A student credit card is a credit card that is offered to students at the college level. Any student beyond the age of 18 years is eligible to apply for the credit card as it does not have an income eligibility limit. These credit cards have lower interest rates and have a validity period of 5 years. A student credit card would have different features than a regular credit card. It does, however, have its own set of advantages. You won't need any paperwork because you won't be asked to show a payslip or an ITR. State Bank of India, HDFC, Axis Bank, and ICICI Bank are the top banks that offer student credit cards. International students can also get credit cards from a few banks.
Students will benefit from a low-interest rate, no annual fees, and the ability to gain reward points when they spend a certain amount. These are the best cards if you or your kid is travelling abroad for higher studies.
Features of Student Credit cards
In comparison to other credit cards, the student credit card has a very low credit limit. The credit limit is between Rs.2000 and Rs.25000. The student credit cards are valid for the duration of their studies. This card's validity ranges from three to five years. There is no joining fee for the student credit card. The annual fees for this card are also extremely low. Some credit cards are best when students are going abroad, they can pay using the student credit card.
Documents required for Student Credit Card:
- Birth Certificate
- College Student Proof
- Resident Address Proof
- Passport Size Photograph
- Aadhaar or PAN Card
- Passport photocopy
In the case of a forex card, the student must Submit related documents of appointment/admission/university letter.
SBI Student Plus Advantage Credit Card
This is a special credit card available only to State Bank of India education loan customers. SBI Student Plus Advantage Card can be obtained by making a fixed deposit at any State Bank of India branch. Interest-free credit is available for 20 to 50 days on retail transactions when the previous month's balance is paid in full.
Features of SBI Student Plus Advantage Credit Card:
- In India, there is a 2.5 percent fuel surcharge waiver at any petrol pump.
- It allows you to withdraw up to 80% of cash
- For all department store purchases, you'll get 5% back in value and 10x Rewards points.
- There is a Flexipay alternative to convert credit card bills to EMIs.
ICICI Bank Student Travelcard
The ICICI Bank student credit module is designed specifically for students. It helps students manage all of their living costs as well as high-value purchases such as paying university fees/hostel fees and purchasing plane tickets. The ICICI Bank Student Travel Card is a foreign exchange card for students studying abroad. This card comes in five different currencies and is good for three years. It provides travel insurance as well as emergency assistance. USD, EUR, GBP, AUD, and CAD are the five currencies that can be loaded onto a card.
The card can be loaded remotely by parents or guardians in India.
A card can be used for online purchases as well as physical swipes all over the world.
Joining fees are Rs.150, reload fees are Rs.100, and there is a 3.5 percent + GST cross-currency charge.
HDFC Multicurrency Platinum ForexPlus Chip Card
It has PayWave technology built-in, which allows you to make contactless payments at stores. Individuals can make safe payments by simply waving their cards at a distance of 4cm from the payment machine. This card can consist of up to 22 different currencies. You can save money and time by holding 23 foreign currencies on your HDFC Multicurrency Platinum ForexPlus Chip Card.
- This provides you with full insurance against any potential fluctuations in foreign exchange rates.
- You'll also get Rs. 5 lakh insurance policy in case of card abuse, crash, or theft.
- Protection against Foreign Exchange rate fluctuation
- Online Currency Management
- Additional security with temporary card blocking facility
HDFC Student Add-on Card
For all practical purposes, the add-on card functions similarly to a credit card. Unless the parent cardholder sets a sub-cap, the add-on card shares the credit limit with the main card. An add-on card can be given to someone over the age of 18.
Expenses on an add-on card are included in the parent card's monthly statement. As a result, parents can conveniently keep track of their children's expenses. You may also get transaction reminders to keep track of your spending. Add-on cards don't need much paperwork, and the application process is straightforward. Purchases made with add-on cards can be made both online and offline.
Bihar Student Credit Card
This credit card is planned specifically for students who are pursuing higher education in Bihar. The program was implemented as a means of encouraging state students to pursue higher education. With this card, a student who has completed class 12th can borrow up to Rs. 4 lakhs, which can be repaid once the student has completed their education and found a decent job. This card would be backed up by the government. To be eligible for the Bihar Student Credit Card Scheme, a student must have a co-applicant - either their parents or guardians - who can provide proof of income and have a secure job.