Students In India Have New Credit Card Options
Credit cards for students become a valuable tool when used with responsibility. Such cards are generally fee free but have higher rates of interest. As a student, their first credit card is an opportunity to have a good credit history so that they may avail favourable loan rates in future. It turns out to be an additional burden on a student’s professional aspect as during applying for loans, insurance and jobs, credit history is well investigated as a part of background check. Unfortunately, students and credit cards do not sound a legitimate combination. Those who are spendthrift may find themselves in odd situations when starting with a credit card, while mild spenders will find them having a happy swipe.
In general, student credit cards offer a list of benefits, they can be explained as:
- It asks for no joining fee as in case of other cards
- It asks for no annual fee, provided that your spending is within the limit.
- No criteria of salary in case of students
- Students can own a credit card even in the case of having no credit history.
- In addition, they get points for spending a certain amount.
- Being a student, no income tax returns documents, salary statement or any sort of minimum documentation is not required. This makes having a credit card to a student an easy ride.
Apart from pros and cons; if you are a student and are up to pocket a credit card, then here are some of the most suitable sorted credit cards for you. Many banks offer credit cards especially for students in India. They can be listed as follows:
A big range of benefits comes with this card and students can save and manage their finances smartly. But, one important condition that forms the part of this card is, the students who are part of SBI Education Loan are only eligible to be issued this card. It can be secured with a fixed deposit in bank. This card by SBI aims to give students a whole new world of benefits and offers.
Benefits of SBI Student plus Advantage card:
- On every spending of Rs.100, you can earn one cash point.
- You will get value back up to 2.5% on all groceries in departmental stores
- SBI Student Plus card can convert your purchases into your EMIs.
- It offers a waiver of 2.5% on fuel surcharge for all transactions ranging between Rs. 500 and Rs.3, 000.
- In case, you spent above Rs.35, 000 on your purchases in the previous year, you are not liable to pay the annual fee this year.
- You can get more reward points with international transactions than domestic transactions, i.e. up to 10 times more.
Features of SBI Student Plus Advantage Card:
- Get increased credit facility at 2.5% rate of interest.
- Easy access as there is about 10,000 ATMs in 100 cities all over India. It allows cash limit up to 8%.
- It is acceptable globally, it can be used anywhere around the world.
- Easy application process for add-on cards
- ICICI Bank Student Travel Card
ICICI Bank’s Student Travel Card will let you explore many opportunities. It can be used for many of your transactions like school/college fee, application fees etc. Also, you can withdraw your cash from around 1.5 million MasterCard ATMs.
Features of ICICI Bank Student Travel card:
- Get appealing merchant discounts in India, 130 countries and about 1, 20,000 merchant locations.
- Preferential forex rates
- You can manage your living and food expenses
- It provides you International Student Identity Card (ISIC) Membership
- instant card replacement with Primary card
- It provides a comprehensive travelling insurance
- Apart from above, a whole lot of offers from ICICI Bank
Other student credit cards offered by the banks are- Axis Bank – ISIC Forex Card, HDFC ForexPlus Card, HDFC Multicurrency Card and HDFC ForexPlus Chip Card. There are other banks which issue cards but those mentioned are well accepted by people and have been doing well in the market.
Eligibility and documents required for a student to own the card-
The age limit to own a credit card is minimum 18 years. This rule seems to be taking its foundation away as many students are becoming entrepreneurs in early ages and self dependent on finances.
- Few companies require PAN card as importantly
- Birth certificate
- Proof of residential address Residential address proof
- College/University I-card
- 2 passport sized photographs