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Credit Card for Students

Credit cards for students are specially designed to suit the needs of college students. Irrespective of whether you are studying in India or abroad, as long as you are 18 years of age or older, you can apply for such cards to manage your daily expenditures, such as buying study materials, transportation, leisure activities, etc. Such cards are generally valid for 5 years and come with a very low-interest rate.

Key Highlights of Student Credit Cards

  • Student credit cards are useful to carry out all student expenses

  • Can be availed against fixed deposits, savings account, education loan, or government schemes

  • Usually have a validity of 5+ years

  • Low-interest rates as compared to regular credit cards

  • Offer less credit limit to avoid students getting into a debt trap

How to Get a Student Credit Card in India

Since the customer base for such credit cards are mostly students, the usual credit card eligibility such as good credit score, stable income, etc, are not considered when reviewing the application. Thus, instead of conventional methods, credit cards for students can be availed by any of the below-mentioned means:

1) Apply Against a Fixed Deposit

If you have a fixed deposit (FD) in your name, you can use it to apply for a student credit online or offline. However, the minimum amount that is eligible for a credit card against fixed deposit may vary from bank to bank.

2) Apply as an Add-on Card

If you have a family member who owns a credit card, you can get a credit card for students as an add-on card against it. However, to get the add-on card approved, the primary cardholder must have a good credit history.

3) Apply Against a Savings Account or Loan

If you have a savings bank account with a steady monthly average balance as specified by the issuing bank, you can use it to apply for a student credit card. Some banks also grant these cards to people who have availed an education loan with them, such as SBI Student Plus Advantage Credit Card.

4) Take Advantage of Government Schemes

A lot of state governments in India have launched programmes offering credit cards for students. Some of the common government programmes offering such cards are West Bengal Student Credit Card Scheme, Bihar Student Credit Card Scheme, Jharkhand Student Credit Card, etc. 

How to Apply for a Student Credit Card

Much like any other card application, you can initiate the apply process for student credit cards online as well as offline. However, do note that some banks may allow only online applications. It is, therefore, wise to discuss with a bank representative before initiating the application process. 

The basic steps that you need to follow for the online application process include:

  • Step 1: Visit the bank’s official website

  • Step 2: Check the eligibility criteria mentioned for applying for a Student card

  • Step 3: In case you fulfil the eligibility, click on ‘Apply for the card’

  • Step 4: You might be asked to submit a few documents to initiate the process

  • Step 5: Once you have uploaded all the necessary documents successfully, click on ‘Submit’

Eligibility Criteria and Documents Required for Student Credit Card

General Eligibility Criteria

  • The applicant must be 18 years of age or above

  • The applicant must be enrolled in a university or college

  • In some cases, the applicant’s parents or guardians may be asked to open a fixed deposit account

  • Some banks ask the applicant to open a savings account with a minimum quarterly balance before issuing cards for students

  • Some banks grant a student card to applicants who have availed an education loan with them

Documents Required for a Student Credit Card

Since students cannot present any income proof in the form of salary slips or IT returns, the following list of documents can be accepted:

  • Identity Proof: PAN card, Aadhaar card, Passport, voter’s ID, driving licence

  • Address Proof: Passport, Ration card, utility bills of the last three months

  • Age Proof: School certificate, birth certificate, passport, voter’s ID 

Student Credit Card Rewards Points

The credit card offers for college students are designed in such a way that managing finances is fun and easy. Students can enjoy some of the best credit card deals, cashback, and discounts on the card, thus allowing them to save more. Students can also get special discounts and cashbacks on movie tickets and events along with fuel surcharge waivers, free airport lounge access, interest-free ATM withdrawals, and more as part of their credit card benefits. Transactions made using these cards are also eligible for rewards. The accumulated credit card reward points can then be redeemed against coupons and merchandise available in the bank’s reward catalogue.

Features and Benefits of Credit Cards for Students

  • The card comes with a limited credit limit so that students do not fall into a debt trap by overspending

  • The card has a low cash withdrawal limit so that students can use it only for emergencies

  • Student-friendly credit cards offer convenience and quick access to funds

  • The interest rate is low to ensure easy and convenient repayment

  • The card has a validity of five years

  • Some banks offer the facility to convert the card to a standard credit card once the cardholder is done with his/her college education

  • Prompt repayment of dues helps build a good credit score

  • Students can earn and redeem reward points and discounts against their credit card transactions

  • Most cards for students come with zero fees and charges

Fees and Credit Limits on Student Credit Cards

A student credit card usually comes with no annual fee which makes it affordable for college-going students. However, it is critical to get in touch with the issuing institution to check whether they offer a no-fee card for students. The credit card limit for such cards is usually low and may vary from bank to bank. The limit is set to a minimum to avoid the students from getting into a debt trap.

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FAQs on Student Credit Cards

✔️What is a student credit card?

A student credit card is a credit card specially designed for college students. If you are above 18 years old, you can apply for such a card to manage your finances efficiently. The interest rate on such cards is low and it comes with a validity of five years.

✔️What is the best credit card for students?

To choose the best credit card for students, you need to take into consideration a few factors such as credit limit, issuance fees, annual/renewal fees, interest rate, benefits, features, etc. Several banks offer students credit cards; however, the eligibility parameters and card specifications may vary. Therefore, it is wise to check with the issuer before applying for a credit card.

✔️How can I get a student credit card?

You can apply for a student credit card online against a fixed deposit, as an add-on credit card issued to a primary credit card holder, against a savings bank account, or via government schemes.

✔️Can I get a student credit card without a job?

Yes, student credit cards are designed for individuals who do not have any income. So, getting such a card without a job is easy.

✔️How to pay bills using a student credit card?

Ideally, you can pay your bills using the student card only if the biller is available in the list provided by the issuer. Major utility billers include gas, telephone, electricity, insurance, etc. When making the payment for these, select the biller, provide the necessary details, and review the amount to be paid. After this, in the payment option, choose a credit card and pay the bill.

✔️Are there any joining fees for student credit cards in India?

Banks do not charge any joining fee on credit cards for students.

✔️What credit limits do banks offer with student credit cards in India?

Generally, the credit limit offered on student credit cards is low as compared to regular credit cards to protect students from getting into a debt trap.

✔️How do I check my student credit card status?

The general steps to check your status is:

  1. Visit the official website of the credit card issuer.

  2. Go to ‘Credit Card’.

  3. Enter the application reference ID.

  4. Click on ‘Track Credit Card Status’.

✔️Can a student hold multiple student credit cards?

No, a student cannot hold multiple student credit cards.

✔️How much income do you need for a student credit card?

Since the applicants are students, banks generally do not consider income as an eligibility criteria for the card. However, it is advised to check the respective bank’s eligibility criteria from which you wish to avail such a card.

✔️Can minors get student credit cards?

Usually, college students above the age of 18 years are granted a student credit card.