Student Credit Cards – How to Apply for Student Credit Cards Online

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In India, we are now encouraged to go digital and indulge in cashless payments. One such popular way we spend is by using a credit card. A student credit card has emerged as a popular variant of credit cards over the last few years. These student credit cards are designed, especially to meet the needs of university or college students so that they can manage their expenses without delay and develop a habit of handling funds.

Through this post, we aim to guide you on how to apply for a student credit card online. We will also throw light on the various features and benefits of possessing one such credit card for a student.

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Benefits and Features of Student Credits Card

Check out the list of benefits and features of a student credit card that makes it completely worth it for the budding generation of India:

Feature Advantage
Card Validity As compared to 3 years validity of a non-student credit card, a student credit card offers a validity of 5 years from the date of issue
Restricted Credit Limit To prevent students from unlimited spending, there is a lower credit card limit of Rs. 15,000 which is much lower than a non-student credit card
Fee Waiver  Usually, student credit cards do not charge any joining fee and offer low annual charges to make it more affordable and convenient for students
Special Rewards and Cashbacks Student credit cards come packed with a bundle of deals and loyalty programs in the form of cashback and special offers on purchases
Easy Documentation Student credit cards are easy to get with easy documentation requirements
Free Duplication Card In case a student credit card gets stolen or misplaced, a duplicate one can be issued free of cost
Multiple Uses Students can use student credit cards for multiple purposes such as buying books, enrolling in a course online, refilling fuel in a vehicle, and so on

Eligibility to Apply for Student Credit Cards

There is not much required as an eligibility criteria to apply for a student credit card. Have a look:

  • The student must be aged at least 18 years or above
  • The student must have completed schooling by the 12th class
  • The student must be enrolled in a college or a university
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Documents Needed to Apply for a Student Credit Card in India

While applying for a student credit card, you must possess the following documents:

  • Passport Size Photograph
  • Birth Certificate
  • PAN Card
  • College ID Card
  • Proof of Address

Different Ways to Apply for Student Credit Cards

Once you have checked your eligibility and collected all the documents to apply for a student credit card, then what next? You must then apply for one such card in any of the following ways:

  1. A student may apply for a credit card against his/ her savings bank account only if he/ she maintains a monthly average balance in that particular bank.
  2. The second way through which a student can apply for a student credit card against a fixed deposit in his/ her name. In that case, the student may apply for a credit limit close to the amount in the fixed deposit.
  3. The third way for a student to apply for a credit card is by asking a family member to get an add-on card on their existing card.

How to Apply for a Student Credit Card Online?

The procedure for a student credit card apply becomes quite simple, if done online. Here are the steps to follow when applying for the same online:

  1. Research Various Card Options: First research about the various student credit card options available and compare their benefits, features, and fees.
  2. Pick the Credit Card that Suits Your Requirements: Based on your research and your needs, make the final selection of a student credit card.
  3. Check the Credit Score: Make sure to check the credit score before applying for a student credit card. It can be done by visiting websites like Credit Sesame and Credit Karma.
  4. Collect the Required Documents: Start the online application for a student credit card by collecting all the necessary documents, as mentioned earlier in this article.
  5. Fill Out the Online Application: Visit the website of the credit card issuer, and fill out the online application for a student credit card after reading the terms and conditions.
  6. Submit the Duly Filled Application: Review the duly filled application and then submit it online at the credit card issuer’s website.
  7. Wait for the Response: The credit card issuer will notify you through an email after reviewing your application.

Best Credit Cards for Students

The options to avail of a student credit card in India are limited. So, here is the list of best credit cards for 18 years olds:

  1. SBI Student Plus Advantage Credit Card: Specially designed for students by the State Bank of India or SBI, this card offers amazing benefits like cashback, reward points, and a fuel surcharge waiver.
  2. Kotak 811 Dream Different Credit Card: With no annual fee, this Kotak student credit card comes free of cost for students keen to pursue higher studies after 12th standard. It offers a credit limit of up to 90% of the fixed deposit amount in Kotak Bank.
  3. ICICI Bank Student Forex Prepaid Card: This one offered by ICICI Bank offers a 20% discount on courier services and up to 40% excess baggage discount. It comes with an annual fee of Rs. 199.
  4. HDFC Bank ForexPlus Card: It is a perfect student credit card for students who study abroad and need to access easy funds. It saves the student from exchange rate fluctuations and offers several rewards from time to time.
  5. Bihar Student Credit Card Scheme (BSCCS): Launched in 2016, this one is especially for the students of Bihar who want to pursue higher studies after class 12th. It provides a loan of up to Rs. 4 lakhs to the underprivileged 12th-grade students of Bihar keen to pursue B.A., B.Sc., M.B.B.S., and similar programs.

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Conclusion

The information shared in this article will help you understand the procedure of applying for a student credit card in India. We recommend you check the features, fees, and interest rates yourself by visiting the website of the issuer or visiting the bank while applying for a particular student credit card.

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FAQs on Student Credit Cards

Which is the best student credit card? 

The top-rated student credit card in India at present is from the State Bank of India called SBI Student Plus Advantage Credit Card.

Can a student hold more than 1 student credit card?  

No, a student in India cannot hold more than one student credit card because, in that case, he/ she will not have an active credit card score.

What is the limit on a student credit card?  

Student credit cards in India come with a limit of Rs. 15,000 to restrict overspending by students.

Is a credit card good for students?  

Yes, it is wise to possess a student credit card because it comes with many perks such as cash backs, and helps to save a lot of money. With a student credit card, a student can save good credit before completing graduation and can avail it for future expenses.

What are the pros of getting a student credit card?  

There are two main pros of a student credit card. Firstly, it is easily approved. Secondly, there are better rewards, and interest rates with low fees compared to a no-student credit card.

 

 

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Apr 13, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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