Student Credit Cards in India

Here’s everything you need to know about student credit cards!

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Credit Card for Students

Student credit cards are tailored to meet the needs of students studying in colleges and universities and teach them to be financially responsible. These credit cards also provide them with the freedom and convenience that come with owning a credit card. Part-time students with a steady income source and a savings bank account can apply for a student credit card online. However, if you are a student without a source of income, you can still obtain an add-on card.

With a student credit card, you can manage your daily expenditures, such as buying study materials, transportation, leisure activities, etc. Continue reading to know the key highlights and benefits of credit cards for students.

Key Highlights of Student Credit Cards

Student credit cards can be applied for against fixed deposits, savings account, education loan, or through government schemes
These students’ credit cards usually have a validity of 5+ years
Student credit cards come with low-interest rates as compared to regular credit cards
Students’ credit cards offer low credit limits to ensure that students do not fall into a debt trap

Banks Offering Student Credit Cards in India

Although the concept of a credit card for students is quite new in India, many banking institutions have begun to offer them of late. Listed below are a few of the banks that offer student credit cards in India.

State Bank of India
HDFC Bank
Kotak Mahindra Bank
ICICI Bank
Axis Bank

How to Apply for a Student Credit Card Online

Much like any other card application, you can initiate the application 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 this with a bank representative before initiating the application process. The basic steps that you must follow for the online student credit card application process include:

Step 1: Visit the bank’s official website.
Step 2: Fulfil the eligibility criteria and click on ‘Apply Now’.
Step 3: You might be asked to submit a few documents to initiate the process.
Step 4: Once you have uploaded all the necessary documents successfully, click on ‘Submit’.

Since the user base for these credit cards are students, banks usually do not consider the typical credit card eligibility criteria. Such as credit score and stable income, when reviewing the student credit card application. Thus, instead of conventional methods, credit cards for students can be applied for by any of the below-mentioned means:

Apply Against a Fixed Deposit

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

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. However, to get the add-on card approved, the primary cardholder must have a good credit history.

Apply Against a Savings Account or Loan

If you have a savings bank account with a steady monthly average balance, you can use it to apply for a student credit card online. Some banks, such as SBI, also grant these cards (e.g. SBI Student Plus Advantage Credit Card) to people who have got an education loan with them.

Take Advantage of Government Schemes

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

Features and Benefits of Credit Cards for Students

The exact features and benefits of student credit cards vary from one card issuer to another. However, the general features and benefits are outlined below.

Feature or Benefit	Details
Lower Credit Limit	Student credit cards generally come with lower credit limits, so students do not fall into a debt trap by overspending.
Low Cash Withdrawal Limit	These credit cards also have low cash withdrawal limits, so students can use them only for emergencies.
Nominal Interest Rates	The interest rate on credit cards for students is also low to ensure easy and convenient repayment.
Conversion to Standard Credit Cards	Some banks offer the facility to convert the student credit card to a standard credit card once the cardholder completes their college education.
Credit Score Improvement	If you, as a student, promptly repay the dues on your student credit card, you can easily build a good credit score.
Rewards and Discounts	You can earn and redeem reward points against various eligible purchases, and get discounts against student credit card transactions.
No Exhaustive Documentation	The process of applying for student credit cards is fairly easy, and there is generally no extensive documentation involved.

Some of the Top Student Credit Cards in 2023

If you want to apply for a student credit card online, then you need to know about the different options that are available. Here’s a quick overview of some of the student credit cards that you can apply for right now.

Credit Card	Annual Fee	Best Features
HDFC Bank ISIC Student ForexPlus Card	Nil	Discounted access to more than 150,000 products, services, and experiences in 130+ countries Various offers available – from educational courses and software licences to music festivals and sporting events
ICICI Bank Student Forex Prepaid Card	₹199	Joining benefits worth ₹5,000 Discount of 40% on excess baggage and discount of 20% on DHL courier service
Kotak 811 #DreamDifferent Credit Card	Nil	Earn 2 reward points against every ₹100 spent online Earn 1 reward point against every ₹100 of other spends Earn 500 bonus reward points by spending ₹5,000 within the first 45 days
West Bengal Student Credit Card (WBSCC)	Nil	Collateral-free loans of up to ₹10 Lakhs for students Nominal interest rates of up to 4% p.a.
Bihar Student Credit Card	Nil	Loans of up to ₹4 Lakhs for students Low interest rates

1. HDFC Bank ISIC Student ForexPlus Card

This credit card is ideal for students who have enrolled in foreign universities. Since the HDFC Bank ISIC Student ForexPlus Card is a prepaid card, you need to recharge the account before you use the card to make purchases. Some of the key features of this card are listed below.

Discounted access to more than 150,000 products, services and experiences in 130+ countries
Available in USD, GBP and EUR currencies
Comprehensive insurance benefits

2. ICICI Bank Student Forex Prepaid Card

The ICICI Bank Student Forex Prepaid Card is also a forex prepaid card from another leading private sector bank in India, as indicated by its name. Eligible students can apply for the card without the hassle of extensive documentation. The key features of this card include:

Joining benefits worth ₹5,000
Coverage for lost card and counterfeit card liability up to ₹5 Lakhs
Discount of 40% on excess baggage and a discount of 20% on courier services via DHL

3. Kotak 811 #DreamDifferent Credit Card

This is a lifetime free credit card that offers a wide range of benefits. You can apply for this student credit card online without any income documents. It is backed by a term deposit made by the cardholder. Check out the key features of this credit card below.

No joining fee or annual fees
2 reward points against every ₹100 spent online and 1 reward point for every ₹100 spent elsewhere
Add-on card issued if required

4. West Bengal Student Credit Card (WBSCC)

Launched by the government of West Bengal, the West Bengal Student Credit Card (WBSCC) offers eligible students various benefits that make it easier to pay for their purchases and meet the costs of education. The key benefits offered by this credit card include the following:

Collateral-free loans up to ₹10 Lakhs for students
Low interest rates on the loans availed
Easy online application process

5. Bihar Student Credit Card

The Bihar Student Credit Card offered under the Mukhyamantri Nischay Swayam Sahayata Bhatta Yojna (MNSSBY) also helps students meet the costs of their educational supplies and other related expenses. Its key benefits include:

Loan offered via the credit card to eligible students
Nominal interest rates

Add-on Credit Cards for Students

An add-on credit card is a supplementary card that is issued against a primary credit card. Typically, add-on credit cards make it easier for the primary user as well as their immediate family members to use the credit card and avail its benefits. Students can benefit from add-on credit cards issued with their parents as the primary holder.

Some of the top advantages of add-on student credit cards include the following:

Higher Credit Limit:

Since your parents’ credit limit will generally be higher than what’s offered to you as a student, you get the benefit of a higher credit limit.

Extensive Rewards and Benefits:

The rewards program on regular credit cards may also be more extensive. By taking on an add-on credit card as a student, you can also enjoy the exclusive rewards and benefits on the primary card.

Secure Transactions:

Any transaction made using an add-on credit card is just as secure as a transaction made using a primary card.

Eligibility & Documents Required for a Student Credit Card

When you apply for a student credit card, you’ll be required to meet some basic eligibility parameters and furnish some basic documentation. We’ve highlighted the same below:

1. Eligibility Criteria

You must be at least 18 years of age
You must be enrolled in an educational institution

2. Documents Required

Birth certificate
Recent passport size photograph
Proof of residential address
Identity card issued by the college/university

PAN card

Disclaimer: please note that these pointers are only indicative and are subject to change at the discretion of the credit card issuer.

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Student credit cards usually do not have any joining and annual fees or other associated charges. However, you must contact the issuing institution beforehand to get a clear idea regarding the student credit card fees and charges.

The credit card limit for student credit cards is usually low and may vary from bank to bank.

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 such purposes, 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.

To check your credit card status, visit the bank’s official website, go to the ‘Credit Card’ section, enter the application reference ID and click on ‘Track Credit Card Status’.

No, a student cannot hold multiple student credit cards.

No. Since students generally don’t have any income, banks that offer student credit cards usually don’t have that as a requirement. Instead, banks may issue credit cards to students against a fixed deposit of a certain sum held with them.

While minor students may not be able to avail a student credit card on their own, they can opt to get add-on credit cards. Many banks offer add-on cards to students aged 15 years or more.

Yes. Students without a job can still apply for a student credit card. There are quite a few banks that offer secured credit cards. These cards are issued against a fixed deposit of a certain sum held with a bank and don’t require an income source.

To apply for a student credit card, you may have to submit a few documents. The list of documents includes your PAN, address proof, and a copy of the identity card issued by the university or college where you’ve enrolled.

Various banks, such as SBI, ICICI Bank, HDFC Bank and Kotak Bank, offer student credit cards in India. Certain state governments, such as the State Government of Bihar and the Government of West Bengal, have also introduced credit card schemes for students.