Student credit cards are cards designed to meet the financial needs of college students. They come with basic features of a credit card such as interest-free period, reward earning, and discounts. College students above the age of 18 years can apply for student credit cards. There is no income documentation required. A student credit card can be a great tool for students to learn financial responsibility and build credit.
|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.|
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.
How to Apply for 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.