Student Credit Cards – Know How To Apply Online

Student credit cards are for students above 18 years of age. These cards don’t require any income eligibility criteria but have very low-interest rates and validity of 5 years. The concept of student credit cards is new in India, but it offers good usability for students in need. There are several banks that offer student credit cards.

Banks that offer student credit cards

  • State Bank of India (SBI)
  • ICICI bank
  • Axis Bank
  • HDFC Bank

Best students credit cards

  • SBI Student Plus Advantage Credit Card.
  • HDFC Bank ForexPlus CARD.
  • ICICI Bank Student Travel Card.
  • HDFC Multicurrency Platinum ForexPlus Chip Card.

Features of student credit cards

Credit limit

Student credit cards generally have a lower credit limit compared to other credit cards offered by banks. On average, a student credit card has a credit limit of Rs. 15,000. This is to ensure that cardholders do not make debts due to unrestricted spending.

Validity

Student credit cards are generally valid for a period of 5 years from the issue date, as compared to regular credit cards which have a 3 year validity period.

Free duplicate card

If the student credit card holder misplaces their card or it is stolen, a duplicate card would be issued free of cost or at a very nominal charge.

Fee waiver

Student credit cards often do not have a joining fee and have very low annual charges, making it easier for students to maintain the cards.

Offers and Rewards

The student cards come with rewards like offer cash backs or cash points when a certain amount is spent using the card. The cards also have special offers and discounts on services as well as purchases worldwide. If the cardholder wishes to, the student credit card can be upgraded to a regular credit card anytime during the card’s validity.

Eligibility for Student credit cards

  • Card holder needs to be above 18 years of age.
  • Must be a college student.

Required Documents

  • Birth certificate.
  • College ID card.
  • Address proof.
  • PAN card.

How to get student credit card

Against fixed deposit

A student can avail of a student credit card based on the fixed deposit. However, banks tend to have a minimum fixed deposit amount against which the credit card can be applied for.

Add on card

A student can avail of a credit card by requesting any of the family members who have a credit card by applying for an add-on card in the student’s name. But, the member is requesting the add-on card needs to have a good credit history.

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Strong savings

Student credit cards can be also available if, they have a strong savings history from which they intend to apply. The facility is provided by few banks only.

How to apply

1. Student credit cards are the latest in the credit card industry that helps college students manage their expenses on their own. However, not all students are eligible to get a student credit card.

2. Every bank and financial institution has different requirements of eligibility criteria. Only those meeting the criteria would become eligible to apply for a student credit card.

3. Some banks like the State Bank of India provide credit cards only to its education loan customers, and other banks like ICICI Bank offers student credit card over security deposits.

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4. Whatever is the process, if you are a student above 18 years of age and would like to apply for a student credit card, you must know which bank is offering the best student credit cards and processes to apply for.

5. Once you meet the eligibility criteria set by the bank, you can check the procedure and apply for the same.

6. All banks don’t follow the same process. So, it is very important to talk with the bank personal about the specific process to apply for a student credit card.

7. A few handful banks allow you to apply online, others may require you to visit the bank branch and submit an application with required documents.

Some Student credit cards with features

SBI Student Plus Advantage Credit Card

  • With this specific credit card, students can learn how to manage their money wisely. It comes with features designed exclusively for the student habit such as the ability to convert all purchases to EMI’s, fuel surcharge up to 2.5 % on all fuel spends charged to the card, etc.
  • The card also has a rewards program, with every Rs. 100 spent the cardholder earns 1 cash point, which can be redeemed for a range of gifts or used to pay off credit balance.
  • The card has a very low-interest rate of just 2.25% per month.
  • As a bonus, railway tickets booked using the card will be delivered to the cardholder’s doorstep, making travel plans quick and easy.

HDFC Bank ForexPlus CARD

  • This card is ideal for students who study abroad and require easy access to funds in multiple currencies. This offering by HDFC is a prepaid card which works similar to a credit card, where the amount is debited directly from the card.
  • It also helps students living abroad, when currency fluctuations are a constant problem. This card protects cardholders as money can be deposited in the card in all major foreign currencies. While withdrawals and transactions made through this card would also be protected from exchange rate fluctuations. Students need to do transactions in the currencies the card is available in.

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ICICI Bank Student Travel Card

  • Paying fees or meeting expenses becomes very easy with this card. Payments can be made online using a secure channel and daily expenses can be paid for at all stores that accept MasterCard.
  • The card can be topped up from an account in India. It also comes with travel insurance and membership to the International Student Identify Card, through which the cardholder can avail exclusive discounts and offers.
  • Cardholders will also get benefited from preferential foreign exchange rates.

HDFC Multicurrency Platinum ForexPlus Chip Card

  • With this credit card, students staying abroad can comfortably access their funds in 20 foreign currencies. Currencies can be managed through the card and money transferred is also easy through secure online wallets.
  • The main feature it provides is that, cardholders are protected against fraud and accidents up to Rs. 5,00,000 each.
  • Cardholders can track their accounts and make payments through net banking, also avail themselves of special discounts and deals.

Note

Student credit cards are good ways for students to begin their experience in money management. Cardholders can learn how to manage their finances and sharpen their financial skills. The low limit and easy access to payment history will enable them to keep track of their spending and also help them start saving.

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