Best Student credit cards are financial products designed to fulfill the demands of college students. They include standard credit card features such as
Interest-free period
Reward earnings, and
Discounts
Students above the age of 18 can apply for student credit cards. There is no need to provide proof of income. A student credit card can be an excellent tool for teaching students financial responsibility and building credit.
State governments have also launched student credit card schemes, such as the West Bengal and the Bihar Student Credit Card Scheme, to assist students in pursuing higher education without financial constraints.
Best Student Credit Card: Eligibility Criteria
Student credit cards do not have income criteria because most students do not work. However, there are some common requirements that applicants must meet in order to be considered. For example, the applicant must be over the age of 18. The eligibility criteria for each bank may differ.
It is vital to understand the student credit card options in India which are extremely limited. Banks, on the other hand, provide financial assistance to students in the form of student loans, secured credit cards, and student forex cards. To use these services, you must meet certain requirements.
Best Student Credit Cards: Documentation Required
When applying for a student credit card, the bank may request the following information:
PAN /other government-issued picture ID evidence.
Aadhaar /Any other government-approved evidence of residence address
Birth Certificate
College Identity Card, or any other kind of enrollment documentation
Passport Size Photograph.
How to Get a Student Credit Card?
The application process for a student card is different depending on the sort of credit card you want. The specifics are provided below.
Add-on Card: If you are 18 or older, you can request that your immediate family members apply for an add-on card on your behalf. The procedure is relatively simple, with only basic KYC documents necessary.
Secured Credit Card: To obtain a secured credit card, you must first create a fixed deposit account with a bank. If you already have a fixed deposit account, ask the bank for a secured credit card to go along with it.
Credit card against Student Loan: A credit card can be obtained from a bank that offers credit cards against student loans. The SBI Student Plus Advantage Credit Card is a popular example Best Student Credit Card.
SBI Student Plus Advantage Credit Card
SBI Student Plus Advantage Card is a credit card designed specifically for students. This card is only available if you have a State Bank of India education loan or an FD at any SBI branch. The following are some of the features and benefits of this SBI Credit card:
Spent Rs.100 or more and get 1 Reward Point.
Pay the outstanding credit card bill with your accumulated reward points.
Waiver of the 2.5% fuel surcharge at all Indian petrol pumps
Annual fee exemption if you spend more than Rs.35,000 in the previous quarter.
10X rewards on department store and grocery purchases
10X points on international purchases
Online railway ticket bookings
Acceptance in over 24 million outlets worldwide
ICICI Bank Student Forex Prepaid Card
The ICICI Bank Student Forex Credit Card is a prepaid card that works similarly to a credit card. The card has a joining fee of Rs.499 and an annual fee of Rs.199. The following are some of the key features and benefits of this student credit card:
Membership in the International Student Identity Card (ISIC) is Rs. 590.
Excess baggage is discounted by 40%, and
DHL courier service is discounted by 20%.
Card security plus Rs.1,600 in insurance
Croma shopping voucher
Liability coverage for counterfeit /lost cards up to Rs.5 lakh
If you have a fixed deposit, you can easily obtain a secured credit card. If you are a student looking for credit but also want to earn interest on your fixed deposit, a secured credit card is a good option for you. In general, the credit limit on these cards ranges between 80 and 90% of the credit value.
Kotak 811 #DreamDifferent Credit Card
500 reward points as a welcome bonus when you spend Rs.5,000 in the first 45 days.
1 reward point for every Rs.100 spent on all categories except fuel, cash withdrawals, and railways.
2X rewards on online purchases
Take out up to 90% of your credit limit.
Cash withdrawals are interest-free for up to 45 days.
Low monthly interest rates of 2.99%
On an annual spend of Rs.75,000, you will receive Rs.750 cashback or 4 PVR Movie Tickets.
All fuel transactions between Rs.500 and Rs.3,000 are exempt from the 1% fuel surcharge.
When booking tickets through IRCTC online or at booking counters, you can save up to 2.5% on railway surcharges.
Lost Card Liability Coverage of Rs.50,000 against unauthorized usage up to 7 days prior to the event.
ICICI Coral Contactless Credit Card
The ICICI Bank Coral Contactless Credit Card is a premium entertainment credit card designed for moviegoers and those who enjoy dining al fresco. It provides benefits such as unlimited Cash Rewards, Free Movie Tickets, Dining Bill Discounts, 3.5% fuel savings, and more. Let’s take a look at the card’s specifications.
2 PAYBACK POINTS for every Rs.100 spent on groceries
1 PAYBACK POINTS for every Rs.100 spent on utilities and insurance.
2X per month, BookMyShow and Inox offer a 25% discount up to Rs100 on the purchase of at least two movie tickets per transaction.
Waiver of 1% fuel surcharge at Hindustan Petroleum Corporation Limited pumps
Each quarter, one complimentary domestic lounge visit is provided.
On spending a minimum of Rs 5,000 or more in a calendar quarter, you will receive complimentary access to select airport lounges in India.
2,000 PAYBACK POINTS when you spend Rs.2 Lakh
1,000 PAYBACK POINTS when you spend more than Rs.1 Lakh.
Waiver of Annual Fees on Spending Rs.1.50 Lakh
You can save up to 15% on your dining bill at over 2,500 restaurants.
FAQ's
The credit limit assigned to the student varies depending on the circumstances. Once your application has been approved, the bank will notify you of the credit limit.
Customers should not share their credit cards with anyone else. The credit card is only intended for use by the person whose name is printed on the card. You can, however, get your children an add-on or secured credit card.
You can send money to your children who are studying abroad in a variety of ways. They are as follows:
- Forex Cash Cards.
- Bank Transfer Travelers Cheque.
- Many countries allow foreigners to open bank accounts.
- You can send money using the Foreign Outward Remittance Service.
Yes, you can use the Credit Card outside India. Some financial institutions provide credit cards to students for travel and study abroad. You can apply for and use those credit cards abroad.
No, a student cannot apply for multiple credit cards at the same time. Because these cards are issued in exchange for fixed deposits, you will only receive one credit card.