Credit cards have made it convenient and easier for people the way they spend. By using a credit card one can make small to high-value purchases anytime without having a single penny in his/her pocket. On the same hand credit card also offers you emergency loans in your financial tough times. Apart from these benefits, there are several credit card offers such as reward points, cashback which can save you a lot of money.
However, credit cards are unsecured and people think that it is only for those who have a stable income and a good job profile.
But this is not completely true. Credit cards by some banks are also available to students with no income. Generally, students go to a different city or even to a different country for higher studies, and require funds regularly. There are some unexpected expenses and some planned as well, and carrying sufficient cash all the time can be a hassle. Hence, using a credit card can help students a lot in such a condition.
A student credit card is one such alternative of hard money which can make a student’s life a little more convenient. A credit card allows students to manage their funds and easily meet their expenses.
Let us know more about the student’s credit card in India
Student Credit Cards: Features & Benefits
- These cards are easy to get as there is no lengthy documentation process. There is no need to submit income proof or your bank statement.
- When used properly, it can build your credit score before graduating. Hence, it enhances your creditworthiness for the future.
- Have various perks like cashback, rewards and discounts that can save you a lot of money.
- The limit for student’s credit card is low as compared to other credit cards hence if you have a risk of overspending, then that can be also subsided with this point and prevents you to get trapped in bad debt.
- One can use a student credit card for many purposes such as enrolling for a course, buying books, purchasing fuel to book tickets and so on.
Top Students credit cards in India
- State Bank of India
- ICICI Bank
- HDFC Bank
SBI Student Plus Advantage Card
- Joining fee is zero
- The annual fee is also zero
- This credit card is given only to the education loan customers of State Bank of India
- You can get an SBI Student Plus Advantage Card against a fixed deposit in a State Bank.
- Avail 2.5% fuel surcharge waiver at any petrol pump across the country.
- Get 1 Reward Point for every ₹ 100 spent through your credit card.
- Reward Points can be used to pay the outstanding balance on your credit card
HDFC Multicurrency Platinum ForexPlus Chip Card
- This credit card by HDFC comes under the currency wallets types- this implies it is worldwide accepted without any additional charge.
- Joining fee for this card is ₹500 + GST
- Annual fee is ₹100+ GST
- The HDFC ForexPlus Card is for students who study abroad as it provides easy access to funds in multiple currencies.
ICICI Bank Student Travel Card:
- Joining fee is ₹499
- Annual fee is ₹199
- With the ICICI Bank’s travel card for students, you can pay fees or meet the expenses while studying abroad.
- Daily purchases can also be made at all stores that accept MasterCard.
- The card comes with a travel insurance plan for the cardholder.
- ICICI student travel card provides a membership to the International Student Identity Card which provides exclusive discounts and offers to the cardholder.
- Cardholders will also be benefited from preferential foreign exchange rates.
Add-on Credit Cards for Students
If you are a student in India, you can either apply for a student credit card or an Add-On card with your parents.
Add-on cards have similar benefits as independent student credit cards. Few banks offer a certain number of add-on credit cards without any charges. But, usually, the add-on card has some limit on it as compared to the primary credit card. An add-on Credit Card can definitely help you meet your financial requirements with ease.
When choosing a student card, it’s important to understand the value of money management. Another important part is to compare interest rates and offers. This is important as different credit card issuers may charge different rates. The comparison should also be done for the applicable fees, such as joining fees, annual charges and late fees along with the various transaction fees.