What are Student Credit Cards

A student credit card is meant for students at the college level. Students above the age of 18 years are eligible to apply for such a credit card as the eligibility criteria do not include any income limit. With a validity period of seven years, these credit cards come with significantly lower interest rates.

Which banks in India offer student credit cards?

Though student credit card are still quite new in India, many banks offer them to students. Among others, HDFC Bank and SBI issue student credit card in India. Some of the best credit cards for students include HDFC Bank ForexPlus Card, SBI Student Plus Advantage Credit Card. West Bengal Student Credit Card, and HDFC Multicurrency Platinum ForexPlus Chip Card.

How can I apply for a student credit card in India?

Student credit cards are still new in the credit card industry in India. Their main purpose is to help college students be independent and manage their finances/expenses on their own. There are certain eligibility criteria to get a student credit card, and not all students fulfil those.

The eligibility criteria for student credit cards vary from one financial institution to another. So, it’s best to check the eligibility criteria of the financial institution. You choose to apply for the student credit card. For example, the State Bank of India issues these credit card only for students who have taken education loans through them. 

If you are a college student over 18 years and want to apply for a student credit card, you should do some research to find out which bank offers the best student credit cards and what their eligibility criteria are. If you fulfil the eligibility requirements set by the bank. You can contact them and ask for the procedure to apply for the credit card.

As the process of applying for a student credit card also varies from bank to bank, it is imperative that you contact the bank and discuss the process of application with them. While some banks have a credit card app and let you apply for a student credit card online, others only accept applications submitted in offline mode. 

What are the features of student credit card in India?

Credit Limits: As expected, student credit cards come with lower limits than other credit cards issued by banks. The maximum credit limit offered by most banks on student credit cards is Rs. 15,000. This ensures that the cardholder does not get into heavy debt due to unrestricted spending. 

Card Validity: Most student credit card are valid for around five years from the date of issuance. On the other hand, regular credit cards usually come with a validity period of three years. 

Duplicate card free of cost: If the cardholder misplaces or loses the student credit card, he can apply for a duplicate credit card free of charge.

Waiver of fees: Most student credit card don’t require the cardholder to pay a joining fee, and the annual charges on these cards are also very low. This makes it easier for students to afford and maintain these cards. 

Documentation: These credit cards do not involve extensive documentation, unlike regular ones. The minimum number of documents is required for the application. 

Special deals and rewards: Student credit cards usually come with various rewards and loyalty programs. This helps the students to earn cash-back points in the credit card app whenever they make a purchase using the card. Other discounts and offers on services are also offer on these cards. 

Conclusion 

If you are a student above 18 years of age and are thinking of getting a credit card, you can contact different banks or ask your parents to do the same for you. A student credit card can be upgraded to a regular one anytime so that you can use it for a long period of time. We hope this blog helps answer all your questions regarding student credit card.