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Getting a credit card for students is not easy. Students don’t have an income or a credit history to be eligible for most credit cards. However, there are banks that have introduced credit cards that students can get.
Best Student Credit Card India
SBI Student Plus Advantage Card Features
- Get 1 Reward Point For Every Rs.100 Spent
- Fuel Surcharge Waiver (Best Fuel Credit Cards )
- No Annual Fee If Annual Spends Are Greater Than Rs.35,000 In Previous Year
- The Card Has Worldwide Acceptance
- Convert Transactions Greater Than Rs.2,500 Into EMI
Costs And Eligibility For SBI Student Plus Advantage Card
- This Card Is Only Offered To SBI Education Loan Customers
- No First Time Fee
- Annual Fee Second Year Onwards: Rs.500 (Waived for annual spends greater than Rs.35,000)
- No Add-on Fee
- Annual Interest Of 27%
Student Credit Cards: Challenges Students Face
Credit cards are extended only to salaried individuals. This assures banks of repayment of the credit they extend. Students have no income, and hence are not eligible for getting most credit cards.
Banks also look at Credit Scores and the credit history of an individual to determine whether they are eligible for a credit card or not. Students have no credit scores and no credit history either. Hence, they face difficulty in getting credit cards.
How Can Student Get Credit Cards?
- Against Fixed Deposits – If a student has a fixed deposit in her or his name, banks may issue a credit card to them. Most banks however have a minimum amount of FD that the student must have.
- Strong Savings Account – Students can also apply for a credit card if they have a strong saving history. Not all banks extend this service to students.
- Add-on Card – This is probably the simplest way for a student to get a credit card. Simply ask a family member that has a credit card to get an add-on credit card in the student’s name.
Here are the Best Credit Cards In India that have convenient add-on card features
Student Credit Cards: Eligibility And Documents
Eligibility for Student Credit Cards
- Must be 18 years or older
- Should be enrolled in a college
Documents needed for Student Credit Cards
- Birth Certificate
- College/University ID Card
- Resident/Address Proof
- Recent Passport Size Photo
- PAN Card
Currently in India, SBI is the only bank that offers a credit card exclusively for student. However, there are other banks that have credit cards which students might benefit from. For example, ICICI has a travel card for students which allows them to spend money abroad with ease.
Lastly, many banks issue credit cards on individual cases. So, it doesn’t hurt to apply for a credit card against your FD or savings account.
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