As a student, it’s difficult to manage finances all the time. Luckily, credit cards make it easier to do so. You won’t need to run around with cash in your pockets or constantly worry about losing any money. Everything you need will be in a compact little card.
But credit cards are usually issued to individuals who have a salary – a stable source of income. Unfortunately, this is a rarity among students. It’s hard for anyone in school or college to balance a full-time job alongside.
Banks around the world aren’t eager to give students credit cards since it’s riskier to extend credit to them. If you’re in the UAE, though, you’re in luck. You may be able to find a bank that’ll give you a credit card despite your student status.
It’s completely possible to get a credit card as a student with no income, but you’ll have to navigate your way around a tricky system. Here’s how you can get yourself a credit card in the UAE.
What Is Considered as Income?
No bank can reject your credit card application simply because you’re a student. They have to gauge your ability to pay before making any decision on your application. So, when you apply for a credit card in the UAE, you should know what things banks consider as personal income.
· Salary: money from a full or part-time job counts as income. This includes any job you may have a work-study program.
· Allowance: if you’re under 21 and your parents send you a regular allowance, you can count that as personal income too!
· Aid: any financial assistance or grants your school or college may be giving you also count as income.
How Can You Get A Credit Card as A Student?
The procedure to get a card is relatively simple. You can go to a bank and sit with a representative who will guide you through the process and answer your queries. But with how much students have to do, it’s hard to take the time out to go to the bank.
An easier way to get a credit card is by applying online. FAB bank cards offer customers the chance to apply for their cards online, from the comfort of their own homes. You may have to send them documentation via post or drop it off at the bank, but you’ll save a lot of time overall. It’s very convenient for students!
A credit card is a big responsibility. While they make day to day life easier, you must follow all rules laid down by your bank. Some cards, such as a FAB credit card in the UAE, have very lenient rules and offer fee-free cards, with no late payment fee or annual fee. These cards are excellent for students because they’re easier to manage.
However, having a fee-free card does not mean you forget about paying your dues. The fee exemptions allow you to navigate any emergency without worrying about your card, but you should be mindful of following rules otherwise.