Best Student Credit Cards in India 2021

Table of Contents

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:

  1. Birth certificate
  2. PAN Card
  3. Identity card issued by the college
  4. Address Proof such as passport, Aadhar card, driving license, etc.
  5. Passport size photograph
  6. 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:

  1. 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.
  2. 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.
  3. Credit card against the education loan: Students can also get the student credit against the loan taken from the banks.
  4. 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.
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