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    So recently I opened a student account, no idea what it is, just knew that I had to open an account according to studentfinance.

    The bank says stuff like, you will get a credit card, rather than a debit card, apparently £3 charge on cash withdrawls. Some stuff about interest or something...i don't even know.

    What is the difference between all these different cards? Why do all these accounts have different names? What is the difference? What are ISAs? Do I have to pay money to have an account? What is this "full debit repayment" tickbox in this application for an account? What is this APR stuff? What is credit interest? What is a credit rating? Will this bank loan me the 9k a year I need? Why do shops brag about having cashback, isn't that just your own money from your account? i understand f***ing squat! I've tried to Google this but all I get are sites explaining what money itself is, which is obviously not what I'm looking for..aaaaaaaaaaaaaaaaaaaah

    Someone help please?
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    Anyone, anyone?............Bueller...... ........Buller........
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    Anyone? :/
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    Credit = borrowing
    Debit = from your money
    Cash withdrawal fee = Not an everyday card, usually for more expensive stuff.
    APR = Annual percentage rate (The amount you pay back increasing)
    ISA = Savings account, there is less tax so if you keep your money in there for a while it will increase faster than a standard bank.
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    (Original post by TheGuy117)
    So recently I opened a student account, no idea what it is, just knew that I had to open an account according to studentfinance.

    The bank says stuff like, you will get a credit card, rather than a debit card, apparently £3 charge on cash withdrawls. Some stuff about interest or something...i don't even know.

    What is the difference between all these different cards? Why do all these accounts have different names? What is the difference? What are ISAs? Do I have to pay money to have an account? What is this "full debit repayment" tickbox in this application for an account? What is this APR stuff? What is credit interest? What is a credit rating? Will this bank loan me the 9k a year I need? Why do shops brag about having cashback, isn't that just your own money from your account? i understand f***ing squat! I've tried to Google this but all I get are sites explaining what money itself is, which is obviously not what I'm looking for..aaaaaaaaaaaaaaaaaaaah

    Someone help please?
    Okay then, here we go a brief and my no means perfect explanation to student accounts and banking in general.

    Okay- a student account is a normal account with a better overdraft. For example mine is 1500 for the full 3 years.
    The money you put in your account (either wages, cashing money in etc) Goes into your current account (student account) and this is yours to take out using your debit card. this can be used to spend on anything and you don't pay a penny to use it.
    the overdraft, is a short term loan for when you are a bit short- and when you get money it pays off, so you can go to upto -1500 in you account (you have to pay this back obviously, if you do go over the -1500 the charges are silly, for example 5 pounds per day you are over etc)
    A credit card, is a high interest lending method and i would avoid this as a student. the APR is the interest, the higher the more extra you have to pay.
    An isa, is a saving method, you put money in the isa (useally free) and you get interest (money given to you from the bank) every april, the more you have in the more you gain, however this is usally about 1/2%


    The loan you need comes from student finance, not the bank itself. google student finance, they pay your tuition fees straight off and give you a means tested loan or if you are poor enough a loan and a grant.
    I hope i have helped, sorry about spelling or anyother inaccuracies, i really shouldn't be awake right now. Coursework deadlines are killing me.
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    Thank you Both!!! I would rep but I have none left today.
 
 
 
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