University students over the age of 18 may be eligible for a credit card with a $1,000 credit limit.

There is one catch however, the credit card - issued by the Bank of NT Butterfield - is only available to those who have successfully completed a financial education seminar.

The seminar, which is billed as "Financial Management 101" is a seminar offered by the Bank as a means of teaching young people about savings strategies, budgeting techniques and managing credit.Lloyd Wiggan, senior vice president - Banking, said: "We believe it is important to educate young consumers about their financial options and perhaps, most importantly the responsible use of credit," he said.

In addition to a pre-approved MasterCard, participants will also receive quick sign-up for chequing and savings accounts, a debit card, access to Internet and telephone banking.

The credit card has a reduced annual fee of $10 but the interest rate will be at the standard rate.

The Bank said it was responding to "a specific need within this segment" of young post-secondary students.

In addition, Mr. Wiggan said: "This programme provides students with the opportunity to establish their own credit at an early stage and continue to build a good credit history throughout their college years and after returning to Bermuda."