Mozo guides

Top tips for students to avoid credit card fees

Credit providers are very inventive with their fees, so you'll need to be crafty to avoid them. Here are Mozo's top 4 student credit card tips:

Fee free credit card comparison - last updated 19 March 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.

    Annual fee
    $0
    Interest free days
    55
    Purchase rate
    10.99% p.a.
    Balance transfer rate
    No current offer
    Compare
    Details
  • Latitude 28° Global Platinum Mastercard

    The Latitude 28° Global Platinum Mastercard has no annual fee, free Global Wi-Fi and no overseas fees on purchases made when travelling or when shopping online you can pay like a local wherever you are.

    Annual fee
    $0
    Interest free days
    55
    Purchase rate
    27.49% p.a.
    Balance transfer rate
    No current offer
    Compare
    Details
  • Apply By 31 Jul 2024
    Bank of Melbourne Vertigo - Balance Transfer Offer

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.

    Annual fee
    $55
    Interest free days
    55
    Purchase rate
    13.99% p.a.
    Balance transfer rate
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    Compare
    Details
  • Bendigo Bank Ready Credit Card

    Annual fee
    $0
    Interest free days
    55
    Purchase rate
    19.99% p.a.
    Balance transfer rate
    No current offer
    Compare
    Details

1. Always pay the minimum amount due on time.

At the very, very least, you've got to remember to pay this one. Failure to do this may result in the following atrocities:

  • A fee (ranging from $10 to $40).
  • Losing your interest-free period.
  • A bad credit rating. (This one might sound obscure, but it'll come back to bite you.)

MOZO'S HANDY HINT: Arrange to have the minimum amount direct debited from your student bank account.

2. Give your annual fee the flick.

Cards with rewards programs often have higher annual fees than regular cards - and the value of benefits can be less than the fee! A free toaster might be more fun than sensible financial practice, but let's not give the banks the satisfaction of making off with our money.

MOZO'S HANDY HINT: Keep your student credit cards to a minimum. More cards mean more needless annual fees.

3. Resist the cash advance.

Most banks charge a fee for the pleasure of your easy money. Plus, cash advances attract interest immediately, even if your card offers a 55-day interest-free period on purchases.

MOZO'S HANDY HINT: Student credit cards are for purchases only.

4. Never, EVER exceed your credit limit.

Overlimit fees (usually $35) will apply once you exceed your credit limit. Bad credit ratings may swoop down upon you.purchases.

MOZO'S HANDY HINT: If you're spending up a storm, check your credit balance.

MOZO'S EVEN HANDIER HINT: If you're fast-approaching your credit limit, check out a balance transfer card pronto.

Okay okay, thank you for saving me all these heinous fees.

Now tell me how to manage my credit balance

Mozo
Mozo

^See information about the Mozo Experts Choice Credit Card Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.