A student credit card is a type of credit card designed specifically for students, typically those who are enrolled in college or university.
These credit cards are tailored to meet the financial needs and limited credit histories of students.
What is Student credit card?
Student credit cards typically come with lower credit limits compared to regular credit cards. This is because students often have limited income and credit history.
Many student credit cards have little to no annual fees, making them more affordable for students who may not have substantial income.
Student credit card are often used as a tool to help students establish and build their credit history. Responsible use of the card can contribute positively to their credit score, which is important for future financial endeavors.
Some student credit cards offer introductory promotions, such as 0% APR for a certain period or rewards for certain types of spending, to attract student customers.
Many issuers of student credit cards provide educational resources on responsible credit card use. This can include tips on budgeting, managing debt, and understanding credit scores.
Some students may not meet the income requirements on their own, so they might need a co-signer, such as a parent or guardian, to apply for a student credit card.
While some student credit cards offer rewards or cashback benefits, the rewards are generally modest compared to regular credit cards. These cards are primarily focused on building credit rather than earning rewards.
student credit card Global Banks and Financial Institutions
Global banks and financial institutions offer student credit cards to cater to the unique financial needs and circumstances of students.
These cards are designed to help students build their credit histories and manage their finances while they are pursuing their education.
Here is an overview of some global banks and financial institutions that offer student credit cards:
- Discover Financial Services (United States):
- Discover is well-known for its student credit card offerings in the United States.
- Discover student credit cards often come with cashback rewards, making them attractive to students looking to earn rewards on their spending.
- These cards typically have low credit limits and are designed to help students establish credit responsibly.
- Chase Bank (United States):
- Chase offers student credit cards that provide cashback rewards and other benefits tailored to students.
- These cards often have features like no annual fees and introductory 0% APR offers.
- They are designed to assist students in building their credit profiles while offering some financial flexibility.
- Bank of America (United States):
- Bank of America offers student credit cards with features like rewards and credit education tools.
- These cards are designed to help students learn responsible credit card usage while earning benefits.
- Some Bank of America student cards have no annual fees.
- Barclays (Global):
- Barclays provides student credit card options in various regions globally.
- These cards may offer cashback rewards and typically have lower credit limits to suit students’ needs.
- They are aimed at helping students manage their finances and establish credit.
- CIBC (Canada):
- The Canadian Imperial Bank of Commerce (CIBC) offers student credit cards in Canada.
- These cards are tailored to Canadian students and often provide features like rewards and credit-building opportunities.
student credit card Indian Banks and Financial Institutions
- State Bank of India (SBI): SBI offers student credit cards in India with features like low interest rates, no annual fees, and benefits like discounts on educational expenses.
- HDFC Bank: HDFC Bank provides student credit cards in India, often with low credit limits and no income requirement for eligible students.
- ICICI Bank: ICICI Bank offers student credit cards with features like reward points and no annual fees.
- Axis Bank: Axis Bank provides student credit cards tailored to the needs of students in India, offering benefits such as cashback rewards.
- Kotak Mahindra Bank: Kotak Mahindra Bank also offers student credit cards with features that cater to the financial requirements of students.
- Private Sector Companies: In addition to traditional banks, certain private financial technology (fintech) companies in India may also offer student-friendly credit cards with digital features and cashback rewards.
| Banks Providing Student Credit Cards in India | Best Student Credit Cards (Examples) |
|---|---|
| State Bank of India (SBI) | – SBI Student Plus Advantage Credit Card |
| HDFC Bank | – HDFC Bank ForexPlus Card |
| – HDFC Multicurrency Platinum ForexPlus Chip Card | |
| West Bengal Student Credit Card | – West Bengal Student Credit Card |
| Bihar Student Credit Card | – Bihar Student Credit Card |
Best Student Credit Cards in India 2023
Review the terms and conditions of each card, consider your financial needs, and choose the one that suits you best.
SBI Student Plus Advantage Credit Card
The SBI Student Plus Advantage Credit Card is an excellent financial tool for students, helping them learn responsible money management.
Designed exclusively for students, it offers various features such as the option to convert purchases into EMI payments and a fuel surcharge waiver of up to 2.5% on all fuel transactions.
Cardholders also enjoy a rewarding experience, earning one cash point for every Rs. 100 spent, which can be redeemed for gifts or used to pay off the credit balance.
Additionally, the card boasts a low monthly interest rate of just 2.25%. Students can also enjoy the convenience of having railway tickets booked with the card delivered to their doorstep, simplifying travel plans.
HDFC Bank ForexPlus Card
The HDFC Bank ForexPlus Card is a valuable companion for students studying abroad, providing easy access to funds in multiple currencies.
This prepaid card operates similarly to a credit card, with funds debited directly from the card.
It helps protect cardholders from currency fluctuations, as money can be loaded onto the card in major foreign currencies.
Transactions and withdrawals conducted in the card’s supported currencies are shielded from exchange rate fluctuations.
HDFC Multicurrency Platinum ForexPlus Chip Card
The HDFC Multicurrency Platinum ForexPlus Chip Card is an ideal solution for students studying abroad who need access to funds in 20 different foreign currencies.
This card facilitates currency management and secure online wallet-based fund transfers.
Cardholders also benefit from protection against fraud and accidents, with coverage of up to Rs. 5 lakhs each.
Additionally, the card offers online account tracking, payment options via net banking, and access to exclusive discounts and deals.
West Bengal Student Credit Card
The West Bengal Student Credit Card (WBSCC) is a progressive initiative by the Higher Education Department, Government of West Bengal, aimed at enabling students to pursue their education without financial constraints.
It allows students pursuing secondary or post-graduate degrees to apply for loans of up to Rs. 10 lakhs at an annual interest rate of 4% from the State Cooperative Bank and affiliated banks.
Eligibility extends up to 40 years of age at the time of loan application, and the repayment tenure spans 15 years.
Students can register and apply online through the official WBSCC portal, whether for studies in India or abroad.
Bihar Student Credit Card Scheme (BSCCS)
The Bihar Student Credit Card Scheme (BSCCS) was introduced on October 2, 2016, with the goal of providing financial assistance to Bihar students who have completed their 12th grade education and wish to pursue further studies.
Under this program, the state government offers loans of up to Rs. 4 lakhs to underprivileged Bihar students pursuing higher education in various fields.
The loan amount can be utilized for courses such as B.Sc, B.A., M.B.B.S., or B.Tech programs.
Notable benefits of this scheme include a low-interest rate, especially for girls, divyang (physically challenged), and transgender students, as well as the flexibility to use the loan for fees, books, and laptops.
Repayment is required once the students secure employment upon program completion.
| Discover More |
| List of Best Credit Cards Available: How to Choose the Right One? |
| American Express Platinum Card Fees, Charges & Benefits |
| American Express Gold Card Benefits and Rewards |
Benefits of credit cards
One of the primary benefits of a student credit card is the opportunity to establish and build a positive credit history. Responsible use of the card, including making timely payments, can contribute to a higher credit score.
This is essential for future financial endeavors, such as obtaining loans, renting an apartment, or applying for other credit cards.
A student credit card allows students to manage their finances independently. It can be a valuable tool for learning financial responsibility and budgeting, as it encourages students to track their spending and make informed financial decisions.
Having a credit card provides a financial safety net for unexpected or emergency expenses. It can be a helpful resource for covering urgent costs, such as medical bills or car repairs, when students may not have immediate access to cash.
Credit cards offer a convenient way to make purchases both online and in physical stores. They are widely accepted by merchants worldwide, making them a versatile payment option for various transactions.
Some student credit cards offer reward programs, allowing students to earn cashback, points, or other incentives for their spending. These rewards can be used for future purchases, effectively providing discounts or benefits for everyday expenses.
Student credit cards are particularly useful for online shopping, which is common among college students. They offer a secure way to make online purchases and often come with fraud protection features.
Some student credit cards may include travel-related benefits, such as rental car insurance coverage, travel assistance services, and even rewards for travel spending. These can be advantageous for students who travel frequently.
Many student credit cards come with little to no annual fees, making them affordable for students with limited incomes.
Credit card issuers often provide educational resources and tools to help students learn about credit management. These resources can include credit score monitoring, financial literacy courses, and budgeting apps.
In some cases, students with no credit history or low incomes may need a co-signer, such as a parent or guardian, to qualify for a student credit card. This can be a helpful way to establish credit with the support of a co-signer.
student credit card eligibility
Generally, the primary eligibility for student credit cards is age, as students often lack a regular income or credit history. Typically, the minimum age requirement to apply for a credit card is 18 years.
However, it’s important to note that specific eligibility criteria may vary among different banks and credit card issuers.
Additionally, applicants are usually required to provide valid identification, proof of address, passport-sized photographs, and any other documents requested by the issuing bank.
| Eligibility Criteria | Global Banks and Financial Institutions |
|---|---|
| Age Requirement | Typically 18 years old or older. |
| Student Status | Must be a full-time or part-time student at a recognized educational institution. |
| Income Requirement | Some level of income or financial support may be required (part-time job, allowance, or parental support). |
| Credit History | Limited or no credit history is acceptable. |
| Co-Signer | Co-signer may be required if the student has no income or credit history. |
| Residency | Usually a resident of the country where the card is issued. |
| Identification | Valid identification documents (e.g., passport, driver’s license). |
| Proof of Student Status | Documentation proving enrollment in an educational institution (e.g., student ID, class schedule). |
| Eligibility Criteria | Indian Banks and Financial Institutions |
|---|---|
| Age Requirement | Typically 18 years old or older. |
| Student Status | Must be a student enrolled in a recognized educational institution in India. |
| Income Requirement | Some banks may require a minimum income or financial support from parents or guardians. |
| Credit History | Limited or no credit history is usually acceptable for student credit cards in India. |
| Co-Signer | Co-signer may not be required in most cases, as these cards are designed for students with limited credit. |
| Residency | Generally, applicants should be residents of India. |
| Identification | Valid identification documents (e.g., Aadhar card, passport, voter ID). |
| Proof of Student Status | Documentation proving enrollment in an Indian educational institution (e.g., student ID, admission letter). |
Documents for student credit card
- Birth Certificate
- College ID
- Proof of permanent address (such as Aadhar Card, Driving License, Voter ID, etc.)
- PAN Card
- Passport-sized photograph
Frequently Asked Questions
Which bank is best for a student credit card?
Best student credit card for you depends on your specific needs and circumstances. Some popular banks that offer student credit cards in India include State Bank of India (SBI), HDFC Bank, and others. It’s essential to compare the features, benefits, and eligibility criteria of different banks to find the one that suits you best. Consider factors like credit limit, interest rates, rewards, and fees when making your decision.
Can I get a credit card as a student?
Yes, students can typically apply for and obtain a credit card, provided they meet the eligibility criteria set by the issuing bank or financial institution. While students may not have a regular income or extensive credit history, many banks offer specialized student credit cards designed to help young adults build credit responsibly. These cards often have lower credit limits and may require proof of enrollment in an educational institution.
What is the eligibility for a student credit card in West Bengal?
The eligibility criteria for a student credit card in West Bengal, as well as in other regions, can vary depending on the specific program or initiative offered by the government or banks. Typically, eligibility requirements include being a resident of West Bengal, being a student pursuing higher education, and meeting age criteria. It’s essential to check with the relevant authorities or banks for the most up-to-date eligibility criteria for student credit cards in West Bengal.
Can an 18-year-old apply for a credit card?
Yes, in many countries, including India, individuals as young as 18 years old can apply for a credit card. However, approval depends on meeting other eligibility criteria, such as income requirements or proof of enrollment for student credit cards. It’s crucial to understand the specific terms and conditions of the credit card you are applying for and choose one that aligns with your financial situation and needs. Responsible credit card use is essential, especially for young adults, to build a positive credit history.
Hey, I’m Ratiranjan Singha, the Creator of Myworldstuffs.com. I Offer in-Depth Articles and Guides that Help you to Understand Various Financial Concepts.
