The student credit card is a credit card available exclusively to college students. If one is 18 or older, one can apply for credit card for students. To receive the finest student credit card in India, one won’t need much documents. one can get it without having to provide a pay stub or an ITR. A low interest rate, no annual fees, and the possibility to earn reward points when one spends a set amount are all advantages.
How Can a Student Apply for a Credit Card in India?
- A student credit card is a new form of credit card intended to assist college students in managing their finances independently. Not all students, however, are qualified for a student credit card.
- Regardless of the procedure, if one is a student above the age of 18 and wants to apply for a student credit card, one must first determine which bank offers the finest student credit cards and the application process. If one matches the bank’s eligibility requirements, one may inquire about the procedure for applying for the loan.
- Various banks and financial organisations have developed their own set of requirements for issuing a student credit card. While some institutions, such as the State Bank of India, only provide credit cards to those who have taken out university loans.
- Not every bank follows the same procedure. As a result, it’s critical to speak with a bank representative about the bank’s unique process for applying for a student credit card. While some banks enable one to apply online, others may need one to go to a branch and fill out an application in person.
List of Student Credit Cards :
- SBI Student Plus Advantage Credit Card : Students may learn how to handle their money wisely with the SBI Student Plus Advantage Credit Card. The card has a number of features tailored specifically for students. It includes the opportunity to convert all transactions to EMIs and a fuel fee of up to 2.5 percent.
- MasterCard ForexPlus from HDFC Bank :The HDFC Bank ForexPlus Card is a prepaid card that functions similarly to a credit card in that the funds are deducted immediately from the card. For students studying abroad who want simple access to cash in different currencies, this is a godsend for them.
- HDFC Multicurrency Platinum ForexPlus Chip Card : Students studying abroad can access their accounts in 20 different currencies with this HDFC Multicurrency Platinum ForexPlus Chip Card.
With banks offering student credit cards without requiring applicants to produce work records or tax returns, there must be some confusion about how a student might apply for credit.
- Student credit card based on fixed deposit : A student can apply for a student credit card based on a set deposit that he or she may hold in his or her name. Generally, banks require a minimum deposit amount when applying for a credit card.
- Through add-on card : Another approach to acquire a student credit card is to ask any family members who already have a credit card to apply for an add-on card in the student’s name. The member who is requesting the add-on card, however, must have a strong credit history.
- Strong savings account : If one has a strong savings history, one can apply for a student credit card.
Features of Student Credit Cards
- Credit Limits : In comparison to other credit cards given by banks, student credit cards have a smaller credit limit. A student credit card typically has a credit limit of Rs. 15, 000. In order to prevent cardholders from getting into debt through excessive spending, this is done.
- Documentation : Unlike most other credit cards, student credit cards do not require extensive verification. When applying for a card, the minimum of paperwork is necessary.
- Card Validity : In comparison to normal credit cards, which have a three-year validity term, student credit cards are typically good for five years from the date of issue.
- Duplicate card free of cost : If a student credit card holder loses or has their card stolen, a duplicate card will be created for free or at a very low fee.
- Waiver of fees : Student credit cards frequently feature no application fees and minimal annual fees, making it easier for students to keep track of their accounts.
- Special deals and rewards : When a particular amount is spent using the credit card, the student cards come with rewards and loyalty programmes that pay cashback or cash points. The cards also come with unique offers and discounts on services and purchases all around the world.