Student Credit Card – Thinking of making a Student credit card? If yes, then you should know that the features of student credit card will be different from that of normal credit card. However, it comes with its benefits. There are not many documents required as you do not need to show salary slip or ITR.
You can also enjoy low interest rates, zero annual fees, and earn reward points when you spend a particular amount. Even if you have no credit history, you can still get a student credit card in India.
So with so many leading banks offering credit cards, you might be wondering – ‘How to get a student credit card in India?’ Which are the best credit cards for students?’ So we are here to put an end to your query.
What is Student Credit Card?
Student credit cards are offered to college students. Any college student aged 18 years or above can apply for this credit card as it does not have income eligibility limits.
These cards offer low interest rates and have validity of up to five years. The main difference between student Credit Cards and standard credit cards is the eligibility criteria. Student credit cards are for students attending college, and applicants with no credit history can apply for them.
How to make a Student Credit Card?
Credit cards are extremely useful during college life. It helps students to fulfill many needs, be it buying mobile phones, books, paying fees, rent or for other purposes. To meet this growing need, many credit card providers are offering student credit cards these days.
A student credit card is a credit card offered specifically to college students. Any student above the age of 18 years is eligible to apply for a student credit card. These cards don’t have income eligibility limits and are often offered at lower interest rates.
How can one apply for a student credit card in India?
Student credit cards are the newest entrant in the credit card industry that help college students manage their own expenses. However, not every student is eligible to get a student credit card.
Various banks and financial institutions have come out with a different set of eligibility criteria for issuing student credit cards. Only those who fulfill the criteria will be eligible to apply for a credit card.
Whereas some banks like State Bank of India provide credit cards only to their education loan customers.
Whatever be the process, if you are a student above 18 years of age and want to make a student credit card, then you first need to know how to make a student credit card. Which bank is offering the best student credit card and what is the procedure to apply for it.
Once you meet the eligibility criteria prescribed by the bank, you can check with the bank about the process to apply for it.
Not all banks follow the same process. Therefore, it is imperative to speak to someone from the bank about the bank-specific process of applying for a student credit card.
While some banks allow you to apply online, others may require you to visit a bank branch and submit the application directly.
Student Credit Card Features
- Credit Limit: Student credit cards have a lower credit limit than 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 run into debt as a result of unrestricted spending.
- Card validity: Student credit cards are generally valid for a period of five years from the date of issue, whereas regular credit cards have a validity period of three years.
- Duplicate Card Free: If the student credit card holder loses his or her card or it is stolen, a duplicate card will be issued free of charge or at a very nominal fee.
- Fee waivers: Student credit cards often have no joining fees and very low annual fees, making it easy for students to maintain the card
- Documentation: Unlike most other credit cards, student credit cards do not require detailed documentation. Minimum documents required when applying for a card
- Special Deals and Rewards: Student cards come with rewards and loyalty programs that offer cashback or cash points on spending a certain amount using the card. The card also has special offers and discounts on services as well as purchases across the world.
The Student Credit Card can be upgraded to a regular credit card at any time during the validity of the card, if the cardholder wishes.
Eligibility Criteria for Student Credit Card
- Any student aged at least 18 years can apply for this card.
- There is no income proof or credit history required to apply for these cards.
- Since students typically do not earn, student credit cards do not have any income qualifications.
- Most student credit cards are issued in exchange for fixed deposits.
- You can also opt for these cards without a job.
- These cards are generally valid for 5 years.
Documents required to make Student Credit Card
- Duly filled and signed Credit Card Application Form.
- Latest passport size photo
- Aadhar card
- pan card
- A valid proof of identity
- A valid address proof.
- The bank may ask for additional documents such as canceled cheque/passbook, a copy of 1 year’s bank statement etc.
Read Also