All About Student Credit Cards in India: Know Eligibility, Application Process, Features, Types, Advantages

Are you a college student looking for a trusted source to financially support your academic career? Are you aware of credit cards for students? Student credit cards let you carry out all your expenses by yourself but it comes with their own pros and cons. This article brings you all the relevant information concerning student credit cards that will help you sail through your academic journey smoothly.

A student credit card is issued by financial institutions such as banks. The card gives you access to free credit money that your bank issues for you. When you spend money from your student credit card, your own bank balance does not get deducted but your credit balance goes up.

This means that you have to pay back the due credit amount after a fixed amount of time (with or without interest). Credit cards for students do not come with an income eligibility limit. They have pretty low-interest rates as well and are valid for 5 years. Read ahead to know more.

• How To Avail Credit Cards for Students in India?
• Indian Banks Which Offer Credit Cards for Students
• Student Credit Card Application Procedure
• What are the Characteristics of Student Credit Card?
• List of Best Credit Card for Students in India
• SBI Student Plus Advantage Card
• HDFC ForexPlus Card
• HDFC Multicurrency Platinum ForexPlus Chip Card
• ICICI Bank Student Travel Card
• FAQs on Student Credit Card Online

How To Avail Credit Cards for Students in India?

Every individual who is 18+ is qualified to apply for a student credit card. In order to apply for credit cards for students in India, you should be aware of the two banking sectors that are offering this facility.

Read further to know more about the financial institutions where you can apply for credit cards for students with no income in India.

Indian Banks Which Offer Credit Cards for Students

There are 2 well-established banks that already offer credit cards to students. They are:

1. State Bank of India
2. HDFC Bank

Must check How Credit Card Companies Make Money? this guide before getting idea about the student credit cards from the best banks.

Student Credit Card Application Procedure

• Before we go into the student credit card apply process, you must go over student credit card eligibility requirements and prove eligible.
• Different banks have set up different eligibility requirements. Those who qualify for those needs, are eligible for the issuance of a student credit card by the bank.
• Reputed banks such as the State Bank of India offer student credit cards only to customers who have utilized the education loan.
• Once you have met the eligibility requirements, check out the bank details in order to apply.
• Not all banks have the same application procedure. Thus, you must be careful about this part.
• In some banks, you can apply for a student credit card online. While others banks would require you to visit and complete the application process in person.

Also See: Can we withdraw money from Credit Card?

What are the Characteristics of Student Credit Card?

Before you plunge into the decision of getting a student credit card, here are some of the features that you must be aware of –

The limit imposed on Student Credit cards

Credit cards for students with no income have a lesser credit limit. As compared to a credit card issued to a working person. A student credit card’s limit is a lot less, about Rs. 15,000. A credit limit has been set up to avoid young people incurring debts due to excessive spending.

Validity of the Card

Student credit cards come with a 5 year validity period.

Free of cost duplicate card

If a student credit card is lost or stolen, a duplicate card is issued at either nominal charge or free of cost.

Fees charged

Student credit cards have zero joining fees and minimum annual charges levied. This makes maintenance easier.

Documents required

Compared to normal credit cardholders, student credit cardholders do not need an exhaustive list of documents for verification. It would only require your –

• Birth certificate
• PAN card
• Residential Address Proof
• 2 passport size photographs
• Identity card of the college
• College admit proof

Rewards and Special Offers

Student credit cards come with a lot of perks:

• Loyalty programs and special rewards
• Cashback offers on spending a specific amount (T&C applied)
• Discounts on specific products and brands
• Can be turned into a normal credit card at cardholders’ request given the person passes the eligibility requirements.

List of Best Credit Card for Students in India

In India, student credit card facilities have joined the industry pretty late. Take a look at some of the best student credit cards which certainly ranks over all the others.

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

Let’s the most attractive Student Credit Cards in India Elaborated below:

SBI Student Plus Advantage Card

Open only to customers of SBI education loans, this credit card for students with no credit offers you tons of perks. First, you need to have a fixed deposit in any SBI branch. Then you can enjoy the perks such as – zero renewal fee or annual charges (given you make a total buy of Rs. 35,000 in the preceding year). Every time you spend Rs. 100, you get a reward point and this helps you in paying off your due balance.

Other Features:

• Cashback of 5% on all Grocery and Departmental expenditure
• Recurrent rewards with 10x reward points on international expenditure
• Accepted all over the world (there are more or less 24 million outlets abroad)
• Booking tickets and paying bills online have never been easier.
• Transference of balance from another credit card to yours will result in a lesser interest rate in order to efficiently pay off your EMIs.
• Flexipay (Buy now, pay later) facility

HDFC ForexPlus Card

HDFC ForexPlus Card is a must-have for all students who are aspiring for or currently studying abroad. Monetary needs are a big concern for international students. Check out how HDFC ForexPlus Student Credit Card provides tons of facilities to international students.

Features:

•  HDFC ForexPlus Card just like any other credit card deducts the transaction amount directly from the card balance.
• This card accepts ten different currencies included from all over the world. Even if the card has been issued to you in your own national currency, you can change it anytime.
• The fluctuating market rates won’t affect your transaction charges. For all the merchant outlets wherein Visa or MasterCard works, this card is also accepted.
• You need not be a customer of HDFC bank. You can visit your nearest HDFC bank and apply for the card by presenting the required documents.

Must Refer: How does CRED Make Money

HDFC Multicurrency Platinum ForexPlus Chip Card

With HDFC Multicurrency Platinum ForexPlus Chip Card, you can now enjoy multi-destination travels without having to worry about manually changing your currency. You can simply access your HDFC Multicurrency Platinum ForexPlus Chip Card balance in 23 different currencies. This is the most convenient and stress-free way to travel internationally without wasting your time and money.

Other Features:

• This card saves you the trouble of facing any sort of fluctuation in the Foreign exchange rate.
• Insurance of Rs. 5 lakh is also issued in case your card gets stolen or gets caught up in fraud.
•  This card helps the cardholders to keep a track of their own accounts. One can use net-banking as a payment method and avail of discounts and special offers.

ICICI Bank Student Travel Card

ICICI Bank Student Travel Card is the most helpful student credit card when it comes to studying abroad. This card will help you take care of your university application and admission fees in both online and offline scenarios. This card is accepted in over 130 foreign countries and can be used in 1,20,000 different merchant outlets. Read below to know more about this multi-tasker.

Features:

• Every merchant location that accepts MasterCard will also accept ICICI Bank Student Travel Card. Through this card, you can withdraw a maximum of 1.5 million through MasterCard ATMs.
• Undoubtedly, you have an advantage in the fluctuating forex market.
• You get an International Student Identity Card membership for free. This membership helps you access unmissable offers and deals.
• Special offers on Alliance
• Provides monthly e-statements to help you keep track of your online account
• Travel Insurance
• Destination discounts

Do you have knowledge about How to Transfer Money from Credit Card to Bank Account? If yes, then you’re good to go. If not, let’s check our blog by tapping the link available here.

FAQs on Student Credit Card Online

1. What is the best credit card for students in India?

Ans: Credit cards for students sbi and other banks such as HDFC and ICICI provide the best deals in the current market. They are the most suitable ones for students studying in India and abroad.

2. What is a credit card for students with no income?

Ans: Unlike regular credit cards, most student credit cards do not need any income proof from you. Therefore, all student credit cards are no income credit cards.

3. What is student credit card eligibility?

Ans: Any student is eligible for applying for a student credit card when they are above 18 years of age.

4. How long Student credit cards are valid?

Ans: They are valid for 5 years and for more valid details about the student credit card apply process check out our page.

5. How to apply for a credit card for students in India SBI?

Ans: First, you need to borrow an education loan from your nearest branch, and only then can you apply for a student credit card from SBI joining which there are no joining charges or annual fees.

Concluding Thoughts

We hope this article provided a comprehensive guide on credit cards for students. With the best of the lot in your hand, you can choose any of the given credit cards to solve your personal and academic expenses. Let us know if we have missed any important pointers and we will update it here on our website newsozzy.com. Bookmark our website for more exciting and informative content. Your feedback on this content will be appreciated.