Understanding Student Credit Cards
A student credit card is a specially designed financial tool for students, offering much-needed financial aid along with rewards, discounts, and more. These cards help students manage expenses, build creditworthiness, and handle emergencies.
Eligibility and Benefits
Who Can Apply?
- Students above 18 years.
- No income eligibility requirements.
Benefits:
- Creditworthiness: Build a credit score before starting your career.
- Emergency Funds: Provides financial flexibility in urgent situations.
- Rewards: Enjoy discounts, cashback, and other perks on various purchases.
Top Student Credit Cards in India
1. SBI Student Plus Advantage Card:
- Available with an education loan from SBI or a nominal fixed deposit.
- Benefits: Travel ticket discounts, up to 2.5% cashback on groceries, fuel, and more.
2. Axis Bank Insta Easy Credit Card:
- Offered against a fixed deposit.
- Benefits: Discounts on dining, 1% fuel surcharge waiver.
3. ICICI Bank Student Travel Card:
- Designed for students studying abroad.
- Benefits: Pay application and course fees, ISIC membership, global usability.
4. HDFC Bank’s ISIC Student ForexPlus Card:
- Ideal for students abroad with access to multiple currencies.
- Benefits: Wide acceptability, protection against currency fluctuations.
How to Apply for a Student Credit Card
Required Documents:
- PAN or any government-approved photo ID.
- Aadhaar Card or other address proof.
- Birth Certificate.
- College Identity Card or proof of enrolment.
- Passport-size photographs.
- Evidence of Education Loan or Fixed Deposit (as required by the bank).
Application Process:
- Fill out and submit the application form to the bank with the necessary documents.
By opting for a student credit card, students can manage their finances more effectively, build a solid credit history, and enjoy numerous rewards and benefits.