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Going to college can pay major dividends. According to the New York Federal Reserve Bank, in 2021, young workers with a college degree earned $22,000 more per year than their counterparts with only a high school degree. That, in and of itself, is a big reason to pursue higher education. On top of that, the college environment, especially the one at CSUN, gives you access to greater resources for professional development than any high school could ever give.

But, higher education also comes with the high cost of tuition, plus various related expenses, which can make it seem out of reach for many people considering it. Additionally, even when students have access to funds, traditional payment methods tend to actually be more expensive due to higher transaction costs, and they’re often also less convenient and secure. 

Thankfully, there are now quite a few new payment solutions to help you afford your degree and all the expenses that come with it, and today, we focus on four modern options that offer high security and greater convenience as they’re designed for today’s digital times.

Virtual Credit Cards

Virtual credit cards are designed for students who prioritize convenience and security. As they’re completely digital, there’s no need to carry cash or a physical card with you – instead, you get a credit card number, a validation code, and a validity code, and you’re good to go.

This type of payment method is ideal for making online purchases without revealing your actual card details. For CSUN students, this means greater security when shopping for textbooks, gadgets, and online subscriptions. 

Using virtual cards couldn’t be easier – for one, you can’t lose them like physical cards, and you can always create or deactivate them as you wish. There’s also the fact that you can set a spending allowance on them which can help you manage your spending habits better.

Mobile Payment Apps

Mobile payment apps have taken over the financial world, and for good reason – they’re easy to use, highly convenient, and pretty secure. Apps like Google Pay, Apple Pay, or Venmo allow you to make payments using your smartphone and nothing else, whether you’re purchasing books or getting snacks between classes.

Most campus stores and local businesses now accept mobile payments, so there’s no need to carry physical cash or cards and risk losing them. Since these apps streamline transactions and essentially make cash and physical cards obsolete, they’ve become essential tools for college students, including students at CSUN.

Peer-to-Peer Transfer Services

For students who need to split the bills for group projects or share expenses with roommates, peer-to-peer (P2P) transfer services are ideal. Platforms like Zelle, PayPal, and Cash App make instant money transfers between students and other individuals easy and simple, making them perfect for expenses such as splitting the rent or bills, covering any kind of shared expense, or hey, even concert tickets.

How do these services work? It’s easy; they link directly to your bank account so you can access and manage your money digitally from just about anywhere. They’ve become very popular among college students in particular because they’re so simple to use – with them, there’s no need to visit an ATM or deal with cash at all.

Cryptocurrency Wallets

For students interested in technology and alternative finance, cryptocurrency wallets like Coinbase or Binance offer a great way to manage funds. 

While still an emerging technology, and a bit of a niche on campus, cryptocurrencies can be used for certain investments and transactions. They’re also gaining more traction as more and more students explore and play around with decentralized finance and digital assets.

This payment method may be of particular interest to budget-conscious students as cryptocurrency transactions often come with lower fees compared to traditional banking methods. 

It can also be a good way to invest money – when you hold crypto, such as Bitcoin or Ethereum for a long period of time, their value grows. Of course, to do this, students do need to first have good knowledge of the market and various cryptos available.

Final Thoughts

Today, as a (potential) CSUN student, you have a wealth of financial tools and solutions designed to make your financial life easier. Instead of using traditional payment methods, consider turning to more modern payment solutions designed for the fast-paced digital lifestyle as they’re both more convenient and secure. Oftentimes, they can also help you save and even invest your money.