Their research found 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 the appeal of credit cards were functionality. Compared to other student finance products such as a loan (80%) and overdrafts (64%), credit cards (37%) are less widely held. But those that have them use them for their functionality and the added protection they provide rather than as a source of debt.

Halifax itself offers the Halifax Online Guarantee. Its card has a number of features that help students stay in control of their finances, such as free monthly text alert reminding cardholders when their next payment is due, free weekly text alert service keeping cardholders informed of their balance, and a maximum credit limit of £500 that can be reduced to £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.”