Sunday, December 4, 2022

What is the Best Credit Card for Indian Students

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Are you a student looking for a credit card to meet your financial needs and goals? The first question that pops up in every student’s mind is “Can I get a credit card with no income or credit history?” The answer is yes. In India, student credit cards are offer by various banks to college-going students above the age of 18 years. The next question that arises is – “How are these student credit cards different from normal credit cards?” Student credit cards do not require exhaustive documentation like other credit cards which mandate producing a salary slip or income tax return. Student credit card holders enjoy low-interest rates and zero annual fees. The credit limit allow on these cards is less as compare to normal credit cards. In India, the average credit limit offer by banks on such student cards is ₹15,000. These cards are also bundle with rewards, cashback and offer special discounts on various purchases and services. The final dilemma in the minds of students is “What are the best student credit cards in India?” This article aims to put an end to this dilemma. 

SBI STUDENT PLUS ADVANTAGE CARD

  • The SBI Student Plus Advantage card is exclusive to individuals having an educational loan from SBI. Students can also apply for this card against a fix deposit in any SBI branch across the country. 
  • The card attracts zero annual fees given that the previous year’s purchase on the card exceeds ₹35,000.
  • Cardholders enjoy an 80% cash withdrawal limit and they can withdraw cash from over 1 million Visa and MasterCard ATMs spread across the country. This is an international card and can be use at around 24 million outlets globally.
  • One can avail 2.5% fuel surcharge waiver at any petrol pump in India for every transaction worth between ₹500 and ₹3000. 
  • Cardholders get 1 reward point for every ₹100 spent. These reward points can be use to repay the outstanding balance on their card. On the other hand, these reward points can also be redeem for an exciting range of gifts.
  • Online booking of railway tickets and payment of various utility bills can also be carry out through this credit card. 
  • The presence of Flexipay enables students to convert credit card bills to EMIs. 

AXIS BANK INSTA EASY CREDIT CARD

  • The Axis Bank Insta Easy Credit Card is offer against a fix deposit in any Axis Bank branch and thus comes with guarantee approval from the bank.
  • The credit limit offer is up to 80% of the principal amount deposit in the bank and one can withdraw cash up to 100% of the credit limit.
  • Interest-free credit is allow for 50 days. 
  • 1% fuel surcharge is waive for fuel transactions all over India, given that the amount is between ₹400 and ₹4000. 
  • Under the Dining Delight Program, students can avail a minimum of 15% discount at specify partner restaurants and cafes. Discounts and offers are available for shopping, hotels, and travel purposes too. 
  • Credit card bills over ₹2,500 can be convert into low-interest EMIs. 
  • Students can approach the Visa International Global Card Assistance Services in any part of the globe in case of emergency. 

ICICI BANK STUDENT TRAVEL CARD

  • The ICICI Bank Student Travel card is specifically design to help students manage all their living costs and facilitates high-value payments like university fees, hostel fees, and flight ticket charges. 
  • This foreign exchange credit card is for students studying abroad and cardholders can withdraw cash from over 1.5 million MasterCard ATMs through this card. The card is available in 5 currencies – USD, GBP, EUR, CAD, AUD and is valid for 3 years.
  • Cardholders are eligible for the Membership of International Student identify Card (ISIC) which helps them avail attractive discounts & offers in India and 130 other countries and 1.2 Lakh merchant locations.
  • Comprehensive travel insurance with coverage up to ₹5,00,000, emergency travel assistance, and discounts on excess baggage are some of the complementary benefits. 
  • Students can receive up to 20% discount on stay, dining, travel, and shopping. 
  • Easy online account management and 24×7 customer care support make the card more attractive to students.

HOW TO APPLY?

To apply for a student credit card, one should submit the following basic documents:

  • PAN card
  • Residential address proof
  • Birth certificate
  • College enrolment proof
  • Identity card of the college
  • 2 Passport-size photos

Students can directly approach the banks to apply for their credit cards. Currently, applications for credit cards can also be file online through the bank’s app. 

As a student, irrespective of the credit card you choose, make sure to repay your bills in a timely manner and ensure that you do not pile up your debt. If you follow this, a student credit card can be highly beneficial to you as it will help you carry out transactions seamlessly and assist you to manage your financial requirements. 

Read Also: How do multiple credit accounts impact your CIBIL score?

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