A student credit card is a credit card that is accessible to students at college level. A student in India is eligible to apply for the student credit card beyond the age of 18 years. There is no income eligibility limit for the same. The cards offer lower interest rates and have a validity period of 5 years.
Student credit cards are the newest entrants in the credit card industry that benefit college students by helping them manage their expenses on their own. However, every student is not eligible to get a student credit card. Several banks and financial institutions have come up with a varied set of eligibility criteria that enables students to procure a student credit card. Only those who comply with such criteria are eligible to apply for a credit card.
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While some banks such as the State Bank of India provide credit cards only to its education loan customers, other banks such as ICICI Bank offers student credit card over security deposits. Whichever the process might be, if you are a student above 18 years of age and would like to apply for a student credit card, you must first know which bank is offering best student credit cards. Then find out about the procedure to apply for the same.
Once you meet the required eligibility criteria set by the bank, you can check with the bank about the procedure to apply for the same. This is because all banks do not follow the same procedure. Hence, it is necessary to talk to the bank personal about the bank-specific process of applying for a student credit card. A lot of banks allow you to apply online. Whereas others may ask you to visit the bank branch and apply directly.
How can a student apply for a credit card in India?
Following are the ways by which a student In India can apply for a student credit card.
- Against fixed deposit:
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A student can apply for a student credit card based on the fixed deposit that he/she might have in his/her name. Most banks generally prescribe a minimum fixed deposit amount against which the credit card can be applied for.
- Through an add-on card:
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Another way to get a student credit card is by requesting any of the family members who have a credit card to apply for an add-on in the student’s name. However, the member who is requesting for the add-on card must have a good credit history.
- Savings account:
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A student can apply for a student credit card if they have a strong savings history from which they plan to apply. This option is provided to the customers by only a few banks.
Now that you are well aware of how to apply for a credit card, let us take a look at some of the best student credit cards available in India.
SBI Student Plus Advantage Credit Card:
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The SBI Student Advantage Plus Credit Card, allows the students to manage their money properly The card comes with an array of features designed exclusively for the student demographics, such as the ability to convert all purchases to EMI’s, all the fuel spends will be charged up to 2.5% to the card.
It also provides with reward programs like, on spending every 100 Rs, the cardholder will earn 1 cash point, which can be utilised for as gift vouchers or repayment of credit card balance.
The card also comes with a low-interest rate of just 2.25% per month.
Travel plans and ticket booking was never easy unless, this card holder allowed the users to book railway ticket and get delivered to your doorstep.
HDFC Bank ForexPlus Card:
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If HDFC Forex Plus Card is anything than it is a boon for those students who study abroad and are in need of funds in multiple currencies. This card is similar to all those credit cards except for it is a prepaid card and amount is debited from the card.
Students who study abroad suffer from one common problem i.e currency fluctuations. With this card you can manage all the major foreign currencies at one place without worrying about the currency fluctuations. ant withdrawal or transactions from the card will not be affected by the exchange rate fluctuations only if the transactions are conducted in the currencies that the card is available in.
ICICI Bank Student Travel Card:
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ICICI Bank’s travel card makes it easy for the students, to pay their fees or meet the day to day expenses when studying abroad to make the process easy. You can pay online using the card on a secure channel and also use the MasterCard for daily expenses at specific stores.
This card can be topped from India along with which you can assure having travel insurance and a membership of International Student Identity Card which will benefit the user with huge discounts and offers. Cardholders will also benefit from preferential foreign exchange rates.