As a college student, managing expenses can be a bit of a task. Here are four Credit Cards that can help you manage your finances like a pro!
Although student Credit Cards are a fairly novel concept in India, banks are quickly latching on to this potentially lucrative market. As the term suggests, a student Credit Card is basically a Credit Card offered to college students who are above 18 years old. In general, these cards tend to come with low rates of interest and are usually valid for a five-year period.
How To Apply For A Student Credit Card
It would be prudent to keep in mind that not all students can apply for a student Credit Card. In order to get one, students will have to meet certain eligibility criteria that have been formulated by banks and other financial institutions. For example, certain banks like SBI only give student Credit Cards to customers who have taken out an Education Loan, while ICICI offers Credit Cards to students over their security deposits.
This is why it is important to speak with different banks to make sure you get the best deal possible since not all banks have similar guidelines when it comes to issuing student Credit Cards.
What Are The Benefits Of A Student Credit Card?
While the most obvious benefit of a Credit Card is to help students with day-to-day expenses, there are other advantages as well.
- First of all, as a student, you wouldn’t be required to provide proof of income when applying for a student Credit Card. All you need are a few documents, which makes the process extremely hassle-free.
- Student Credit Cards come in handy when paying for college fees, online courses and other similar expenses.
- Student Credit Cards also tend to come with lots of beneficial features such as cashback, discounts and redeemable.
Additional Reading: Real-Life Personal Finance Lessons For College Freshmen
How Can A Student Apply For A Credit Card In India?
This is probably the most pertinent question on the lips of most students who read this article, especially since applying for a student Credit Card doesn’t require a proof of income or tax returns to be provided.
Well, here are some ways, you, as a student, can apply for a Credit Card in India:
- If you have a Fixed Deposit in your name, then you can apply for a student Credit Card based on your FD. But keep in mind that some banks require your Fixed Deposit to be of a certain minimum amount in order to apply for a Credit Card against it.
- If you have a family member who has a Credit Card and who has a good credit history, then you can ask them to apply for an add-on Credit Card in your name.
- Some banks also offer Credit Cards to students who have a solid history of savings, via their Savings Account.
Additional Reading: Quirky Money-Making Ideas For College Students
Four Of The Best Credit Cards For Students
As a student, we understand you have a lot on your plate. So, to make your life infinitely easy, we’ve put together a list of four of the best student Credit Cards out there.
SBI Student Plus Advantage Credit Card
- Convert all your purchases into EMIs and get 2.5% surcharge on all fuel spends
- Earn 1 cash point on every spend of Rs. 100. These points can be redeemed for a variety of gifts or even to clear your card balance, should you have any.
- Attractive rate of interest at 2.25% per month.
- Use this card to make railway ticket bookings and get the tickets delivered right to your doorstep. Convenient, isn’t it?
HDFC Bank ForexPlus Card
- If you’re a student studying outside India, this card can certainly come in handy since it is, in essence, a prepaid card that gives you access to funds in different currencies.
- This card also offers students protection against exchange rate variations, making withdrawals and other transactions easy and convenient.
ICICI Bank Student Travel Card
- This card is also beneficial for students studying abroad as it helps them meet expenses and make online payments via a secure channel.
- The card also offers Travel Insurance and other exclusive student discounts.
- Students can also take advantage of preferential forex rates that this card offers.
HDFC Multicurrency Platinum ForexPlus Chip Card
- This card offers students studying outside India easy access to funds in twenty different currencies.
- Get protection against fraud and mishaps of up to Rs. 5 lakhs.
- Students can get take advantage of discounts and special deals that the card offers.
Additional Reading: Money-Saving Hacks Every Student Should Know
So there you have it. Get a student Credit Card and juggle your expenses as well as you manage your grades and you’re good to go.