A student credit card can be an excellent tool for college students to manage their finances and build their credit history. It is a secured credit card that requires a fixed deposit with the bank in your name. You do not need a credit score or any income to apply for a credit card.
If you plan to study abroad, a student credit card can offer additional benefits such as foreign currency transactions, travel insurance, and discounts on travel expenses.
By applying for a student credit card at the age of 18+, you can start building your credit history early, which can be beneficial in the long run.
In this article, we will explore some of the best credit cards for students, their eligibility criteria, and documentation required to apply for them.
5 Best Student Credit Cards in India 2023
#1. Kotak 811 #DreamDifferent Credit Card
Kotak 811 #DreamDifferent Credit Card is a perfect option for students looking to create a good credit history. Students can apply for this credit card with having an 811 #DreamDifferent bank account or a Uni Student bank account in Kotak Mahindra Bank.
Kotak 811 #DreamDifferent Credit Card is issued against a fixed deposit at Kotak Bank with zero membership fee. You can get the credit limit upto 90% of the fixed deposit with the maximum credit limit upto Rs. 16 lakhs.
The minimum amount of term deposits is Rs.10,000/- for 811 #DreamDifferent Bank Account, while Rs. 15,000/- for Uni Student Bank Account.
Additionally, you can also earn rewards on online & offline expenses. You get 2 reward points for every online spend of Rs. 100 and 1 reward point for every offline spend of Rs.100.
Key Benefits of Kotak 811 #DreamDifferent Credit Card
- No joining or annual fees.
- Issued against fixed deposit at Kotak Bank.
- Welcome bonus of 500 reward points post spends of Rs.5000/- after the card issuance.
- Credit limit up to 90% of the fixed deposit amount.
- High credit limit up to Rs. 16 lakhs.
- Earn 2 reward points for every Rs. 100 on online spend.
- Earn 1 reward point for every offline spend of Rs.100.
- Avoid 1% fuel surcharge across all petrol pumps for transactions between Rs. 500/- and Rs. 3000/- (max. Rs. 3500/year).
#2. SBI Student Plus Advantage Credit Card
SBI Student Plus Advantage card is issued to only those students who have an education loan from the State Bank of India or have a fixed deposit in any branch of SBI. You can get interest rate benefits by transferring the balance of other credit cards to the SBI student card.
The card offers a range of advantages such as discounts on travel bookings for railways and airways with up to 10x rewards points. You also avoid a 2.5% fuel surcharge on all fuel spent between Rs. 500 to Rs. 3,000.
Additionally, the card has no annual fee and offers up to 2.5% cashback on purchases made in departmental or grocery stores, making it an excellent choice for students looking to save money.
Key Features of SBI Student Plus Advantage Credit Card
- Zero annual fee.
- Get 2.5% fuel surcharge waiver across all the petrol pumps on all fuel transactions between Rs. 500 to Rs. 3,000.
- Earn 1 reward point on every Rs 100 spent.
- Enjoy 10X Reward Points on all the travel spends.
- 2.5% value back on the purchases made in departmental or grocery stores.
- Lower interest rate of 2.25% per month and pay off the dues in EMIs.
#3. Axis Bank Insta Easy Credit Card
Axis Bank Insta Easy is a secured credit card that is issued against your Fixed Deposit with Axis Bank. You can get the credit limit up to 80% of the deposit amount.
Moreover, you can withdraw cash up to 100% of the credit limit. You will also get a 1% fuel surcharge waiver on making transactions between Rs. 400 to Rs. 4000.
Key Features of Axis Bank Insta Easy Credit Card
- Secured with a platinum chip-card.
- Issued against FD.
- Get up to 15% discount on meals at alliance restaurants.
- 1% fuel surcharge waiver on all fuel transactions between Rs. 400 to Rs. 4000.
- The maximum fuel surcharge cap is Rs. 400 per cycle.
- Earn 6 points on domestic spends for every Rs. 200 spent
- Earn 12 points on international spends for every Rs. 200 spent
- 1 Edge Loyalty Reward Point Value = Rs. 0.20
- Forex markup fee – 3.5%
#4. HDFC Bank’s ISIC Student ForexPlus Card
HDFC Bank’s ISIC Student ForexPlus card is a forex card designed for students studying abroad. This card provides students with a safe and hassle-free way to manage their foreign currency expenses while studying overseas.
The card is issued in collaboration with the International Student Identity Card (ISIC) organization, which provides the cardholder with access to a range of discounts and benefits in over 130 countries.
The HDFC Bank ISIC Student ForexPlus card can be loaded in three different currencies – USD, EUR and GBP and is accepted at all merchant establishments worldwide.
Fee & Charges
- Card issuance Fee: Rs. 200
- Reload Fee: Rs. 75
- Reissuance Fee: Rs. 100
- Cross currency markup fee: 3%
Benefits of HDFC Bank’s ISIC Student ForexPlus card
- Enjoy 24 x 7 Personal Concierge services.
- Emergency assistance services such as card replacement and emergency cash disbursement in case of loss or theft.
- Loading and reloading currency.
- Online account management.
- Accepted as student identity card worldwide.
- ATM withdrawal available in local currency.
#5. ICICI Bank Student Travel Card
The ICICI Bank student travel card is a fantastic choice for students who want to study abroad. With this forex travel card, you can easily pay for your application fee, university admission fee, and course fees via online and a physical swipe.
You can manage your daily expenses with this card and can be used globally at all Mastercard accepting outlets.
Additionally, you are also eligible for the International Student Identity Card (ISIC) membership that provides you access to discounts in 130 countries and about 1,26,000 merchant locations. The ISIC membership is an excellent way to save money while studying abroad.
Fee & Charges
- Annual fee – Rs.199
- Reload fee – Rs. 100
- Cross currency charges – 3.5%
Benefits of ICICI Student Travel Card
- Students can manage the international expenses of their studies.
- Parents can reload the card from India.
- Students can also withdraw money from ATMs across the globe.
- Access to 24×7 customer care via international toll-free numbers across 16 countries
- You can easily manage your online account.
- Available in five currencies: USD, EURO, GBP, AUD and CAD.
- You receive an International Student Identity Card (ISIC) membership worth Rs.590.
- Enjoy lost card or counter card liability coverage of up to Rs.5 lakh.
- Get up to 40% discount on excess baggage and 20% discount on courier services availed through DHL
- Avail of the Croma shopping vouchers.
To choose the best forex card for students, it is essential to consider factors such as forex rates, fees and charges, withdrawal limits, and rewards programs. You may also like to read forex card rates of HDFC, ICICI and SBI.
Eligibility Criteria & Documents Required for Applying a Student Credit Card
Eligibility Criteria
- The minimum age limit to avail this card is 18 years.
- The applicant must be enrolled at a college.
Documents Required
- Identity Proof (Aadhaar Card, Voter ID Card, Passport, Driving License.)
- Address Proof (Aadhaar Card, Voter ID Card, Passport, Driving License.)
- PAN Card
- Birth Certificate
- Student ID Card
- Admission letter or fee receipt from the educational institution
- Bank account statement of the last 6 months
- 2 Passport size photographs
Conclusion
If you are a student looking for a credit card, SBI Student Plus Advantage credit card is an excellent option, with no annual fees. This credit card offers multiple benefits such as 2.5% fuel surcharge waiver, 1 reward point on every Rs 100 spent, and 10X reward points on travel expenses.
You may go with Kotak 811 #DreamDifferent credit card offers a high credit limit of up to 90% of the fixed deposit amount. You can also earn 2 reward points for every online spend of Rs. 100 and 1 reward point for every offline spend of Rs.100.
