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ToggleFor students, college is the first step towards independence in their educational life. It is a mark of responsibility and personal growth. A credit card can greatly assist them in this journey of independence. Designed specifically for their distinct needs and spending habits, these credit cards go beyond mere transactions. Let’s see what a student credit card can provide.
A student’s credit card is exactly what its name suggests – a credit card for students studying in universities or colleges. These credit cards serve the main purpose of helping students build credit early in life. They typically come with lower credit limits and fewer fees, making them a safer option for young individuals who may not have much experience managing credit. Student credit cards often include perks such as rewards on everyday purchases, cashback offers, and discounts tailored to student needs. Additionally, student credit cards often require less stringent credit history requirements, making them accessible to those who are just starting to establish their financial independence.
We have gathered a list of some of the best credit cards for students in India, including information on their annual and joining fees, along with the best-suited purpose for these cards.
Top Student Credit Cards | Annual Fees | Joining Fees | Best Suited For |
IDFC FIRST WoW Credit Card | NIL | NIL | Shopping, Dine-in |
ICICI Bank Student Forex Prepaid Card | NIL | NIL | Travel |
AU Bank LIT Credit Card | NIL | NIL | Shopping, Travel, Fuel |
Kotak 811 #DreamDifferent Credit Card | NIL | NIL | Shopping, Fuel |
SBI Student Plus Advantage Card | NIL | NIL | Shopping, Fuel |
Bank of Baroda Financial Prime Card | NIL | NIL | Shopping, Fuel, Insurance |
OneCard Credit Card | NIL | NIL | Shopping |
Axis Bank Insta Easy Credit Card | NIL | 500 | Shopping |
Below is a list of the top features and benefits of the best student credit cards:
In the modern financial landscape, credit cards have become an essential tool to manage finances. When a student gets a credit card at a young age, they learn how to manage their finances and even the importance of timely repayments. Apart from this, there are several other prime benefits of a student credit card, such as:
Credit cards for students promote financial independence. They enable students to handle their expenses—whether it’s tuition fees, accommodation costs, or personal purchases—without constant dependence on their parents or guardians. This experience helps cultivate a sense of responsibility and financial savvy from an early age.
A student credit card can be valuable for handling unexpected financial needs, such as sudden school fees or personal emergencies. It provides students with a quick solution to urgent expenses, allowing them to address immediate needs without unnecessary complications.
Using a credit card early helps students establish a solid credit history. This foundation proves crucial in the future when seeking loans, renting apartments, or even applying for certain jobs. A strong credit score can significantly impact financial opportunities and open many doors.
Student credit cards are designed to acknowledge the value of their everyday spending by offering rewards. Whether it’s a cup of coffee or a course book, every purchase can earn points. These points can be redeemed later, providing real benefits from their expenditures.
These cards are tailored for students and typically offer discounts on textbooks, online courses, and software. Providing these perks makes crucial academic resources more affordable and easier to obtain.
Recognising that students have diverse financial circumstances, many credit card issuers provide flexible repayment options. By considering the most suitable card for students, individuals can choose a repayment plan that aligns with their income, whether from part-time work or allowances.
Apart from discounts and deals on educational materials, student credit cards also offer special deals on other expenses such as dining, travel, and shopping. While not all credit cards have this 3-in-1 facility, there are some, like Jupiter’s Edge CSB Bank RuPay Credit Card. You can switch between dining, travelling, and shopping with one card!
To get a student credit card, you should be at least 18 or above in age. Below are the document requirements for a student credit card:
The procedure for applying for a student credit card varies based on the type you’re interested in. Here’s a breakdown:
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Student credit cards typically feature a lower spending limit compared to standard credit cards. This capped amount helps students manage their spending wisely and prevents them from racking up significant debt.
Yes, you can get a credit card without a monthly income as a student by choosing a secured credit card. This type of credit card will be linked to your fixed deposit, so you keep your fixed deposit as security.
Yes, you can use secured credit cards overseas as a student. However, keep in mind that a Foreign Transaction Fee will be charged for all purchases. Additionally, fees for cash withdrawals and finance charges will apply if you use the card to withdraw cash from ATMs.
International students might encounter restrictions when applying for credit cards because of residency and income requirements. Nonetheless, some banks are willing to issue credit cards to students who can provide a guarantor or secure the card with a fixed deposit.
You should be at least 18 years old or above when applying for a student credit card. However, some banks have a specific eligibility or age requirement that may vary from one bank to another.
Best
Credit Cards
Fuel
Credit Cards
Premium
Credit Card
Business
Credit Card
Students
Credit Cards
Online Shopping Credit Cards
Airport Lounge Credit Cards
Book Flights Credit Cards
International Travel Credit Card
Movie Tickets Credit Cards
Rewards
Credit Cards
Lifetime Free Credit Card
Utility Bill Payment Credit Card