If you are an Indian student and are looking for a credit card, your best bet is to get the best credit cards for students in India. The special rules that allow students to have a credit card in the US also apply in India.
You might think that a student credit card is only for students who have a job. You might also think that a student credit card is only for rich students who don’t need to worry about their finances. But that’s not true. This article shows that there’s a possibility for any student to get a credit card in India.
What are the best credit cards for students in India?
Are you a college-going student? You must have your own financial requirements, right? The financial needs yours wouldn’t match with that of a working professional. Have you thought of getting a credit card? If yes then you should know that the features of a student credit card will differ from that of a normal credit card. However, it comes with benefits of its own. There isn’t much documentation required since you don’t have to show a salary slip or ITR. You also enjoy a low interest rate, zero annual fees, and also earn reward points when you spend a particular amount. Even if you don’t have a credit history you will still get a student credit card in India. With so many leading banks offering credit cards you must be thinking- ‘What are the best credit cards for students in India?’. WishFin is here to put an end to your query.
1. SBI Student Plus Advantage Card
- This is one of the best credit cards for students in India and it has been designed solely for the customers who have availed of State Bank of India’s education loan. To avail of this credit card, you need to have a fixed deposit in any branch of SBI. The credit card offers you many privileges like zero annual or renewal fee which is bound to appeal to you. No annual fee is charged if you make total purchases of more than Rs. 35,000 in the previous year. You not only earn one reward point for every Rs. 100 you spend but you can use the same reward points to pay off your outstanding balance.
- You are also entitled to a 2.5% fuel surcharge waiver across all the petrol pumps in India if you buy petrol worth Rs. 500 to Rs. 3,000. Apart from this, you can book railway tickets which will be delivered to your doorstep, pay all your utility bills online and enjoy 10X Reward Points (RP) on all the International spending.
- You can use the SBI Student Plus Advantage Card in both India and abroad in more than 24 million outlets. You get the provision to transfer the remaining balance of another credit card to your credit card and then get a lower interest rate and pay off the dues in EMIs. This will ensure that you save some money when you pay the credit card dues.
Features of SBI Student Plus Advantage Card
- 5% Value Back on Departmental and Grocery spends
- Accelerated Rewards
- Ready Cash
- Worldwide Acceptance
- Add-on Cards
- Online Booking of Railway Tickets
- Utility Bill Payment Facility
- Balance Transfer on EMI
- Easy Money
2. ICICI Bank Student Travel Card
- ICICI Bank Student Travel Card is a blessing in disguise for you if you wish to study abroad. You can use this credit card to pay your application and university fees either online or through a physical swipe. The card is very convenient to use since it allows you to manage your living expenses and is accepted at all outlets that take a MasterCard. You can withdraw cash from over 1.5 million MasterCard ATMs through this card.
- You are entitled to an International Student Identity Card free membership which will give you access to different discount benefits along with exciting destination offers. The tempting merchant offers and discounts will be available in 131 countries including India. You are also bound to get benefits from travel insurance, advantageous forex rates, and other alliance offers from the bank.
Features of ICICI Bank Student Travel Card
- Convenient and safe to use
- Attractive merchant discounts & offers in India and 130 countries and 1,20,000 merchant locations
- Preferential Forex rates
- Highly rewarding
- Alliance offers from ICICI Bank
- Allows online account management features such as Monthly e-statement
- Can use this card for withdrawal of cash from more than 1.5 million MasterCard ATMs
- Membership of International Student Identity Card (ISIC)
- The destination offers from your membership
- Easy replacement with Primary Card
- Comprehensive Travel Insurance
3. HDFC ForexPlus Card
- HDFC ForexPlus Card is tailor-made for any student who studies abroad and needs finance in different currencies. This card works just like a credit card, the transaction amount will be debited from the HDFC ForexPlus Card balance directly.
- The card is available in ten currencies which are accepted all over the world and thus you can change them into the currency of the nation you are currently in. It has acceptability in all merchant outlets which are affiliated with Visa or MasterCard. When you carry out any transaction in the card currency you won’t suffer due to the swinging market rates.
- In case you’re not an HDFC bank customer you need not worry. You still can avail of this card, all you need to do is visit your nearest HDFC branch with the required documents.
HDFC Multicurrency Platinum ForexPlus Chip Card
- This card is simply perfect for students who have multi-destination traveling needs and want to carry 23 currencies on one single card. Yes, you heard it right. You can keep 23 foreign currencies in your HDFC Multicurrency Platinum ForexPlus Chip Card, thereby saving your money and time. This provides you complete protection against any kind of foreign exchange rate fluctuation in the near future. You also receive an insurance cover of Rs. 5 Lakh for any kind of misuse of card, accident, or fraud.
Eligibility Criteria for Credit Cards for Students
Well, the minimum age limit required to get these student credit cards is 18 years. The students should fulfill these basic eligibility criteria to own these credit cards.
- PAN card (required by few companies)
- Birth certificate
- Residential address proof
- Identity card of the college (undergraduate or postgraduate)
- College enrolment proof
- 2 passport sized colored photographs
4. Best Student Credit Card for Cashback: BOB Financial Prime Credit Card
The BOB Financial Prime Card is one of the best credit cards for students in India and to earn cashback. You’ll get a 1% rupee value back (4 points per Rs. 100 spent, 4 points = Rs. 1), which is great among the various credit cards against fixed deposits. It also has the lowest deposit amount required (Rs. 15,000), and the card has no annual fees. Simply put, apply for this credit card to earn solid cashback on your everyday spend as a student.
- Minimum Fixed Deposit: Rs. 15,000
- No Fees
- Reward Earn Rate: 4 Reward Points per Rs. 100 spent
- Point Value: 4 Reward Points = Rs. 1
- Fuel Surcharge Waiver: Transactions Rs. 400 – 5,000; max Rs. 250 waived per month
5. Best Student Credit Card for Travel Rewards: Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Card has the highest rupee value back of all student cards. Specifically, you’ll earn 1.2% value on domestic spend (6 points per Rs. 200 spent; 1 point = Rs. 0.40 Yatra vouchers) and 2.4% on international spend (12 points per Rs. 200). Additional benefits include the 100 points welcome gift as well as 15% dining discounts at select restaurants. If you travel enough each year to put the Yatra voucher rewards to full use, get Insta Easy for the best value.
- Minimum Fixed Deposit: Rs. 20,000
- Reward Earn Rate: 6 points per Rs. 200 spent on domestic transactions (except fuel); 12 points per Rs. 200 spent on international transactions
- Point Value: 1 Axis eDGE Reward Point = Rs. 0.40 Yatra Travel Vouchers
- Perks: Axis Bank’s Dining Delights program
- Fuel Surcharge Waiver: Transactions Rs. 400 – 4,000; max Rs. 400 waived per month
6. Best Student Credit Card for High Spenders: Kotak Silk Inspire Credit Card
Kotak Mahindra’s Silk Inspire Card is great for students who like to shop for apparel, giving an excellent 5% back on such purchases if you clear Rs. 7,500 retail spend each month (max Rs. 500 back per cycle). The bulk of the card’s value comes from its 1,000 point bonus every 6 months (redeemable for 1,000 JPMiles = ~Rs. 450), obtained on a minimum spend of Rs. 125,000 each half-year. On outside apparel, you’ll only get below average 0.22% back (1 point per Rs. 200 spent; 1 point = 1 JPMile = Rs 0.45). Additionally, the card has a fairly high minimum fixed deposit (Rs. 50,000), a Rs. 599 joining fee and an Rs. 599 annual fee (waived on Rs. 125,000 spend per year). Last, you can only apply for this card if you live in an eligible city. If you do meet all the requirements, we recommend the Silk Inspire if you’re a high-spending student, particularly on apparel. No doubt it is one of the best credit cards for students in India
- Minimum Fixed Deposit: Rs. 50,000
- Eligible Locations: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (incl. Gurgaon & Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai & Pune
- Join Fee: Rs. 599
- Annual Fee: Rs. 599 (waived on annual retail spend of Rs. 125,000)
- Reward Earn Rate: 5% back on apparel (Rs. 7,500 minimum retail spend/billing cycle; max Rs. 500 back/cycle); 1 point/Rs. 200 all other
- Estimated Point Value: 1 point = 1 JPMile = Rs. 0.45
- Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000; max waived Rs. 3,500/year[/su_box][su_box title=”5″]
Best Credit Cards for Students in India with No/Bad Credit History
These days, many credit card companies have started offering credit cards for students also. Yes, now students can also avail the of credit cards by following an easy and simple procedure. In fact, those who are having bad or no credit history can also avail these cards with the help of issuers. Yes, there are many credit card providers available in the market that allow you to avail of the card even if you are having a low or bad credit history. In fact, they work for such types of applicants only and ensure that they can avail the card instead of all the odds. So, if you are a student who has no or bad credit history, nothing to worry about, you can avail the credit cards of different banks with the help of these providers.
So I hope the next time someone asks you -What are the best credit cards for students in India, you will have the answer on your tips. And yes if you wish to avail the services of a credit card, talk to your parents and choose the one which suits you the best.