Best Student Credit Cards in India
List of Best Student Credit Cards in India in 2019
|Card Name||Cards Type||Joining fee||Annual Fee|
|HDFC Multicurrency Platinum ForexPlus Chip Card||Rs. 500/- plus applicable GST||INR 100/- plus applicable GST|
|SBI Student Plus Advantage Credit Card||Nil||Nil|
|ICICI Bank Student Travel Card||Travel||Rs. 499||Rs. 199|
|HDFC ISIC Student ForexPlus Card||Rs.300||Rs.100|
|ICICI Instant Platinum Credit Card||Fuel, dining, Movie||Nil||Nil|
As a student in India, you can either apply for an independent Credit Card or an Add-On card with the help of your father or mother. A Credit Card can help you meet your financial requirements with ease. Student Credit Cards is not an alien concept in India and many students actually invest in a Credit Card to meet their needs with convenience & speed.
However, there are major differences between spending habits and purchasing power of a student and a working professional. Therefore, the best of the Credit Cards in India may not be the ideal picks for students. For, a requirement of a student is significantly different from that of a person on payroll.
If you are a student looking out for a Credit Card that will actually meet your specific needs, you have come to the right article. Here, we will give you a brief on the Five Best Lifetime Free Credit Cards in India for students.
How can a student in India get a Credit Card?
As we mentioned above, the purchasing power and the requirements of a student, are very different from a working professional. Hence, the eligibility criteria for a Student Credit Cards in India are slightly different from regular card applicants.
If you are a college going student and above the age of 18, you are eligible to get a Credit Card for students with no income; however, there are some pre-conditions that you need to fulfil to get approval for the Credit Card for students with no credit history.
1. You should have a good fixed deposit:
Being a student, the card issuing company doesn’t expect a stable income proof from you. However, if you have a Fixed Deposit on your name, you can get the Credit Card based on this FD account. So whether you are a student who has no income or credit history, or may be working part time, or work voluntarily for non profit causes, you can be eligible for a secured Credit Card against Fixed Deposit.
2. A good savings account:
Available only to select customers form certain banks. If you have a good Savings Bank Account, you can easily get a student Credit Card based on this Savings Account. You need not have a record of monthly income to avail Students’ Credit Card. You can avail an Instant Credit Card if you have a savings account with the Bank. The decision is solely based on your relationship with the bank. The bank will incur a background check and approve the request if you have been a valued customer of the bank.
3. Having an add-on card:
You can get a student Credit Card by asking one of your family members with a Credit Card to request for an Add-On Credit Card. An important factor here is that the family member who is requesting for an Add-On Card should have a good credit history.
Now that you know the conditions to Get a Student Credit Card in India, here are the documents you will need to furnish as a proof to get your Credit Card:
- Birth certificate
- College ID
- PAN Card (if available)
- Proof of residence (Aadhar Card, Driving License, Passport)
- Passport size photograph
Subject to these eligibility requirements you can apply for student Credit Cards online or offline as per your convenience. Whether you are from Delhi, Bihar or any III tier city your Credit Card application for student card will be approved based on the above factors.
Now let’s take a look at some of the best student Credit Cards available in India:
1. HDFC Multicurrency Platinum ForexPlus Chip Card
HDFC Multicurrency Platinum ForexPlus Chip Card is the perfect Credit Card for Indian students who are studying in a foreign country and need multiple currencies to sustain. The card works very similar to a Credit Card and the transactions happen on the card itself and are debited from it. The best part is, the card can be used for 22 different currencies and you can change the currency depending on the country you are currently present in. Also, there are no chances of you suffering from the changing currency fee at any occasion.
Some of the benefits of owning an HDFC Multicurrency Platinum ForexPlus Chip Card are:
- Safe transactions due to Chip & PIN enabled technology
- Single card works for 22 currencies & protects against charges owing to foreign exchange fluctuations
- Online manage account, currency wallets & internet banking
- Card back up facility
- Assistance for emergency cash needs
- 24 x 7 concierge/ referral services
2. SBI Student Plus Advantage Credit Card
Target Audience: Students who are learning to manage their money.
If you want your child to learn the tricks of managing money, this is a perfect Credit Card in India that provides that opportunity. This SBI Card comes with features like converting a purchase to equated monthly instalment (EMI) and fuel waivers. Every time the student spends Rs. 100, they earn 1 reward point that can be accumulated and later used to pay off the debt or redeem points for gifts. The interest rate for the card is also very affordable at 2.5% on the due amount. This is thus a perfect first Credit Card for a student in India.
The key features are:
- Issued as exclusive card for SBI Education Loan customers and as a Secured Credit Card against a Fixed Deposit at any State Bank of India branch.
- Earn 1 Reward Points per Rs. 100 spent via your card.
- Enjoy 0% Fuel Surcharge with waiver up to 2.5% at petrol pumps across India.
- Spend based annual fee reversal on transactions of Rs. 35,000 in a year.
- Up to 2.5% value back on your spends at Departmental and Grocery stores.
- 10X Reward Points on International spends.
- Flexibility of transacting at 1 million Visa and MasterCard ATMs and over 24 million global outlets, including over 3 Lakh Indian outlets.
- Withdrawal facility for up to 80% of credit limit.
- For SBI Education Loan customers, Add-on cards can be drawn for family members. For students below 18 years, the primary card is issued to any of the parents while the student gets an Add-On Card.
Besides, enjoy other regular SBI Credit Card features on your SBI Student Credit Card such as Flexipay, Easy Money, Balance Transfer on EMI & utility bills payment facility.
3. ICICI Bank Student Travel Card
Target Audience: Students staying abroad.
ICICI Student Travel Credit Card primarily helps students who are staying abroad to pay their bills and meeting expenses. The card can be topped off with money from the account in India and also has travel insurance. The foreign exchange rates are also much lower for these cardholders. The card is valid for 3 years.
Features and benefits are:
- The card offers flexibility of serving in 5 currencies: USD, EURO, GBP, AUD and CAD
- FEMA limits are applicable.
- Free replacement card is issued along.
- Membership to ISIC, i.e. International Student Identity Card which validates you as a fulltime student with access to over 40,000 offers across 130 countries.
- Access to 24X7 International Customer Care, available in 16 countries.
4. HDFC ISIC Student ForexPlus Card
Target Audience: Indian students studying abroad
ISIC Student ForexPlus Card from HDFC Bank serves a dual purpose of Credit Card and full time student Identity Card for you. Students who are studying abroad gets a global student ID which makes them eligible for special discounts & offers on purchasing Books, Food, Shopping, Accommodation, Leisure activities, and travel across 130 countries from over 41000 outlets.
Thus your Student Forex Card is a must have in your wallet. All you need to do is load your card with currency of your choice- from USD, GBP, or Euro and you can easily pay online or offline at your ease. You can also use your card to withdraw easy cash from ATMs. You enjoy all benefits of online credit cards.
You also get free insurance against credit card theft/ loss, air accident and baggage & passport loss.
5. ICICI Instant Platinum Credit Card
Target Audience: Students and non-salaried persons
This card does not require you to have a very good credit score. However, you can only apply for this card if you have an account in ICICI Bank or have a Fixed Deposit in the bank. Also, the annual fee for this card is zero and offers attractive discounts and deals on many stores.
Benefits can be listed as:
- Contactless card for quick and secure at retail outlets
- Earn 2 Reward points on all purchases, except on fuel
- Get Rs. 100 discount on bookmyshow.com bookings
- Attractive discounts starting at 15% on dining at over 2600 restaurants
- Low interest rate of just 2.49% per month
These are the best Credit Cards choices if you are a student in India. Using this handy guide on student Credit Cards in India you can definitely make an informed choice.
Also Read: Top 5 Student Credit Card Providers in Bihar
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