Student Credit Cards in India

Student credit cards are tailored to meet the needs of students studying in colleges and universities. These credit cards provide you with the freedom and convenience of owning a credit card and teach you to be financially responsible. 

 

These cards also help build a credit history. Part-time students with a steady income source and a savings account can apply for student credit cards online. If you are a student without a source of income, you can get an add-on card with a parent as the primary cardholder. Some government-backed credit cards are also available for students falling in a particular category.

These cards provide various benefits to students looking to establish credit and increase their purchasing power. Here are some key features of student credit cards:

• You can apply for these cards against fixed deposits, savings accounts, education loans, or through government schemes

• These credit cards usually have a validity of 5+ years

• Student credit cards come with low interest rates as compared to regular credit cards

• Students’ credit cards offer low credit limits to ensure that students do not fall into a debt trap

The exact features and benefits of such credit cards vary from one card to another. However, the general perks are outlined below. 

If you want to apply for a student credit card online, first learn about the different options that are available. Here’s a quick overview of some of the cards that you can apply for right now.

Disclaimer: The above-mentioned fees and charges are subject to change as per changes in the issuer’s policies. The cards mentioned above are not available on Bajaj Markets.

HDFC Bank ISIC Student ForexPlus Card

This credit card is ideal for students who have enrolled in foreign universities. Since it is a prepaid card, you need to recharge the account before you use the card to make purchases. 

 

Some of the key features of this card are listed below:

• Discounts on more than 1.5 lakh products, services, and experiences in more than 130 countries

• Protection up to ₹5 Lakhs against counterfeiting/skimming misuse

• Road/Rail Accident Death Cover up to ₹2 Lakhs 

• Air Accident Death Cover up to ₹5 Lakhs 

• Multiple offers on educational courses, software licences, music festivals, etc.

ICICI Bank Student Forex Prepaid Card

The ICICI Bank Student Forex Prepaid Card is also a forex prepaid card from another leading private sector bank in India. Eligible students can apply for the card without the hassle of extensive documentation. The key features of this card include:

• Joining benefits worth ₹5,000

• Complementary domestic and international lounge visits

• International Student Identity Card (ISIC) Membership worth ₹999

• Coverage of up to ₹5 Lakhs for lost card/counterfeit card liability

Kotak 811 #DreamDifferent Credit Card

This is a lifetime-free credit card that offers a wide range of benefits. You can apply for it online without any income documents, which makes it perfect for students. It is backed by a term deposit and has the following key features:

• Earn 4 reward points on every ₹100 spent online and 1 point on every ₹100 spent offline

• Get a 1% fuel surcharge waiver on transactions between ₹500 and ₹3000 at all petrol pumps

• Get a 1.8% surcharge waiver for transactions on IRCTC

• Get a 2.5% surcharge waiver at Indian Railway booking counters

West Bengal Student Credit Card (WBSCC)

Launched by the Government of West Bengal, the West Bengal Student Credit Card (WBSCC) offers various benefits to eligible students. The card makes it easy to meet the costs of education. The key benefits offered by this credit card include the following:

• Collateral-free loans up to ₹10 Lakhs for students

• Low interest rates of 4% p.a. on the loans

• Easy online application process 

 

It is best to know about the card’s qualifying terms as you can apply without any income criteria:

 

Here is the eligibility criteria for WBSCC:

• You must be an Indian citizen and a resident of West Bengal for at least 10 years

• You should be below the age of 40 years at the time of applying

• You must be enrolled in higher education programs in India or abroad

 

You also need to submit the following documents to get the card:

• Coloured photos of the applicant and co-applicant

• Student's and co-applicant’s signature

• Student's Aadhaar Card

• Age and address proof of the applicant and co-applicant

• Admission receipt

• Student’s and guardian's PAN Card/Undertaking

• Prospectus/Certificate mentioning fees and charges

• Last qualifying exam mark sheets/certificate 

IDFC FIRST Bank FIRST WOW! Credit Card

You can get a FIRST WOW! Credit Card without any credit history or income proof, making it an excellent option for students. Here are some key benefits of this secured card backed by an FD:

• 4X reward points along with a 7.25% interest on your fixed deposit

• Low interest rates starting at 9% p.a. on carried-over balances

• ATM withdrawal limit of up to 100% of the deposit’s total value

• Discounts at more than 300 merchants and over 1500 restaurants

 

Note: The aforementioned cards are not available on Bajaj Markets. Please visit the issuers’ official website for more details.

Listed below are a few of the financial institutions that offer such credit cards in India.

• SBI Card

• HDFC Bank

• Kotak Mahindra Bank 

• ICICI Bank

• Axis Bank

Much like any other card application, you can initiate the application process for student credit cards online as well as offline. However, do note that some banks may allow only online applications. 

 

The basic steps that you must follow for the online application process include:

1. Visit the issuer’s official website or access the app

2. Check the eligibility criteria and select a card 

3. Click on ‘Apply Now’ or ‘Apply’

4. Provide the necessary details and attach the required documents to initiate the process

5. After submitting the student credit card application, wait for approval 

 

Since the primary consumers for these credit cards are students, banks usually do not consider the typical credit card eligibility criteria. Thus, you can apply for credit cards designed for students in these ways: 

• Apply Against a Fixed Deposit

If you have a fixed deposit in your name, you can use it to apply for student credit cards online or offline. The minimum amount eligible for a credit card against a fixed deposit may vary as per the policy of the financial institution. 

• Apply for an Add-on

If you have a family member who owns a credit card, you can get a credit card for students as an add-on card. To get approved, the primary cardholder must have a good credit history.

• Apply Against a Savings Account or Loan

If you have a savings bank account with a steady monthly average balance, you can use it to apply for a credit card online. Some issuers, such as SBI, also grant these cards (e.g. SBI Student Plus Advantage Credit Card) if you have an education loan with SBI.

• Take Advantage of Government Schemes

A lot of state governments of the country have launched programs that offer credit cards for students. Some of the common government programs offering such cards are the West Bengal Student Credit Card Scheme, Bihar Student Credit Card Scheme, etc.

An add-on credit card is a supplementary card that is issued against a primary credit card. Typically, add-on credit cards make it easier for the primary user as well as immediate family members to use the credit card and enjoy its benefits. 

 

Students can benefit from add-on credit cards issued with their parents as the primary cardholder. Some of the top advantages of add-on student credit cards include the following:

• Higher Credit Limit

Since your parents’ credit limit will generally be higher than what’s offered to you as a student, you get the benefit of a higher purchasing power. 

• Extensive Rewards and Benefits

The rewards program on regular credit cards may also be more extensive. By taking on an add-on credit card as a student, you can enjoy the exclusive rewards and benefits. 

• Security and Tracking

Any transaction made using an add-on credit card is just as secure as a transaction made using a primary card. Additionally, you can see all your purchases in a separate list on the credit card statement, which can help in budgeting and monitoring. 

When you apply for this credit card, you will be required to meet simple eligibility parameters and furnish some basic documentation. Here are the general criteria for qualification:

• You must be at least 18 years of age 

• You must be enrolled in an educational institution

 

The following are the basic documents you need when applying for these cards:

• PAN Card and Aadhaar Card as proof of identity and address

• Recent passport-size photograph

• Proof of enrolment in the educational institution

• Identity card issued by the college/university

 

Note: These pointers are only indicative and are subject to change at the discretion of the credit card issuer.