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August 31, 2024
Best Credit Card For Students In India That Make Life Easy
As a student in India, you may not qualify for regular credit cards due to age, income or credit score requirements. But don’t worry! There’s a solution: credit cards for students in India. These cards understand your student’s needs. Let’s see the options available!
In India, the student credit card market is small. Most students are dependent on their parents for financial support and part-time jobs are not common. So banks and credit card companies offer limited options for students. These options come in the form of secured cards.
So, if you are a student in India looking for a credit card, read on to find out the options available to you. Let’s find the right credit card for your student life and build a strong financial base.
What is the eligibility for Credit Cards for students?
For credit cards for students in India, the main eligibility criteria is their age. Since students don’t have a monthly income or credit score, banks and credit card companies consider the minimum age requirement which is usually 18 years.
But please note that the eligibility criteria may vary from bank to bank or credit card issuer. You will need to provide valid ID and address proof, passport-size photographs and any other documents required by the bank.
Credit Cards for Students – Overview
In India, credit cards for students are for those without a monthly income or credit history. These can be standalone or supplementary to a family member’s card.
Types of Student Credit Cards:
Add-on Credit Card: Issued to the existing cardholder’s account, often with the same or lower limit than the primary card.
Credit Card with Fixed Deposits: Secured against a fixed deposit, with a credit limit based on the FD amount. Minimum limits and tenure requirements may apply.
Best Credit Cards for Students in India
As a student in India, navigating credit cards can be like entering a new world. But the truth is, getting the right credit card can be a life changer in your financial journey. Whether you want to build your credit score or just want a credit card for convenience, there are options available that are specifically for students. Let me help you through some of the best credit cards for students in India so you can decide.
IDFC FIRST WOW Credit Card
Let’s start with the IDFC FIRST WOW Credit Card. This is like a fresh air for students. Designed for students who don’t have a regular income yet. No income proof is required and if you are 18 or above you are eligible. This card is all about simplicity and accessibility so it’s a great option for those who are entering the world of credit cards for the first time.
Kotak 811 #DreamDifferent Credit Card
If you want to have more control over your spending, the Kotak 811 #DreamDifferent Credit Card might be your best bet. This card has a credit limit tied to your fixed deposit, usually 80-90% of the deposit amount. It’s a smart way to start with credit without the risk of overspending as your limit is linked to your savings.
SBM Bank (India) Step UP Credit Card
Similar to Kotak 811, the SBM Bank (India) Ltd Step-Up Credit Card with Paisabazaar as a co-branded partner is a secure way to build your credit score. This card also ties your credit limit to your fixed deposit so you can enjoy the benefits of a credit card while minimizing financial risk. It’s a great stepping stone for students who are cautious but want to start building their credit history.
ICICI Bank Student Forex Prepaid Card
Planning to study abroad or make international purchases? The ICICI Bank Student Forex Prepaid Card might be the one for you. Though it’s a prepaid card, it has many of the benefits of a credit card. With a joining fee of Rs. 499 and an annual fee of Rs. 199, it’s a good option for students who need to manage foreign currency transactions.
Flipkart Axis Bank Credit Card
If you are an online shopper, the Flipkart Axis Bank Credit Card might be your best bet. This card offers high cashback rewards on Flipkart and its partner brands. As a student getting rewarded for your regular shopping can be a big plus so this card is practical and rewarding.
Axis Bank Neo Credit Card
The Axis Bank Neo Credit Card is good for those who love entertainment and dining out. Designed for young people it offers many benefits like discounts on movie tickets and dining so it’s perfect for students who like to unwind and have some fun.
SBI SimplySAVE UPI Rupay Credit Card
The SBI SimplySAVE UPI Rupay Credit Card stands out with a welcome bonus of 2,000 reward points and an annual fee of just Rs. 499. If you want to earn rewards quickly and low annual fees this card is a good option.
IDFC FIRST Millennia Credit Card
The IDFC FIRST Millennia Credit Card is another good option if you want to maximize your rewards. With up to 10x non-expiring reward points and benefits tailored for students this card makes sure you get the most out of your spend.
AU Bank LIT Credit Card
If you are someone who loves to earn rewards and cashback the AU Bank LIT Credit Card has some great offers. It’s customizable to your needs so you can earn cashback on features you choose, making it one of the most flexible credit cards for students in India.
Axis My Zone Credit Card
The Axis My Zone Credit Card is all about rewarding you for the things you love. Whether it’s dining out, watching movies or just shopping this card offers reward points and cashback so it’s a fun and practical option for students.
IDFC FIRST Select Credit Card
For those who want a no-frills cashback credit card, the IDFC FIRST Select Credit Card has a Low Forex Markup of 1.99% on international transactions and 300+ Brand Offers, all year long! It’s a simple and effective card for managing your daily expenses.
Amazon Pay ICICI Bank Credit Card
Online shoppers will love the Amazon Pay ICICI Bank Credit Card. With 5% cashback on Amazon and 2% on other spends it’s a great way to get the most out of your money while shopping online.
HDFC Bank MoneyBack Plus Credit Card
Last but not least the HDFC Bank MoneyBack Plus Credit Card offers a mix of rewards for both online and offline spending. 2% cashback on online spending and 1% on offline spending so it’s a good card for students who shop online and offline.
Bank of Baroda Easy Credit Card
The Bank of Baroda Easy Credit Card is another no-fuss option with zero joining and renewal fees. It offers reward points on spending so it’s a simple and rewarding card for students who want no hassle financial products.
Student Credit Card Eligibility Criteria
Getting a credit card as a student in India is surprisingly easy and simple. First and foremost you need to be at least 18 years old. This is the minimum age requirement to be eligible for most student credit cards in India.
What’s great is that you don’t need to worry about income proof. Student credit cards are designed with the understanding that you might not have a regular income yet. So even if you don’t have a job you are still eligible for a credit card. Similarly, you don’t need to stress about your credit score as student credit cards in India don’t require any prior credit history.
Last but not least the most important criterion is your student status. You must be enrolled in an educational institution to be eligible for a student credit card. This makes the process much simpler for students who are just starting to explore financial independence.
How to Apply for a Student Credit Card in India
Applying for a student credit card in India is easier than you think. You have two options: online or offline depending on what’s convenient for you.
Online
If you want to do it from the comfort of your home you can apply for a student credit card online. Most banks allow you to apply directly through their website or mobile app. It’s a quick and easy process, just a few clicks away. You need to fill out a form, submit some documents and you’re done!
Offline Application
If you are someone who likes to do things in person you can visit your bank’s branch to apply. Just walk into the bank, talk to a representative and they will guide you through the process. It’s a great way to get all your questions answered on the spot.
Documents Required
Regardless of how you apply, you will need a few documents with you. You will need to provide a government-issued ID, address proof and income proof if required. These are standard documents and once you submit them you are all set to get your student credit card in India.
Benefits of Student Credit Card
Having a student credit card in India can be a big plus for young adults who are stepping into financial independence. One of the biggest advantages is that it helps you build a good credit score early on. This will pay off big time when you need loans or credit in future.
Reward Points and Financial Backup
Student credit cards also offer reward points on your purchases which can be redeemed for discounts or cashback. Plus they provide an emergency financial backup when you need it the most giving you peace of mind in unexpected situations.
Learning Financial Discipline
Another big advantage is learning financial discipline. Managing a credit card teaches you how to budget, track expenses and make timely payments – skills that will serve you lifelong.
Convenience and Security
These cards offer convenience and security, especially for online shopping. Some even come with travel benefits making them useful if you plan to travel.
Offers and Independence
And finally, student credit cards come with exclusive offers and discounts so you get more value for your money. They give you financial independence to manage your money and make decisions as per your needs.
Student Credit Card Rewards Points
Student credit cards in India are designed to make your financial life easy. With these student credit cards in India, you can enjoy offers, cashback and discounts. From movie ticket deals and event offers to fuel surcharge waivers, free airport lounge access and interest-free ATM withdrawals – these cards have got you covered!
But that’s not all! Every transaction you make with these cards earns you reward points. And what’s more? You can redeem these points for coupons and merchandise from the bank’s reward catalogue.
Fees and Card Limits for Student Credit Cards
When choosing the best credit card for students in India you need to check the fees and limits that come with it. Some student credit cards have annual fees while others waive them making it more student budget-friendly. This is something you should check before you choose a card.
Interest Rates and Late Fees
Interest rates on student credit cards in India vary from bank to bank. Know the rate on your card as this will impact the amount you will pay if you carry a balance. And if you miss a payment a late payment fee will be applicable. This can add up fast so always pay on time.
Credit Limit
The credit limit on student credit cards also varies from bank to bank. Typically it’s set at a level that encourages responsible spending so you can manage your finances without overspending. Understanding these limits will help you use your credit card wisely and build good financial habits from the beginning.
Government-Issued Student Credit Cards in India
If you are a student in India especially from West Bengal or Bihar and looking for financial support government-issued student credit cards can be a lifesaver. Let me share some with you.
West Bengal Student Credit Card (WBSCC)
West Bengal Student Credit Card is designed to make education accessible. With this card, students can get a loan of up to Rs. 10 lakhs at an interest rate of 4% per annum. This financial support can be a big relief so you can focus on your studies without the stress of high interest rates.
Bihar Student Credit Card (BSCC)
Similarly, the Bihar Student Credit Card offers students in Bihar a loan of up to Rs. 4 lakhs at an interest rate of 4%. This initiative is to empower students by providing them with the financial support they need to pursue higher education and achieve their goals.
These government-issued credit cards are great for students in India. They provide not just financial support but also a sense of security that your education is backed.
Conclusion
Student credit cards are a great financial tool that allows students to build credit scores while in school and manage their finances efficiently. They offer many benefits like low interest rates, low credit limits and a host of rewards and discounts. Students need to compare different card issuers and their policies, benefits and features to choose the best credit card for themselves. While regular credit cards may offer higher reward rates income requirements may be a challenge for students. So student credit cards with their relative accessibility and student-friendly features are often the best option.
Student Credit Card FAQs
If you are a student in India looking to be financially independent understanding student credit cards can be a good start. Let’s get into some of the most common questions.
What is a Student Credit Card?
Student credit card is designed for students. It helps you manage your finances while building your credit history from an early age. These cards are relatively easier to get with fewer requirements than regular credit cards.
How to Apply?
Applying for a student credit card is easy. You can do it online through the bank’s website or mobile app or offline by visiting the nearest bank branch. All you need is some basic documents like ID and proof of your student status.
What are the Benefits?
Student credit cards have many benefits. It helps you build credit scores, earn reward points on purchases and provides an emergency financial backup. It also teaches you financial responsibility which is a life skill.
What are the Charges?
Fees may vary from bank to bank. Some student credit cards have annual fees while others are free. Check the fees before applying to see if it fits your budget.
