What are the best credit cards for students in India?
Student Credit Card in India
A Student credit card is a credit card that is offered to scholars at the council position. Any pupil beyond the age of 18 times is eligible to apply for the credit card as it does not have an income eligibility limit. These credit cards have lower interest rates and have a validity period of 5 times
Banks Which Give Student Credit Cards in India
Though the generality of pupil credit card is fairly new in India, there are banks that offering the cards to the scholars. Some of the banks that offering the cards in the country are
1. State Bank of India (SBI)
2. HDFC Bank
Some of the Stylish Student Credit Cards are
- SBI Pupil Plus Advantage Credit Card
- HDFC Bank ForexPlus Card
- HDFC Multicurrency Platinum ForexPlus Chip Card
How Can a Student Apply for Credit Card in India
- Student credit cards are the bottommost entrants in the credit card sedulity that help council scholars manage their charges on their own. Still, not all the scholars are eligible to get a pupil credit card.
- Various banks and financial institutions have come up with a different set of eligibility criteria to issue a pupil credit card. Only those who meet the criteria would come eligible to apply for a credit card.
- While some banks analogous as the State Bank of India give credit cards only to its education loan guests.
- Whichever is the process, if you are a pupil above 18 times of age and would like to apply for a pupil credit card, you must first know which bank is offering swish pupil credit cards and process to apply for the same.
- Once you meet the eligibility criteria set by the bank, you can check with the bank about the procedure to apply for the same.
- Not all the banks follow the same process. Hence, it’s imperative to talk to the bank particular about the bank-specific process of applying for a pupil credit card.
- While a numerous banks allow you to apply online, others may bear you to visit the bank branch and submit an operation directly.
Features of Student Credit Cards
Credit Limits- Pupil credit cards have a lower credit limit compared to other credit cards offered by banks. On average, a pupil credit card has a credit limit ofRs. 15, 000. This is done to ensure that the cardholders do not dodge debts as a result of unrestricted spending.
Card Validity- Pupil credit cards are generally valid for a period of 5 times from the issue date, as compared to regular credit cards which have a 3 time validity period
Duplicate card free of cost-If the pupil credit card holder misplaces their card or it’s stolen, a indistinguishable card would be issued free of cost or at a truly nominal charge
Waiver of fees :- Pupil credit cards constantly do not have a joining figure and have truly low periodic charges, making it easier for scholars to maintain the cards
Documentation :- Scholars credit cards do not bear total documentation, unlike utmost other credit cards. The bare minimum of documentation is demanded when applying for a card
Special deals and prices-
- The pupil cards come whisked with prices and dedication programs that offer cashback or cash points when a certain amount is spent using the card. The cards also have special offers and abatements on services as well as purchases worldwide.
- Still, the pupil credit card can be upgraded to a regular credit card anytime during the card’s validity, If the cardholder wishes to.
List of Student Credit Cards
SBI Pupil Plus Advantage Credit Card
- With the SBI Pupil Plus Advantage Credit Card, scholars can learn how to manage their capitalist prudently. The card comes with an array of features designed simply for the pupil demographic, analogous as the capability to convert all purchases to EMI’s, energy weight up to2.5 on all energy spends charged to the cardetc.
- The card also has a good prices program, with everyRs. 100 spent earning the cardholder 1 cash point, which can be redeemed for a range of gifts or used to pay off credit balance, if any.
- The card also comes with a low interest rate of just2.25 per month.
- In addition, road tickets reserved using the card will be delivered to the cardholder’s doorstep, making trip plans and arranging tickets quick and accessible.
HDFC Bank ForexPlus Card
- The HDFC Bank ForexPlus Card is a boon for scholars who study abroad and bear easy access to finances in multiple currencies. This sacrifice by HDFC is a repaid card which works similar to a credit card, where the amount is debited directly from the card.
- For scholars living abroad, currency oscillations are a constant problem. This card protects cardholders from this as capitalist can be deposited in the card in all major foreign currencies. Recessions and deals made through the card would also be defended from exchange rate oscillations if the deals are conducted in the currencies that the card is available in.
HDFC Multicurrency Platinum ForexPlus Chip Card
- With this HDFC Multicurrency Platinum ForexPlus Chip Card, studying abroad can comfortably pierce their finances in 20 foreign currencies. Currencies can be managed through the card and capitalist transferred through secure online carryalls.
- Cardholders are also defended against fraud and accidents up bluffs. 5 lakh each.
- Cardholders can also track their accounts and make payments through netbanking, as well as avail special abatements and deals.
- Pupil credit cards are a good way for immature grown-ups to begin their irruption into the world of capitalist operation. Cardholders can learn how to manage their finances and hone their financial chops. The low limit and easy access to payment history will enable them to keep track of their spending and also help them start saving.
Eligibility and Documents Demanded to Apply for a Student Credit Card
- Above 18 times of age
- Must be a council going pupil
- Birth instrument
- Identity card issued by the council/ university
- Substantiation of domestic address
- Recent passport size snap
- Visage card
How can a Student get a Credit Card in India
With banks offering pupil credit card without the applicants demanding to give any employment documents or Income Duty returns, there must be some distrustfulness as to how a pupil can apply for credit card.
Below, we bat the ways how a pupil can get a credit card in their name
Against fixed deposit A Pupil can look to avail a pupil credit card predicated on the fixed deposit that he/ she might have in his/ her name. Still, banks tend to have a minimum fixed deposit amount against which the credit card can be applied for.
Through add-on card Another way to get a pupil credit card is by requesting any of the family members who have a credit card to apply for an add-on in the pupil’s name. Still, for that, the member who is requesting for the add-on card must have a good credit history.
Strong savings regard An existent can also avail a pupil credit card if they have a strong savings history from which they intend to apply. Still, this installation is handed to the guests by only a numerous banks.