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Student Credit Card

Student Credit Card Online

Last Updated 27th Nov 2020

  • Student credit cards are offered to the students above the age of 18 years.
  • EMI card for students eliminates the need for carrying the physical money and also helps in case of emergency.
  • Individuals can apply for credit cards online or by visiting the nearest bank.
  • Students are required to provide the identity, address proof and College ID Card of the college for applying for the student credit card.
  • Student credit cards provide various rewards and discounts.
  • It assists students in generating a credit history which can be used for getting a loan approval in future.
  • Student credit cards can be availed against fixed deposit , loan amount or savings account.
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Credit Card for Student

Student Credit cards are offered to individuals at the college level. These credit cards do not require any income and eligibility limit. Thus, any student above the age of 18 years is eligible to apply for the student credit card. Credit cards have become a necessity in recent times. Credit cards provide students with no income with the emergency cash and thus eliminates the need for carrying the real money. In addition to this, these cards offer several other benefits like discounts and rewards on purchase.

Which Banks Provide Student Credit Cards?

The student credit cards are in its nascent stage and less information is available about student credit cards. However, enough banks are offering the student EMI card facility. The top banks offering the student credit cards facility are State Bank of India, HDFC, Axis Bank and ICICI Bank. A few banks are also offering credit cards for international students.

How Students can Apply for a Credit Card?

The student credit card has made the inroads into the market in the immediate past, and there are no specific steps for applying for the student credit cards. Different banks offer different services under the student credit cards, and the eligibility criterion also differs from banks to banks. For instance: State Bank of India provides the credit card for students to only those students who have taken education loan from the bank whereas the ICICI Bank provides the student credit card on the security amount deposited.

Individuals should check the official website of the bank to know the eligibility criterion and should visit the bank to apply for the credit card for college students. They may also apply for student cards online if the facility is available.

List of Student Credit Cards

SBI Student Plus Advantage Credit Card:

  • This is a credit card given only to the education loan customers.
  • Students can get a free credit card against the fixed deposit in SBI.
  • It offers upto 80% cash withdrawal limit.
  • If an individual is an SBI Education Loan customer and aged more than 18 years, then he can get Add-on SBI Student Plus Advantage cards for members of his family.
  • If the individual is below 18 years of age, he will get an add-on card, and his parent will be issued the primary card.
  • The card also comes with a low-interest rate of just 2.25% per month.
  • Individuals can also pay their electricity and utility bill using this credit card.

HDFC Multicurrency Platinum ForexPlus Chip Card

  • It comes with a built-in PayWave technology to make contactless payments at retail outlets. Individuals can just wave the card at a distance of 4cms from the payment machine and make the payment securely.
  • It is a highly secure credit card. All ATM & Point of Sale transactions (POS) is authenticated through PIN, making the card more secure with embedded CHIP on the card.
  • This student card from HDFC offers students studying abroad with a facility by which they can comfortably access their funds in 20 foreign currencies.

ICICI Bank Student Travel card

  • ICICI Bank credit card for students is specially designed for students. It aids students in managing all their living expenses and even high-value transactions like payment of university fees/ hostel fees and purchase of flight tickets instantly & conveniently.
  • Cardholders will also benefit from preferential foreign exchange rates.
  • ICICI Bank Travel Card can be availed for Education purpose in 15 currencies.
  • It offers Travel Insurance & emergency travel assistance.

Features of Student Credit Cards

Some of the features of students credit card are listed as follows:

  • Credit limit: The credit offered under the student credit cards is limited and less than most of the credit cards limits. This is done to ensure that students are not caught in the quagmire of the debt.
  • Helps in crisis: Student credit cards come as a rescuer in case of an emergency. In addition to this, it helps the students to purchase expensive things in the form of EMIs using the cards.
  • Helps in creating a credit history: The student credit card also helps in creating payment history. Timely payment of the dues helps in creating a high CIBIL score and thus helps in getting a loan in future.
  • Minimal documentation: Unlike all other Credit Cards where the procedure is complicated and involves verification of documents like Income or salary slips and ITR, Student Credit Cards involve low or minimal documentation. It requires an individual to furnish Identity, address and identity proof of college.
  • Special rewards and discounts: Student credit cards also offer many rewards like cash back, reward points, and discounts.

Eligibility for Student Credit Card

Student credit card eligibility criterias are as follow:

  • Individual must be a college student.
  • He must be above the age of 18 years.

Documents for Student Credit Card

Documents required for applying the student credit cards are as follow:

  • Birth certificate
  • PAN Card
  • Identity card issued by the college
  • Address Proof such as passport, aadhar card, driving license, etc.
  • Passport size photograph
  • Student credit card application form

How to get Students Credit Card?

Banks do not consider the income of the individual or Income Tax Returns for providing the student credit cards. The student credit card is offered by:

  • Add-on card: Under this, the bank asks the immediate family member of an individual to apply for an Add-on card, which acts as a Student credit card. Good CIBIL score of the immediate family member is imperative for an Add-on facility.
  • Secured credit card: Students above the age of 18 can also get the credit cards against Fixed Deposit. They can open an FD and get a student credit card against it or can ask the bank authority to offer them the student credit cards if they already have the Fd account.
  • Credit card against the education loan: Students can also get the student credit against the loan taken from the banks.
  • Strong saving account history: A few banks also provide the student credit cards option against the strong saving history. Thereby maintaining a good savings account balance, or meeting the minimum savings account requirement may certainly help.

FAQs

What is the best credit card for students?

SBI Student Plus Advantage Credit Card and HDFC Multicurrency Platinum ForexPlus Chip Card are among the best student credit cards.

Can I get a student credit card without a job?

Yes, individuals can avail the student credit card without a job. There is no such mandatory criterion for a student to have a job for applying for a student credit card.

How much income do you need for a student credit card?

There is no minimum income required for a student credit card. Students above the age of 18 years can apply for the student credit card.

What is the maximum credit limit that can be availed on a student credit card?

There is no fixed limit in student credit cards. The limit depends upon the bank and the student credit card.

How do you get approved for a student credit card?

The basic eligibility features are:

  • Individuals must be a college students.
  • He must be above the age of 18 years.

Further, the approval of the student loans is dependent upon terms and conditions of the particular credit card.


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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