Student credit cards

The average student credit card balance is just under £220, according to research from the Halifax.

The Halifax research showed that 37% of students surveyed had a credit card. Students in Scotland (44%) were most likely to have a credit card. Those at university in Wales (33%) were least likely.

Female students carry a higher average balance...

The average credit card balance for a female student in the UK is £255.50, compared to £173.20 for male students.

Students in the Eastern and South Eastern university regions were most likely to carry a larger balance at £363.70 and £360.60 respectively. Students in the South West (£125.10) and East Midlands (£129.50) carried the smallest.

For many students it's about functionality...

Compared to other student finance products such as a loan (80%) and overdrafts (64%), credit cards (37%) are less widely held. For many students credit cards are used for their functionality and the added protection (such as the Halifax Online Guarantee) they provide rather than as a source of debt.

The Halifax Student card has a number of features that help students stay in control of their finances:

Free monthly text alert reminding cardholders when their next payment is due
Free weekly text alert service keeping cardholders informed of their balance
A maximum credit limit of £500 and can be reduced as low as £100 if students wish.

Ken Stannard, head of Halifax Credit Cards, explains: "Our credit card is designed to help students stay in control of their finances. With a free text alert service it's easy to monitor your balance and remember to make repayments on time."