Best Credit Card For Students

Best Credit Card For Students

Posted by Creditkaro

Credit Card June 02, 2022

Best Credit Card For Students


Student Credit Card in India

The student credit cards are the credit cards that have been designed for the students who are at the college level. Any student who is above 18 years old is eligible to apply for these credit cards and they do not need to submit an income limit. These credit cards also offer lower interest rates and generally have validity periods of five years. The concept of student credit cards is still new in India. Still, some of the major banks such as the State Bank of India and HDFC have been offering student credit cards recently.


Some of the Best Student Credit Cards are:

1. SBI Student Plus Advantage Credit Card

2. HDFC Bank ForexPlus Card

3. HDFC Multicurrency Platinum ForexPlus Chip Card

4. West Bengal Student Credit Card


SBI Student Plus Advantage Credit Card

The students can learn how to manage their money sensibly by using the SBI Student Plus Advantage Credit Cards. The card comes with a wide range of features drawn exclusively for the students' demographic such as the ability to convert all purchases to EMIs, fuel surcharge up to 2.5 % on all fuel spends charged to the card etc. The card also has a good rewards program. The students by spending Rs 100 every time can earn one cashpoint that can be redeemed for a range of gifts or used to pay off their credit balance. The card also offers a low-interest rate of just 2.25% per month. Additionally, railway tickets reserved through these cards will be delivered to the cardholders' doorsteps, making travel plans and arranging tickets quick and convenient.


HDFC Bank ForexPlus Card

The HDFC Bank ForexPlus Card can be a blessing for students who study abroad and need easy access to funds in multiple currencies. This is a pre-paid card offered by HDFC which works similar to a credit card where the amount is debited directly from the card. Currency inflation has been one of the major problems for students living abroad. This card protects cardholders from this as money can be deposited in the card in all major foreign currencies. This card also saves the cardholders when they make withdrawals and transactions through the cards. They will also be protected from exchange rate fluctuations if the transactions are conducted in the currencies that the cards are available.


HDFC Multicurrency Platinum ForexPlus Chip Card

The students studying abroad can comfortably access their funds in 20 foreign currencies with the help of HDFC Multicurrency Platinum ForexPlus Chip credit cards. Currencies can be managed through the card and money can be transferred through secure online wallets. Cardholders are also protected against fraudulent activities and they also are covered up to Rs. 5 lakh each for accidents. This credit card helps the cardholders also to track their accounts and make payments through net banking and by using these credit cards the students can also avail special discounts and deals.

Student credit cards are perfect for young adults to start their ventures into the world of money management. Credit cardholders can learn to manage their finances and develop their financial skills. The low limit and easy access to payment history enable them also to keep track of their spending and help them start saving.


West Bengal Student Credit Card

West Bengal Student Credit Card (WBSCC) is an initiative launched by the Higher education department, of the West Bengal government that permits students to pursue their education without any financial restrictions. Students whether they are pursuing secondary or post-graduate degree education can avail WBSCCs.

Under this plan, the students can apply for loans of up to Rs.10 lakh at an annual interest rate of 4% per annum. The loans can be obtained from the State Cooperative Bank and its other affiliated banks. The students after entering WBSCC official websites will have to click on 'student registration' to register and they will have to provide the relevant details and create login IDs and passwords. Once the students have created the login IDs and passwords they can click on ‘student login’ and by using the credentials they can apply for the loans.


Features of Student Credit Cards

Credit Limits: Student credit cards offer lower credit limits compared to other credit cards offered by banks. On average, student credit cards contain credit limits of Rs. 15, 000. The key reason behind setting this amount is to ensure that the cardholders do not develop debts as a result of unrestricted spending.

Card Validity: Student credit cards are generally valid for a period of 5 years from the issuing dates, as compared to regular credit cards which have a 3-year validity period.

Free duplicate cards: If the student credit cardholders misplace their cards or they are stolen, duplicate credit cards are issued free of cost or at small charges.

Waiver of fees: Generally the students do not need to pay joining fees to get credit cards. It also proposes very low annual charges, making it easier for students to maintain the cards.

Documentation: The students do not need to submit thorough documentation, unlike most other credit cards to acquire student credit cards. Rather students need to submit minimum documents while applying for the cards.

Special deals and rewards: The student credit cards have been designed in such ways that those students can enjoy rewards and loyalty programs that offer cash back or cash points when a certain amount is spent through the usage of those credit cards. The cards have also special offers and discounts on services as well as purchases worldwide. Even, following the wise, the student credit cardholders can upgrade their credit cards to regular credit cards anytime during the card's validity.


How students can get credit cards in their name?

Against fixed deposit: There is one way to get credit cards for the students against their fixed deposits However, banks have the propensity to have minimum fixed deposit amounts against which the credit cards can be applied for.

Through add-on card: The respective students have another way to obtain student credit cards. That is to request any of their family members who have credit cards to apply for an add-on in the student's name. However, for that, the member who is requesting the add-on card must have a good credit history.

Strong savings account: A student can also get a credit card if he or she has strong savings history from which they intend to apply. However, this facility is provided to the customers by only a few banks.