying abroad. Here are some ways in which they help:
In addition to tuition and other educational expenses, your child living and studying abroad will also have to pay for living costs, transportation, and possibly even travel expenses. Having a credit card can provide them with a convenient and secure way to cover these expenses, rather than constantly relying on their family in India.
Having a good credit score can unlock more and favourable opportunities in the future. As your child uses the student credit card, they can start working towards building credit. Regular repayments of the credit card bill and mindful usage will help your child build a good credit score from a young age.
A student credit card is safer to carry around than physical cash. Moreover, many credit cards offer complimentary insurance coverage, such as lost card liability cover, fraud and theft protection, etc., which provides financial safety against loss or unauthorized transactions.
The FIRST WOW! Credit Card has several benefits that make it an excellent student credit card. Some of these benefits include:
When in a different country, using a credit card to pay can often result in additional charges such as forex markup fees. However, with the FIRST WOW! Credit Card, you can avoid these fees as it offers zero forex markup, allowing you to pay like a local even when using a credit card. This not only saves money but also allows for more convenient spending.
The FIRST WOW! Credit Card offers up to 4X reward points on transactions. Cardholders also earn 1X reward points for every 150 spent on insurance and utility bill payments. These reward points never expire, so they can be accumulated and redeemed for extra discounts whenever they like.
The FD made against the FIRST WOW! Credit Card earns interest at 7.25% p.a., while your child enjoys free credit for up to 45 days. You can increase the FD amount whenever you wish, thereby increasing their credit limit. This makes the FIRST WOW! not only a flexible payment tool, but also a smart investment for your child studying abroad.
In certain situations, cash is still necessary for making payments and a credit card may not be accepted. For these unexpected emergencies, having the option to withdraw cash from your credit card can be incredibly useful. With card W, you can easily withdraw cash for a flat fee of just ₹199 and have up to 45 days to pay it back without incurring interest charges. This feature adds an extra layer of convenience and flexibility for your child studying overseas.
Wondering how to apply for a student credit card You can apply for the FIRST WOW! Credit Card online and get the card in a few days. Student credit cards do not require elaborate documentation. Moreover, credit cards like the FIRST WOW! Credit Card are lifetime-free, which makes them cost-effective.
While student credit cards can be a stepping stone to building financial responsibility in your child, here are some red flags to avoid:
Your child might overspend since credit cards work on the ‘pay later’ concept. If overspending becomes habitual, it might lead to considerable credit card debt.
Lack of budgeting, not utilising credit card benefits, and not taking responsibility for credit card bills are some examples of irresponsible behaviour. Such behaviour is counterproductive to good financial habits and should be discouraged.
Missing credit card bill payments can result in high interest costs and a considerably hampered credit score. It is always recommended that you repay the credit card dues on time and in full.
As a parent, teach your child how to use the card responsibly. Educate them about these pitfalls and how to avoid them so they can stay on the right track in their financial journey.
All said and done, choosing the right student card is as important as avoiding card-related mistakes. The right card can help you maximise the benefits while minimising the drawbacks.
When choosing the right student credit card, here are some points to keep in mind –
The FIRST WOW! Credit Card ticks all the right boxes for a good student credit card. Here’s what the card has to offer –
The FIRST WOW! Credit Card can be an effective stepping stone in your child’s financial learning journey as they start college. Let them learn the ropes of finance while you hold the reins with a specified credit limit to track spending.
When it comes to student credit cards, you cannot go wrong with the lifetime-free FIRST WOW! Credit Card.Apply today and enjoy unmatched benefits and attractive returns.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.