What is the procedure for a student in India to apply for a credit card?
College students may now manage their expenses thanks to new student credit cards from the credit card industry. However, a student credit card isn’t available to everyone.
Different banks and financial organizations have come up with other eligibility criteria to provide a student credit card. One can only apply for a credit card when one meets the requirements.
Like the State Bank of India, some banks exclusively provide credit cards to students who have taken out college loans from them, while others, like ICICI Bank, offer them to anyone.
To begin applying for a student credit card, students who are at least 18 years old must first determine which banks offer the most acceptable student credit cards and how to go about doing so.
If you match the bank’s eligibility requirements, you can inquire about the application process.
Every bank doesn’t follow the procedure. For this reason, you must speak with a bank representative regarding the application process for a student credit card.
Although you can apply for a few banks online, some may require that you go to a branch in person and submit an application in person.
the benefits that student credit cards can provide
The following are some of the credit card benefits for students:
A student credit card has a lower credit limit than most other credit cards because it is aimed towards students. This is done to protect students from getting themselves into a financial jam.
When you’re in a bind, student credit cards can come in handy. Additionally, it allows students to use their cards to make EMI purchases on pricey items.
The student credit card also aids in the development of payment history. Paying your bills on time helps you build a good CIBIL score, which will make it easier for you to secure a loan in the future.
Unlike other credit cards, which have a lengthy application process that requires verification of papers like W-2s and tax returns, Student Credit Cards have a far more straightforward application process that requires much less proof. Identity, address, and confirmation of college attendance are all required.
Student credit cards come with a variety of benefits, including cashback, reward points, and discounts.
Which credit cards are available to students?
Banks do not issue student credit cards based on an individual’s income or tax returns. The following institutions provide the credit card for students:
This is known as an Add-on card, and it is given to a member of the customer’s immediate family as a way to obtain a Student credit card. An Add-on facility requires a high CIBIL score from a member of the immediate family.
Secured credit cards are also available to students over 18 who have deposited money into a Fixed Deposit account. Alternatively, they might ask the bank to provide them with a student credit card if they already have an FD account open.
Students can also receive a student credit card to use in conjunction with their bank loan.
Student credit cards are also available to those with a long history of saving at some banks. Thus, keeping a healthy balance in your savings account, or saving the least amount required, can be beneficial.
Various Student Credit Card Options When issuing student credit cards, banks do not look at the applicant’s tax returns or income.
Banks provide several student credit cards, each with its own set of benefits: a supplementary card. If you already have a credit card, an add-on card will allow you to use it in addition to your current card.
Add-on cards for family members are popular choices. Add-on cards share the credit limit with the primary card unless the direct card’s owner sets a sub-limit.
As a student credit card, an add-on card is helpful since it offers all of the benefits, perks, and discounts available with the parent card.