Student Sunday: In Case of Emergency…

From what I gather, it’s quite unusual for a student to have a credit card. I applied and received one at the same time as opening my student card pre university, and can say I’ve feel some people automatically feel that just because I have a credit card I’m irresponsible with money. My credit card is purely for emergencies. Santander have recently asked me what I class as a financial emergency, and here’s my answer.

 photo cf2535da-84bb-400c-be9e-70c856300662_zps998a82de.jpgA financial emergency? Definitely not a pair of shoes, not even a MAC lipstick. My credit card doesn’t get used on nights out, it rarely gets used for food. The main reason I got it was so there would always be enough money for me to get home if needed. With a boyfriend halfway up the country, and being close to my family, I like the security of knowing that if I need to drop everything I can. I’ve never had to use it in a total emergency, though I came close this summer when W was rushed into hospital. Not sure my phone, credit card or railcard left my hand for a few days!

There are unexpected expenses that occasionally crop up which mean I’m always glad to own a credit card. My deposit on my room this year was paid on credit card, as I simply did not have the money to spare. As was the food shop when I first moved. I can say, with hand on heart, that I only buy things on credit if I know I can pay it off, in full, before the bill is due. I knew I’d have wages coming in, so I used it. Likewise, I’ll use it over Christmas because I know there’s January’s loan to pay it off; though I have to be careful as my minimum loan doesn’t go far!

 photo 64969157-57cc-44ef-a3f2-cbd22ffb7587_zps0e85cc8c.jpgThere are other reasons where I’ll use a credit card too. For big purchases it just makes sense, as it offers buyers protection. And I love having a credit card for an often overlooked reason; it will be building me a credit card. I know of an adult, very sensible money, who was recently turned down for a finance package to buy a new car. The reason? She had no credit rating as she hasn’t ever had a credit card. I believe there are other ways to gain a credit rating, but this is sure to help, and it gives me security knowing I have the “money” there if I need it too.

Now I’m not saying rush out and get a credit card. It is NOT free money, and if you haven’t got good control of spending I’d advise against it. But as an extra piece of financial security, as a means to get a credit rating, I find it useful. Perfect for emergencies.

This is a post in collaboration with Santander

What do you class as a financial emergency?

  • Jessi

    Are Santander good? I’m looking to get a credit card – partly for the credit building reason, but also because Sephora has started shipping to the UK, but they only accept credit cards. There’s definitely no charges if you pay off in full, are there?

    • If paid off in full when due, no charges! I’ve been charged once, and then it got written off (it was a 30p charge), banks are generally nice as long as you don’t always “forget” to pay or leave big bills unpaid! Make an appointment and go and chat to an advisor is my advice! x

  • I haven’t got a credit card yet, mainly because I was being stubborn with my bank and refusing to get one while they kept phoning me up and lying to me to get me to come in and set one up! I have now moved bank though and getting a credit card is on my to-do list for the new year. My main reasons will be for building up a good credit history, and for buyer protection. I’m fortunate enough to have a good chunk of savings and parents who would help me out in an emergency, but I definitely think that a credit card will be a sensible idea. Thanks for reminding me!
    Jennifer x
    Ginevrella | Lifestyle Blog

    • They are sensible, if only for building up the credit rating! x

  • I totally understand that! I got a credit card at 18 for emergencies and to build credit. The only thing I used it for (except for the odd scary emergency) was to buy music on iTunes, that made the bill always easy to pay off and gave me a “credit history.” Not everyone can handle that responsibility I imagine.

    Kindness is the best accessory,
    Rebecca

    • I can definitely imagine people I know going mad with the “free money” a credit card brings! x

  • I’ve always thought about getting a credit card for the credit history reason. Maybe I should get one before I graduate and start getting some good history!

    • I really recommend them if you’re responsible with money! x