Best Credit Card For Students
Posted by Creditkaro
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.
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