What is a student credit card?
A student credit card is offered to students at the collegiate level. An individual beyond the age of 18 years is eligible to apply for the credit card as it does not have any income eligibility limit. These cards are special because they have lower interest rates and have a validity period of 5 years.
Banks that provide Student Credit cards in India
Some of the top banks that provide Student Credit cards are:
- State Bank of India (SBI)
- ICICI Bank
- Axis Bank
- HDFC Bank
Best Student Credit cards in India
In case you are looking for some of the best benefits of Credit cards, here is a list of those:
- SBI Student Plus Advantage Credit card
The SBI Student Plus Advantage Credit Card comes packed with a range of benefits for students. Even though this card is issued only to those who have an educational loan from SBI, you can also get a hold of the card by opening a fixed deposit account at any branch of the SBI as well
- HDFC Bank ForexPlus Card
A unique option for students residing abroad, HDFC’s ForexPlus card gives students access to multiple currencies. They function similar to that of a credit card, where the transaction amount is debited directly from the HDFC student ForexPlus card.
- ICICI Bank Student Travel Card
The ICICI Bank Student Travel Card is an exceptional option for those students who want to study abroad. You can use this credit card to pay for your application and course fee either through an online payment gateway or through a physical swipe. This card allows you to manage your daily expenses and can be used from any outlet in the world that accepts Mastercard.
- HDFC Multicurrency Platinum ForexPlus Chip Card
The HDFC Multicurrency Platinum ForexPlus Chip Card allows you to access money from 22 foreign currencies. The money can be transferred through secure online wallets. Moreover, this card also offers protection against the fluctuation of foreign exchange rates that can either increase or decrease the value of the currency. To sum it all up, this card is a great option for students who have multi-destination travel needs and require to carry several currencies on one card.
How can students get a credit card in India?
- Against Fixed deposit: students can look to avail a credit card on the basis of a Fixed Deposit in their name.
- Through add-on cards: students can also get a credit card by requesting a family member who has a credit card to apply for an add-on in the student’s name. The person requesting the add-on should, however, have a good credit history for this kind of application to successfully fall through.
- Savings account: if the individual has a strong savings account history, they can apply for the Student Credit card on the basis of that.
A credit card can therefore be empowering to students who, when met with a financial situation or emergency, can get themselves out of it in no time.