Are you a student looking to get your first credit card? It can be exciting and useful, but without a credit history or steady income, it’s tough to qualify. That’s where student credit cards come in!
Here’s everything you need to know before getting one
Benefits of a Student Credit Card
- Extended validity – Usually valid for up to 5 years.
- Free replacement – Lost your card? Get a free or low-cost replacement.
- Low maintenance costs – No annual or membership fees in most cases.
- Minimal paperwork – Easier application process compared to regular credit cards.
- Build credit history – Responsible usage boosts your credit score over time.
Eligibility for a Student Credit Card
- Must be 18 years or older.
- Must be enrolled in a college or university.
Documents Required
- Identity Proof – PAN card or other government-issued ID.
- Address Proof – Aadhaar card or any official residential proof.
- Enrolment Proof – University/college-issued ID card.
- Additional Docs – Birth certificate & passport-size photos.
How Can Students Get a Credit Card?
- Against a Fixed Deposit – Open an FD and get a secured credit card.
- As an Add-on Card – A family member with a credit card can apply for one in your name.
- Based on Savings History – Some banks offer student credit cards to those with strong savings habits.
Drawbacks to Consider
- Lower Credit Limits – Spending limits are lower than regular cards.
- Higher Interest Rates – Interest rates may be higher than standard credit cards.
- Possible Fees – Some cards may have late fees or hidden charges.