Student credit card is a comparatively new product in India, but it is growing at a rapid pace. As the name suggests, student credit cards are meant for students, who are at the college level. Any student beyond the age of 18 years is eligible to apply for a student credit card. There are no income criteria with these cards, while the interest rate is quite low.
Students can use the card to meet an emergency, create a credit history, or meet their day-to-day expenses. Now that you know the basics, let us see the four best student credit cards in India.
4 Best Student Credit Cards in India
1. SBI Student Plus Advantage Credit Card
The State Bank of India (SBI) is possibly the only government bank that offers student credit cards. The idea behind the product is to teach students how to better manage their money. There’s no annual or renewal fee on this card, while it earns one reward point for every ₹100 you spend. The reward points can be used for various reasons, including paying off outstanding balances. The card charges 2.25% interest, which is fairly low.
- Students get access to funds.
- Low-interest rate.
- Attractive rewards program.
- You need an FD in any SBI branch to get this card.
- Only available to students having an education loan at SBI.
2. ICICI Bank Student Travel Credit Card
Indian students going abroad for studies must make use of the ICICI Bank Student Travel Credit Card. The card can be used to pay application and university fees and meet the daily expenses when studying abroad. Students can use the card at all stores that accept MasterCard, while you can also withdraw cash from over 1.5 million MasterCard ATMs. The other great thing about the ICICI Bank Student Travel Credit Card is that it offers membership to the International Student Identity Card, which gives access to exclusive discounts and offers.
- Makes spending convenient for students studying abroad.
- Access to exclusive discounts and offers.
- Travel insurance.
● Not available to students studying in Indian universities.
3. HDFC Multicurrency Platinum ForexPlus Chip Card
Students studying abroad, or planning to study abroad, can use the HDFC Multicurrency Platinum ForexPlus Chip Card to carry currencies up to 23 currencies on a single card. The currencies can be managed and transferred using the card. It, additionally, provides protection from foreign exchange fluctuations, frauds, and accidents up to ₹5 lakh each. All transactions are done on a secure server, with payments made through net banking.
- Use funds in over 20 foreign currencies.
- Protection against fraud and accidents.
- Insurance cover.
● Unavailable for students studying at Indian universities.
4. HDFC Bank ISIC Student ForexPlus Credit Card
Unlike the other credit cards on this list, the HDFC Bank ISIC Student ForexPlus Credit Card fulfils the role of an ID card as well. Cardholders get a global student ID, which helps get special discounts and offers for purchasing books, food, and other essentials. It can be used in over 130 countries to access funds.
- Global student ID unlocks countless discounts.
- Access to funds in over 130 foreign currencies.
- Free insurance.
● Reserved for Indians studying in foreign universities and schools.