Credit cards offer you financial freedom. They also teach you fiscal responsibility. Credit cards for students are also an excellent way to build your credit history so that you have a good credit score by the time you start a job or need to take a loan in the future.
The needs of students are different from those of a working professional. Therefore, the terms on the credit cards for students will also differ from those offered to a working professional. Student credit cards often have a lower interest rate, zero or low annual fees and lower credit limits.
You only need to submit minimum documents to avail the credit card and may even eligible for special offers and discounts. But student credit cards also come with added conditions. Most banks require you to have a fixed deposit or a strong savings account. Some only offer add-on credit cards for students.
Best Credit Cards for Students
If you are a student looking to get your first credit card, then here are the best cards for students.
1SBI Student Plus Advantage Card
If you have taken an education loan from SBI, you can avail the SBI Student Plus Advantage Card. You also need to have a fixed deposit in SBI to become eligible for this credit card. It is an excellent card to start learning how to manage your finances. It comes with the following features:
- The interest rate is 2.5% of the due amount. It is one of the lowest that you can find
- If you spend more than INR 35,000 in a year, you can get your annual fee reversed
- You get one cash point for every INR 100 spent on the card
- You get 2.5% fuel surcharge waiver on spends between INR 500 to INR 3000 at all petrol pumps in India
- You can avail cash withdrawal of up to 80% of the credit limit
- You can use the card in India and abroad with ten times the reward points for international spends
2Axis Bank Insta Easy Credit Card
If you are a student staying away from home, then the frequent trips home are a major part of your expenditure. The Axis Bank Insta Easy Credit Card lets you turn these trips profitable by offering Yatra vouchers. Here are some of the features of this card:
- You need to have a minimum fixed deposit of INR 20,000 to avail the credit card
- Earn reward points worth 1.2% of the spend value of domestic transactions and 2.4% of the spend value on international transactions
- Get a welcome gift worth 100 reward points
- You can get fuel surcharge waivers for spends between INR 400 to INR 4000
- You can get 15% discounts at selected restaurants
- You can convert your reward points to Yatra vouchers. one reward point is worth INR 0.40 of Yatra vouchers.
3ICICI Bank Student Travel Card
Credit cards can come as a boon for students staying abroad. The ICICI Bank Student Travel Card is an excellent choice for international students as it offers a host of benefits that make it very beneficial to use this card outside India.
- You can use the card to pay your application fee and university fee
- You can top off the card from an account in India
- You get travel insurance
- You get a membership to ISIC or International Student Identity Card. It opens up various exciting offers across 131 countries on using the card.
- It offers the best exchange rates for various currencies
4RBL Platinum Maxima Card
Dining and entertainment are major spends for every student. If you would like to turn these spends into savings, then the RBL Platinum Maxima Card is just what you need. Students will have to avail the add-on card of their parents. However, all the offers and benefits remain the same.
- You get a welcome bonus of 8000 reward points
- You can earn two reward points on every INR 100 spend on the card for all transactions
- You can also earn five times the reward points for spends on fuel, dining, entertainment, international spends and utility bill payments
- You get complimentary movie tickets worth a maximum of INR 200 when you buy two or more tickets on BookMyShow with RBL credit card payment
5BOB Financial Prime Credit Card
Annual fee and the fixed deposit amount can be worrisome for students. However, you don’t have to think about that with BOB Financial Prime Credit Card. There is no annual fee on this card, making it particularly attractive to students. Here are some of the other features that make it an excellent starting credit card for students.
- You only need to have a fixed deposit of INR 15,000 to get the credit card
- You get 4 reward points for every INR 100 spent on the card. Four reward points are equivalent to INR 1.
- You get a fuel surcharge waiver of up to 1% on spending between INR 400 to INR 5000
- You also get a free Personal Accidental Death Cover with the credit card
- You can also get 50 days of interest-free credit on the card
6HDFC Multicurrency Platinum ForexPlus Chip Card
The HDFC Multicurrency Platinum ForexPlus Chip Card is another great card for students who are studying abroad and love to travel. The card supports 23 different currencies, making the best card for international students. Here are some of the other features of the card.
- You can get insurance cover for up to INR 5 lakhs on accident, fraud or misuse of the card
- You also get insurance for personal accidents, loss of baggage and passport reconstruction
- You can protect yourself from fluctuating currency values by loading currency on the card
A student credit card can open up a world of possibilities for you. If you are an international student, then these credit cards are a must. They help you make payments with ease while you are adjusting to life in a different country.
The best part about getting a student credit card is that you need minimal documentation. Since you have no source of income, you do not have to show your ITR or bank account history. You only need to submit a few documents to verify your identity.
Many banks also let you convert your student cards into full-fledged cards once you do get a source of income. Get your credit card today and get started on building your credit score.