A student credit card can be a great tool for students to learn financial responsibility and build credit. Students above the age of 18 years can apply for student credit cards with no income documentation required. While a lot of card issuers offer entry-level or secured credit cards to students, Nowadays, state governments have also launched such schemes for students such as the West Bengal Student Credit Card Scheme and Bihar Student Credit Card Scheme, wherein they offer student loans at concessional rates to help students pursue higher education without any financial constraint. On this page, we have covered the following:
Top Student Credit Cards in India March 2023
|Credit Card||Annual Fee||Best Feature|
|SBI Student Plus Advantage Credit Card||Rs. 500||Use reward points to pay credit card outstanding bill; 1 reward point for every Rs. 100|
|ICICI Bank Student Forex Prepaid Card*||Rs. 199||40% discount on excess baggage and 20% discount on DHL courier service|
|Paisabazaar Step UP Credit Card||Nil||100% credit limit of fixed deposit amount|
|Kotak 811 #DreamDifferent Credit Card||Nil||Credit limit up to 90% of your fixed deposit amount|
|ICICI Coral Contactless Credit Card||Rs. 500||2 reward points for every Rs. 100 spent|
In order to provide financial aid to students banks offer credit cards to students against education loan or as prepaid cards that function more or less as student credit cards. Some of these cards are listed as follows.
SBI Student Plus Advantage Credit Card
SBI Student Plus Advantage Card is a credit card exclusively designed for students. You can avail this card only if you are an education loan customer of State Bank of India or if you hold an FD at any SBI branch. Some features and benefits of this SBI student credit card are mentioned below:
- 1 reward point on spending every Rs. 100
- Use your accumulated reward points to pay the outstanding credit card bill
- 2.5% fuel surcharge waiver at all petrol pumps in India
- Annual fee waiver on spending more than Rs. 35,000 in the previous quarter
- 10X rewards on departmental stores and grocery spends
- 10X reward points on International spends
- Online railway ticket bookings
- Worldwide acceptance at over 24 million outlets
ICICI Bank Student Forex Prepaid Card
ICICI Bank Student Forex Credit Card is a prepaid card that functions more or less as a credit card. The card is offered at a joining fee of Rs. 499 and annual fee of Rs. 199. Some key features and benefits of this student credit card are:
- ISIC- International Student Identity Card membership worth Rs. 590
- 40% discount on excess baggage and 20% discount on DHL courier service
- Card protection plus insurance worth Rs. 1,600
- Croma shopping voucher
- Counterfeit card/lost card liability coverage up to Rs. 5 Lakh
Secured Credit Cards for Students
You can easily get a secured credit card if you have a fixed deposit. Secured credit card is a good option for you, if you are a student looking for credit but also want to earn interests on your fixed deposit. In general the credit limit on these credit cards is up to 80 to 90% of the credit value. However, this may vary across all credit card providers. Some of these credit cards are mentioned below.
Paisabazaar Step UP Credit Card
- Earn up to 6.40% interest rate on your fixed deposit
- 20 to 50 days of interest-free period
- 100% credit limit of your fixed deposit amount
- 1 reward point for every Rs. 100 spent via this credit card
- Instant virtual credit card right after making the payment for the fixed deposit
- Completely digital hassle-free process
- Flexible FD plans of Rs. 2,000, Rs. 5,000, Rs. 12,000, Rs. 24,000 and Rs. 60,000
- You can also top-up your fixed deposit amount up to a total of Rs. 1 lakh
Click here to Apply for this Credit Card.
Kotak 811 #DreamDifferent Credit Card
- Welcome Bonus of 500 reward points on spending Rs. 5,000 in the first 45 days
- 1 reward point for every Rs. 100 spent on all categories except fuel, cash withdrawals and railways
- 2X rewards on online spends
- Withdraw up to 90% of your credit limit
- Interest-free cash withdrawal for up to 45 days
- Low interest rates of 2.99% per month
- On annual spends of Rs. 75,000 get Rs. 750 cashback or 4 PVR Movie Tickets
- 1% fuel surcharge waiver for all fuel transactions between Rs. 500 and Rs. 3,000
- Up to 2.5% railway surcharge waiver when booking ticket through IRCTC online or at booking counters
- Lost Card Liability Cover of Rs. 50,000 against unauthorized usage up to 7 days prior
Click here to Apply for this Credit Card.
ICICI Coral Contactless Credit Card
- 2 PAYBACK Points per Rs. 100 spent and 1 PAYBACK Points per Rs. 100 spent on utilities and insurance
- 25% discount up to Rs.100 on purchase of minimum 2 movie tickets per transaction on BookMyShow and Inox twice a month
- 1% fuel surcharge waiver on Hindustan Petroleum Corporation Limited Pumps
- One complimentary domestic lounge access each quarter
- One complimentary access per quarter to select airport lounges in India on spending a minimum of Rs 5,000 or above in a calendar quarter
- 2,000 PAYBACK Points on spending Rs. 2 Lakh and additional 1,000 PAYBACK Points on spending above Rs. 1 Lakh mark
- Annual Fee Waiver on spending Rs. 1.50 Lakh
- Up to 15% on your dining bill at over 2,500 restaurants
Eligibility Criteria for a Student Credit Card
Since students usually do not make an earning, student credit cards do not come with income eligibility. However, there are some common criteria that applicants need to fulfill in order to be eligible. For example, the applicant must be above 18 years of age. Eligibility criteria may differ from bank to bank.
An important point to note here is that ‘student credit card’ offerings in India are very limited. However, banks do extend financial help to students in the form of student loans, secured credit cards, and student forex cards. To avail of these facilities, you must meet the set criteria.
When applying for a student credit card, the bank may ask you to furnish some of the following:
- PAN/Any other government-approved photo ID proof
- Aadhaar/Any other government-approved residential address proof
- Birth Certificate
- College Identity Card or any other proof of enrolment
- Passport-sized photographs
Note: Income Proofs are not required when applying for a student credit card, add-on card or secured credit card. However, if you are a student as well as an income-earner (with a stable job), some banks may be interested in offering you a regular credit card. For this, you will need to submit your income documents such as salary slip, ITR, bank statement, etc.
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How to Apply for a Student Credit Card
The application process for a student card depends on the type of credit card you are going for. Given below are the details.
Add-on Card: If you are 18 years or older, you can ask your immediate family members to apply for an add-on card. The process is relatively quick and only basic KYC documents are required.
Secured Credit Card: You need to open a fixed deposit account in a bank to get a secured credit card. If you already have a fixed deposit account, then request the bank to provide you with a secured credit card against it.
Credit card against Student Loan: You can avail a student credit card from a bank that provides credit cards on the loan. A popular example of this is SBI Student Plus Advantage Credit Card.
Add-on Credit Cards for Students
Add-on cards are supplementary cards issued against a primary credit card. This is the easiest way for you to get a credit card as it does not involve the same scrutiny as a regular card. However, if you wish to get a student credit card to build your credit score, an add-on card will not be helpful. Only immediate family members of the primary user can avail add-on cards. The credit limit of the primary card is shared with the add-on cardholder.
Benefits of Add-on Credit Card for Students
Credit Limit: You will be sharing your parent’s credit limit. This may be much higher than what most banks will extend to you.
Features & Benefits: Most of the credit card providers extend almost all the benefits to the add-on cardholder. This includes discounts, movie vouchers, dining benefits and sometimes even premium benefits like lounge access.
Security: In case you are charged for a wrongful transaction you can be rest assured that your money will be returned.
Bihar Student Credit Card
The Bihar student card is a means to offer financial support to students in the state of Bihar for higher education. This scheme is legitimate for those students who have cleared their intermediate or 12th-grade education from the Bihar Government-run educational institutions but are not able to further pursue the education.
Under this scheme, students can get a loan amount of up to Rs. 4 Lakh at a low-interest rate of 4%. The interest rate for females, transgenders & disabled is even lower at 1%. The loan amount can be utilized for pursuing education across technical, polytechnic, or general courses. Additionally, you can use the loan amount to fund the purchase of study materials like books, stationery, and a laptop, or to pay the fees.
West Bengal Student Credit Card
West Bengal Student Credit Card is a financing scheme for students in West Bengal, that offers collateral-free security loans of up to Rs. 10 Lakhs, at a reasonable interest rate of 4%. Via this scheme, students can pursue secondary to higher education or madrasah, undergraduate and postgraduate courses across schools, colleges, Madrasah, Universities, and other affiliate educational institutions within and outside India. Additionally, students appearing or preparing for competitive exams in different fields can also avail the benefits of this scheme. The repayment tenure for the loan is fifteen years.
Please note that the loan can be availed by students, with an upper age limit of 40 years at the time of application. Further eligibility & documentation requirements are as follows:
You can apply for this loan at the official portal of the West Bengal Student Credit Card Scheme, which is, https://wbscc.wb.gov.in/. In case of any related queries, you can contact the State Help Line No. 18001028014 or send mail to email@example.com or firstname.lastname@example.org.
Which is best credit card for students?
Students can avail student credit cards in India, from top card issuers such as SBI, ICICI & Kotak. Top Student Credit Cards include SBI Student Plus Advantage Credit Card & ICICI Bank Student Forex Credit Card. Additionally, you can also get secured credit cards like Paisabazaar Step UP Credit Card, Kotak 811 #DreamDifferent Credit Card and ICICI Coral Contactless Credit Card. Apply Credit Card Online at Paisabazaar.
Can I get credit card as a student?
Yes, students can get credit cards from card issuers, against student loans, secured credit cards, or add-on credit cards. Additionally, if you are a resident of Bihar & West Bengal, you can get Bihar Student Credit Card or West Bengal Student Credit Card.
Can Minors get student credit cards?
Minors can avail add-on credit cards. There are some banks that extend add-on credit cards to students as young as 15 years of age.
What is the maximum credit limit that can be availed on a student credit card?
The credit limit assigned to the student varies from case to case. The bank will inform you about the credit limit once your application has been approved.
Can secured credit cards be used overseas by students?
Yes, credit cards issued against fixed deposits can be used by students studying overseas. Do note that a Foreign Transaction Fee will be applied on all the transactions. Cash withdrawal fee and finance charges will be applied as well on ATM withdrawals.
Can I give my credit card to my son or daughter who is going away to college?
It is not advised that customers share their credit cards with anyone else. The credit card is made to be used by the person whose name is printed on the cards only. You can, however, get an add-on or secured credit card for your kids.
What other options are there to send money to kids studying abroad?
There are many ways through which you can send money to your children who are studying abroad. These are Cash, Forex Card, Travelers Cheque, and Bank Transfer. Additionally, many countries allow foreigners to open bank accounts. You can send money via Foreign Outward Remittance.
Who is eligible for a student credit card in West Bengal?
Residents of West Bengal for at least 10 years or more are eligible to avail student credit cards, with the upper age limit capped at 45 years. Additionally, one must have passed class IX from recognized boards in West Bengal and must be enrolled in class X or for 10+2 higher education.
Is a student credit card available in West Bengal?
Yes, student credit cards are available in West Bengal for student residents who have been in the state for more than 10 years. Click here to check the details.
What is the eligibility for availing Student Credit Card in Bihar?
The eligibility criteria for availing benefits under the Bihar Student Credit card scheme are (i) must be a resident of Bihar (ii) aged 25 years or above (iii) must have completed and passed the 12th class (iv) must have enrolled or been selected for a higher education course at a recognized educational institution.
How much interest is charged on Bihar Student Credit Card?
The interest rate for Bihar Student Credit Card is 4%, however, there is a concessional rate of 1% for females, transgenders & disabled individuals. The interest is calculated on a simple interest basis.
For what purpose can I use the Bihar student credit card?
You can use the Bihar student credit card to fund your study materials, books, and stationeries, or even to pay your education fees. You can also buy a laptop.