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Looking For A Student Credit Card? Here's All You Need To Know

A student credit card is an ideal financial instrument for you if you are a student and struggle to arrange for funds. Read on to know about student credit cards.

By The Assam Tribune

A credit card meant solely for students is called a student credit card. Any individual who is studying and over the age of eighteen, can apply for student credit credit card as there absolutely no income requirement.

These cards typically have lower interest rates and a five year period of validity. This can be a lifesaver especially for students who are falling short of funds. It can make a student's life easier if they manage the credit card carefully but if mismanaged, it can cause a downward spiral of debt and penalty.

Student credit card is a very popular concept in western countries but it is slowly gaining traction in India as well. Read on to find about the eligibility criteria, features and benefits, documentation required and banks that issue student credit cards in India.

Features of a Student Credit Card

The features of student credit card is as follows:

Credit limits: The limit for this card is 15,000. This is kept as a safety measure to keep the young cardholder from piling up debt in case of reckless spending.

Validity of the card: The student credit card has a 5-year validity period whereas regular credit cards have a 3-year validity.

Helps build Credit Score: Using a student credit card carefully will help the student establish a good credit score when they graduate. This helps the student if they ever want to take a housing loan or personal loan in the future.

Joining fees: They have a low annual fee and no application costs making management of the account convenient for students.

Documentation: There is only minimal documentation and no thorough verification is required for student credit cards.

Benefits of a Student Credit Card

There are a plethora of benefits of having a student credit card. Some of them are:

Convenience: A credit card makes transactions a lot easier as it lets you pay for all the transactions collectively at the end of the billing month. It also helps you monitor your expenses as the bank will give you a breakdown of all the categories where the money was spent.

Inculcates Repayment Discipline: As the credit limit of the student credit card is less, students have to regularly repay in order to avoid penalties, this helps with the habit of prompt repayment.

Reward Points: A student credit card earns rewards and points just like every other credit card. So, it can be used to collect reward points and redeem it on other partner platforms.

Duplicate Credit Card: It is very common for people to misplace their wallet or cards resulting in the requirement of a duplicate credit card. In the case of a student credit card, issuing of duplicate cards is done free of cost.

Eligibility and Documents Required

The eligibility criteria to apply for a student credit card is mentioned below:

  • Any individual who is above the age of 18.
  • Any individual who is a student of a university or college. The ID card would be required as proof of identity.
  • Certain banks or NBFCs would require the parents of the students to have a fixed deposit account with a predetermined fund in order to apply for a student credit card.
  • Some banks only allow students who have applied for an education loan with them to qualify for a student credit card.

The documentation process for student credit cards is minimal and the verification process is simple and quick. The documents required are as follows:

● Birth Certificate/Proof of Identity

● Photograph

● Student ID Card

● Proof of Residence

● PAN Card

How to Apply for a Student Credit Card

You can apply for a student credit card by following these steps:

  • Go to the website of the bank/NBFC
  • Click on the "credit card section".
  • Check if you are eligible for the credit card
  • Fill the application form
  • Upload all the necessary documents on the website

Student Credit Cards Available in India

There are many student credit cards available in India. Some of them are listed below.

1. SBI Student Plus Advantage Card

This card has a lot of student friendly features. Though this student credit card is only issued to those who have an educational loan from SBI, you can also apply for it by opening an FD at any of the SBI branches. The card has the following unique features:

  • No annual charges
  • 2.5% cashback on transactions made at grocery or departmental stores
  • Fuel surcharge waiver across all petrol pumps

2. HDFC Student Add-on Card

This student credit card functions and looks similar to that of a regular credit card. The credit card's expense is shown in the parent's monthly statement thus allowing the parents to monitor their children's spends. The features of this card are:

  • To keep the expenditure under control, a limit can be set for the add-on card
  • Both offline and online purchases are feasible with the add-on cards

3. Axis Bank Insta Easy Credit Card

This student credit card is issued at any bank branch of Axis against a fixed deposit. Cash can be withdrawn up to 100% of the credit limit. This card has a credit limit of upto 80% of the amount which is invested in the fixed deposit. Some of the card's unique features are:

  • Discounts of upto 15% off at alliance restaurants
  • Fuel surcharge waiver of 1% on all fuel transactions made across India
  • Secured with platinum chip-card

4. HDFC Multi-Currency Platinum ForexPlus Chip Card

This HDFC credit card is embedded with technology of PayWave, allowing students to make purchases in stores that allow contactless transactions. The card has the following features:

● Insurance covers of upto Rs 5 Lakhs is provided in case of any kind of misuse of the card or theft

● Special discounts are provided for students to help them save more

● Protection against fluctuating forex rates

5. ICICI Bank Student Travel Card

For students who want to study overseas, this card is a great option. You can pay for the course and application costs with ICICI Student Travel Credit Card either offline or online. Some of this card's most unique features are:

  • Used for air bookings, cab rentals, accommodation and recharge of international prepaid numbers
  • Easy account management online
  • Access to 24/7 customer care through toll free numbers

Student credit card is one of the first credit instruments that a student uses which helps them build a good credit score. A good credit score will aid them in the future. However, if used irresponsibly, they can cause long-term financial harm. Hence, a student credit card must be used carefully, regardless of the card chosen.

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Looking For A Student Credit Card? Here

A credit card meant solely for students is called a student credit card. Any individual who is studying and over the age of eighteen, can apply for student credit credit card as there absolutely no income requirement.

These cards typically have lower interest rates and a five year period of validity. This can be a lifesaver especially for students who are falling short of funds. It can make a student's life easier if they manage the credit card carefully but if mismanaged, it can cause a downward spiral of debt and penalty.

Student credit card is a very popular concept in western countries but it is slowly gaining traction in India as well. Read on to find about the eligibility criteria, features and benefits, documentation required and banks that issue student credit cards in India.

Features of a Student Credit Card

The features of student credit card is as follows:

Credit limits: The limit for this card is 15,000. This is kept as a safety measure to keep the young cardholder from piling up debt in case of reckless spending.

Validity of the card: The student credit card has a 5-year validity period whereas regular credit cards have a 3-year validity.

Helps build Credit Score: Using a student credit card carefully will help the student establish a good credit score when they graduate. This helps the student if they ever want to take a housing loan or personal loan in the future.

Joining fees: They have a low annual fee and no application costs making management of the account convenient for students.

Documentation: There is only minimal documentation and no thorough verification is required for student credit cards.

Benefits of a Student Credit Card

There are a plethora of benefits of having a student credit card. Some of them are:

Convenience: A credit card makes transactions a lot easier as it lets you pay for all the transactions collectively at the end of the billing month. It also helps you monitor your expenses as the bank will give you a breakdown of all the categories where the money was spent.

Inculcates Repayment Discipline: As the credit limit of the student credit card is less, students have to regularly repay in order to avoid penalties, this helps with the habit of prompt repayment.

Reward Points: A student credit card earns rewards and points just like every other credit card. So, it can be used to collect reward points and redeem it on other partner platforms.

Duplicate Credit Card: It is very common for people to misplace their wallet or cards resulting in the requirement of a duplicate credit card. In the case of a student credit card, issuing of duplicate cards is done free of cost.

Eligibility and Documents Required

The eligibility criteria to apply for a student credit card is mentioned below:

  • Any individual who is above the age of 18.
  • Any individual who is a student of a university or college. The ID card would be required as proof of identity.
  • Certain banks or NBFCs would require the parents of the students to have a fixed deposit account with a predetermined fund in order to apply for a student credit card.
  • Some banks only allow students who have applied for an education loan with them to qualify for a student credit card.

The documentation process for student credit cards is minimal and the verification process is simple and quick. The documents required are as follows:

● Birth Certificate/Proof of Identity

● Photograph

● Student ID Card

● Proof of Residence

● PAN Card

How to Apply for a Student Credit Card

You can apply for a student credit card by following these steps:

  • Go to the website of the bank/NBFC
  • Click on the "credit card section".
  • Check if you are eligible for the credit card
  • Fill the application form
  • Upload all the necessary documents on the website

Student Credit Cards Available in India

There are many student credit cards available in India. Some of them are listed below.

1. SBI Student Plus Advantage Card

This card has a lot of student friendly features. Though this student credit card is only issued to those who have an educational loan from SBI, you can also apply for it by opening an FD at any of the SBI branches. The card has the following unique features:

  • No annual charges
  • 2.5% cashback on transactions made at grocery or departmental stores
  • Fuel surcharge waiver across all petrol pumps

2. HDFC Student Add-on Card

This student credit card functions and looks similar to that of a regular credit card. The credit card's expense is shown in the parent's monthly statement thus allowing the parents to monitor their children's spends. The features of this card are:

  • To keep the expenditure under control, a limit can be set for the add-on card
  • Both offline and online purchases are feasible with the add-on cards

3. Axis Bank Insta Easy Credit Card

This student credit card is issued at any bank branch of Axis against a fixed deposit. Cash can be withdrawn up to 100% of the credit limit. This card has a credit limit of upto 80% of the amount which is invested in the fixed deposit. Some of the card's unique features are:

  • Discounts of upto 15% off at alliance restaurants
  • Fuel surcharge waiver of 1% on all fuel transactions made across India
  • Secured with platinum chip-card

4. HDFC Multi-Currency Platinum ForexPlus Chip Card

This HDFC credit card is embedded with technology of PayWave, allowing students to make purchases in stores that allow contactless transactions. The card has the following features:

● Insurance covers of upto Rs 5 Lakhs is provided in case of any kind of misuse of the card or theft

● Special discounts are provided for students to help them save more

● Protection against fluctuating forex rates

5. ICICI Bank Student Travel Card

For students who want to study overseas, this card is a great option. You can pay for the course and application costs with ICICI Student Travel Credit Card either offline or online. Some of this card's most unique features are:

  • Used for air bookings, cab rentals, accommodation and recharge of international prepaid numbers
  • Easy account management online
  • Access to 24/7 customer care through toll free numbers

Student credit card is one of the first credit instruments that a student uses which helps them build a good credit score. A good credit score will aid them in the future. However, if used irresponsibly, they can cause long-term financial harm. Hence, a student credit card must be used carefully, regardless of the card chosen.

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