College student credit cards are geared toward college students and assist them in handling their financial matters by providing interest-free periods, rewards and discounts. These are mostly starter or secured type cards; they allow students to understand financial management while beginning to accumulate a credit record. Accenture, SBI, ICICI Bank, and Kotak Mahindra are such banks who have introduced student credit cards.
Also, in some states as West Bengal and Bihar, state governments have launched credit schemes for students with low interest for their higher studies Anyways, without wasting time let’s focus on the best student credit cards in India as on October.
CONTENTS AVAILABLE AT THIS PAGE
- 1 Top 5 Student Credit Cards in India October 9, 2024
- 2 Best Student Credit Cards in India October
- 3 State Government Student Credit Schemes
- 4 Student Credit Card Eligibility Criteria
- 5 How to Apply for a Student Credit Card
- 5.1 Conclusion:
- 5.2 FAQs:
- 5.2.1 Q: Who qualifies to apply for a student credit card?
- 5.2.2 Q: Is it possible for students to obtain credit cards without having a fixed deposit based amount?
- 5.2.3 Q: Are there any interest-free periods for students’ credit cards?
- 5.2.4 Q: What is the credit card limit assigned to student credit cards?
- 5.2.5 Q: Are student credit cards obtainable outside the US?
Top 5 Student Credit Cards in India October 9, 2024
| Card | Annual Fee | Best Feature |
|---|---|---|
| IDFC FIRST WOW Credit Card | Nil | 100% of FD value as credit limit; 4X reward points |
| Kotak 811 #DreamDifferent Credit Card | Nil | Credit limit up to 90% of FD value |
| ICICI Coral Contactless Credit Card | Rs. 500 | 2 reward points for every Rs. 100 spent |
| SBI Student Plus Advantage Credit Card | Rs. 500 | Reward points can be used to pay credit card bills |
| ICICI Bank Student Forex Prepaid Card | Rs. 199 | 40% discount on excess baggage |
Related Read:- ICICI Student Credit Card: Eligibility, Benefits & How to Apply
Best Student Credit Cards in India October
IDFC FIRST WOW Credit Card:
This secured credit card has many features on offer and is suitable for those students who wish to build some credit. More so, the key advantages include:
Apply for the IDFC FIRST WOW Credit Card to embark on your financial journey without demonstrating any credit history or proof of income.
Kotak 811 #DreamDifferent Credit Card:
Kotak Credit Card includes great features such as rewards, payment holidays, etc. Kotak’s #DreamDifferent Credit Card has a few features worth mentioning as well:
This card is especially suited for students with fixed deposits, as they are offered up to 90% of the FD amount as the credit limit.
ICICI Coral Contactless Credit Card:
Young people who love entertainment and shopping will find this card quite appealing. Major advantages consist in particular of the following:
SBI Student Plus Advantage Credit Card:
SBI’s Student Plus Advantage Credit Card is designed for students who have taken an education loan from the bank. Key features include:
- Reward Points: Earn 1 reward point per Rs. 100 spent and use points to pay the outstanding bill.
- Fuel Surcharge Waiver: 2.5% at all petrol pumps in India.
- Annual Fee Waiver: Spend more than Rs. 35,000 annually to waive the annual fee.
ICICI Coral Contactless Credit Card:
Young people who love entertainment and shopping will find this card quite appealing. Major advantages consist in particular of the following:
State Government Student Credit Schemes
West Bengal Student Credit Card Scheme (WBSCC)
The present scheme provides loans for education starting from an amount of Rs. The WBSCC allows student loans up to Rs. 10 lakh at 4% incidental expenses for higher studies. Many scholarships are also available and students may utilize the loan for studying in India or outside the country, with a repayment tenure of 15 years. The application is open to the residents of West Bengal who are eligible.
Bihar Student Credit Card Scheme
It can be seen that under this scheme, students can apply and get a loan of even Rs. The maximum amount of loan available under this scheme is Rs. 4 Lakh at a concession rate of 4% (1% for female, transgender, and disabled). This loan is intended for students who are engaged in technical, polytechnic, or general education.
Student Credit Card Eligibility Criteria
Students typically do not have any income, so student credit cards do not come with income eligibility. Nevertheless, some basic requirements need to be satisfied by the applicants in order to qualify. For instance, applicants have to be aged above 18 years. These criteria may vary from one bank to another.
It is significant to note here that ‘student credit card’ offerings in India are very few and far between. Banks, however, do offer student credit cards; only, they are not in the usual form. They are in the form of education loans, secured credit cards, and student forex cards. To avail of this benefit, you have to meet the necessary conditions.
Required Documents:
The following documentation may be required for a student credit card application:
Note: Income documents are not required to be submitted with applications for the student credit card, an add-on, or a secured card.
How to Apply for a Student Credit Card
The application process for a student card depends on the type of credit card you are going for. Given below are the details.
Related read:- Citi Prestige Credit Card: Reviews & Ratings, Apply Online
Conclusion:
For the sake of young users, student credit cards have been particularly designed to impart the values of managing funds and credit history initiation at an early stage. There are options to select a regular secured credit card or a prepaid card, which are very useful in features like rewards, interest-free months, and limits on credit among others. Take your time to check the different options available and pick the card that you will be most comfortable using.
FAQs:
Q: Who qualifies to apply for a student credit card?
College-going students above eighteen years of age and with no earnings can get a secured credit card against a fixed deposit.
Q: Is it possible for students to obtain credit cards without having a fixed deposit based amount?
Such students may also apply for the Student Plus Advantage Credit Card which is linked to the students’ education loan.
Q: Are there any interest-free periods for students’ credit cards?
Such is the case as regards to credit cards offered to students since most of them have an interest free period which ranges between twenty (20) and fifty (50) days.
Q: What is the credit card limit assigned to student credit cards?
In terms of Credit Card Limit, 80% to 100% of the fixed deposit is usually machined.
Q: Are student credit cards obtainable outside the US?
Yes, including cards like ICICI Bank Student Forex Prepaid Card which is suitable for international students and has worldwide usage.
