Can I get a credit card as a student?
Can a student get a credit card? Yes, and there are even credit cards designed specifically for those who might be studying at university or college.
A student credit card is a credit card that is offered to students at the college level. Any student beyond the age of 18 years is eligible to apply for the credit card as it does not have an income eligibility limit. These credit cards have lower interest rates and have a validity period of 5 years.
How Can a Student Apply for Credit Card in India?
- Student credit cards are the latest entrants in the credit card industry that help college students manage their expenses on their own. However, not all the students are eligible to get a student credit card.
- Various banks and financial institutions have come up with a different set of eligibility criteria to issue a student credit card. Only those who meet the criteria would become eligible to apply for a credit card.
- 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 is the process, 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 and process to apply for the same.
- Once you meet the eligibility criteria set by the bank, you can check with the bank about the procedure to apply for the same.
- Not all the banks follow the same process. Hence, it’s imperative to talk to the bank personal about the bank-specific process of applying for a student credit card.
- While a few banks allow you to apply online, others may require you to visit the bank branch and submit an application directly.
Eligibility for Student Credit Card
Student credit card eligibility criterias are as follow:
- Individual must be a college student.
- He must be above the age of 18 years.
Documents for Student Credit Card
Documents required for applying the student credit cards are as follow:
- Birth certificate
- PAN Card
- Identity card issued by the college
- Address Proof such as passport, Aadhar card, driving license, etc.
- Passport size photograph
- Student credit card application form
Features of Student Credit Cards
- Some of the features of student’s credit card are listed as follows:
- Credit limit: The credit offered under the student credit cards is limited and less than most of the credit cards limits. This is done to ensure that students are not caught in the quagmire of the debt.
- Helps in crisis: Student credit cards come as a rescuer in case of an emergency. In addition to this, it helps the students to purchase expensive things in the form of EMIs using the cards.
- Helps in creating a credit history: The student credit card also helps in creating payment history. Timely payment of the dues helps in creating a high CIBIL score and thus helps in getting a loan in future.
- Minimal documentation: Unlike all other Credit Cards where the procedure is complicated and involves verification of documents like Income or salary slips and ITR, Student Credit Cards involve low or minimal documentation. It requires an individual to furnish Identity, address and identity proof of college.
- Special rewards and discounts: Student credit cards also offer many rewards like cash back, reward points, and discounts.
How to get student Credit Card?
Banks do not consider the income of the individual or Income Tax Returns for providing the student credit cards. The student credit card is offered by:
- Add-on card: Under this, the bank asks the immediate family member of an individual to apply for an Add-on card, which acts as a Student credit card. Good CIBIL score of the immediate family member is imperative for an Add-on facility.
- Secured credit card: Students above the age of 18 can also get the credit cards against Fixed Deposit. They can open an FD and get a student credit card against it or can ask the bank authority to offer them the student credit cards if they already have the Fd account.
- Credit card against the education loan: Students can also get the student credit against the loan taken from the banks.
- Strong saving account history: A few banks also provide the student credit cards option against the strong saving history. Thereby maintaining a good savings account balance, or meeting the minimum savings account requirement may certainly help.
Student Credit Cards
1. SBI Student plus Advantage Card
- This credit card has been designed solely for the customers who have availed State Bank of India’s education loan. To avail this credit card you need to have a fixed deposit in any branch of SBI. The credit card offers you many privileges like zero annual or renewal fee which is bound to appeal you. No annual fee is charged if you make total purchases of more than Rs. 35,000 in the previous year. You not only earn one reward point for every Rs. 100 you spend but you can use the same reward points to pay off your outstanding balance.
- You are also entitled to a 2.5% fuel surcharge waiver across all the petrol pumps in India if you buy petrol worth Rs. 500 to Rs. 3,000. Apart from this, you can book railway tickets which will be delivered at your doorstep, pay all your utility bills online and enjoy 10X Reward Points (RP) on all the International spends.
- You can use the SBI Student Plus Advantage Card in both India and abroad in more than 24 million outlets. You get the provision to transfer the remaining balance of another credit card to your credit card and then get a lower interest rate and pay off the dues in EMIs. This will ensure that you save some money when you pay the credit card dues.
2. ICICI Bank Student Travel Card
- ICICI Bank Student Travel Card is a blessing in disguise for you if you wish to study in abroad. You can use this credit card to pay your application and university fees either online or through a physical swipe. The card is very convenient to use since it allows you to manage your living expenses and is accepted at all outlets that take a MasterCard. You can withdraw cash from over 1.5 million MasterCard ATMs through this card.
- You are entitled to an International Student Identity Card free memberships which will give you access to different discount benefits along with exciting destination offers. The tempting merchant offers and discounts will be available in 131 countries including India. You are also bound to get benefits from a travel insurance, advantageous forex rates, and other alliance offers from the bank.
3. HDFC ISIC Student ForexPlus Card
- ISIC Student ForexPlus Card from HDFC Bank serves a dual purpose of Credit Card and full time student Identity Card for you. Students who are studying abroad gets a global student ID which makes them eligible for special discounts & offers on purchasing Books, Food, Shopping, Accommodation, Leisure activities, and travel across 130 countries from over 41000 outlets.
- Thus your Student Forex Card is a must have in your wallet. All you need to do is load your card with currency of your choice- from USD, GBP, or Euro and you can easily pay online or offline at your ease. You can also use your card to withdraw easy cash from ATMs. You enjoy all benefits of online credit cards.
- You also get free insurance against credit card theft/ loss, air accident and baggage & passport loss.
4. HDFC ForexPlus Card
- HDFC ForexPlus Card is tailor made for any student who studies abroad and needs finance in different currencies. This card works just like a credit card, the transaction amount will be debited from the HDFC ForexPlus Card balance directly.
- The card is available in ten currencies which are accepted all over the world and thus you can change them into the currency of the nation you are currently in. It has acceptability in all merchant outlets which are affiliated to Visa or MasterCard. When you carry out any transaction in the card currency you won’t suffer due to the swinging market rates.
- In case you’re not a HDFC bank customer you need not worry. You still can avail this card, all you need to do is visit your nearest HDFC branch with the required documents.
5. HDFC Multicurrency Platinum ForexPlus Chip Card
- This card is simply perfect for students who have multi- destination traveling needs and want to carry 23 currencies on one single card. Yes, you heard it right. You can keep 23 foreign currencies in your HDFC Multicurrency Platinum ForexPlus Chip Card, thereby saving your money and time. This provides you complete protection against any kind of foreign exchange rate fluctuation in the near future. You also receive an insurance cover of Rs. 5 Lakh for any kind of misuse of card, accident or fraud.
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