505 views Student-Friendly Credit Cards

ByZentoRank Solutions

In the modern era, credit cards have become an essential financial tool for managing expenses, building credit scores, and availing rewards. However, for students and young professionals, obtaining a credit card can often seem challenging due to stringent eligibility criteria set by banks and financial institutions. Fortunately, several banks in India now offer student-friendly credit cards with low eligibility requirements, making it easier for young individuals to enter the world of credit.

This blog post explores the best student-friendly credit cards in India that come with low eligibility requirements, enabling students to enjoy the benefits of credit cards without hassle.

Why Should Students Consider Credit Cards?

Before diving into the list of credit cards, it’s important to understand why students should consider having a credit card in the first place. Here are a few compelling reasons:

1. Building Credit Score Early

A credit card is one of the most effective tools for building and maintaining a healthy credit score. By using a credit card responsibly, students can establish a positive credit history early in life, which can be beneficial when applying for loans or other credit products in the future.

2. Emergency Funding

Unexpected expenses can arise at any time, and having a credit card can provide a financial safety net during emergencies. Whether it’s paying for medical bills, repairing gadgets, or covering unexpected travel costs, a credit card can be a lifesaver.

3. Rewards and Cashback

Many credit cards offer rewards, cashback, and discounts on everyday purchases, such as dining, shopping, and online transactions. For students, these benefits can help stretch their budget further.

4. Convenience

Carrying a credit card is often more convenient than carrying cash. Additionally, credit cards are widely accepted both online and offline, making them a practical payment option for students.

5. ** Learning Financial Discipline**

Using a credit card requires discipline, as it’s essential to pay bills on time and avoid overspending. This helps students develop good financial habits from an early age.

Key Features of Student-Friendly Credit Cards

Student-friendly credit cards are designed to cater to the unique needs of students. Here are some key features to look for:

1. Low Income Requirements

Most student credit cards have minimal or no income requirements, making them accessible to students who may not have a steady income.

2. No Annual Fees or Low Fees

Many student credit cards come with no annual fees or low fees, reducing the financial burden on students.

3. Simple Eligibility Criteria

Eligibility criteria for student credit cards are often simpler, with some banks requiring only a valid student ID or proof of enrollment in an educational institution.

4. Rewards on Education-Related Expenses

Some student credit cards offer rewards or cashback on education-related expenses, such as buying books, paying tuition fees, or purchasing stationery.

5. Flexible Credit Limits

Student credit cards often come with flexible credit limits, allowing students to manage their expenses effectively without overspending.

Top Student-Friendly Credit Cards in India

Now, let’s take a look at some of the best student-friendly credit cards in India that come with low eligibility requirements:

1. SBI Student Plus Credit Card

The SBI Student Plus Credit Card is a popular choice among students due to its low eligibility criteria and attractive benefits. Here are some key features:

  • Eligibility: Available for students aged 18 years and above, with a valid student ID.
  • Joining Fee: ₹ 350 (one-time).
  • Annual Fee: ₹ 350 (waived on spending ₹ 35,000 in a year).
  • Rewards: 1 reward point for every ₹ 100 spent, with rewards redeemable on products and services.
  • Benefits: Offers discounts on education-related expenses, fuel surcharge waivers, and more.

2. HDFC Bank Freedom Credit Card

The HDFC Bank Freedom Credit Card is designed for young professionals and students who want a card with low fees and great rewards. Here are the details:

  • Eligibility: Available for students and young professionals with a steady income source or a valid student ID.
  • Joining Fee: ₹ 500 (one-time).
  • Annual Fee: ₹ 500 (waived on spending ₹ 50,000 in a year).
  • Rewards: 1 reward point for every ₹ 150 spent, with rewards redeemable on travel, dining, and shopping.
  • Benefits: Offers 5% cashback on fuel, groceries, and utility bills, as well as exclusive discounts on online purchases.

3. Axis Bank Buzz Credit Card

The Axis Bank Buzz Credit Card is another excellent option for students, offering rewards on everyday purchases. Here’s what you need to know:

  • Eligibility: Available for students aged 18 years and above, with a valid student ID.
  • Joining Fee: ₹ 300 (one-time).
  • Annual Fee: ₹ 300 (waived on spending ₹ 25,000 in a year).
  • Rewards: 2 reward points for every ₹ 100 spent on dining, groceries, and utility bills, and 1 reward point for every ₹ 100 spent elsewhere.
  • Benefits: Offers discounts on dining, exclusive deals on online purchases, and more.

4. ICICI Bank Student Travel Credit Card

The ICICI Bank Student Travel Credit Card is specifically designed for students who love to travel. Here are its key features:

  • Eligibility: Available for students aged 18 years and above, with a valid student ID.
  • Joining Fee: ₹ 199 (one-time).
  • Annual Fee: ₹ 199 (waived on spending ₹ 20,000 in a year).
  • Rewards: 1 reward point for every ₹ 100 spent on travel, dining, and shopping.
  • Benefits: Offers discounts on flight tickets, hotel bookings, and exclusive travel insurance.

5. Kotak Mahindra Bank Campus Gold Credit Card

The Kotak Mahindra Bank Campus Gold Credit Card is a great option for students seeking a credit card with low fees and attractive rewards. Here’s what it offers:

  • Eligibility: Available for students aged 18 years and above, with a valid student ID.
  • Joining Fee: ₹ 299 (one-time).
  • Annual Fee: ₹ 299 (waived on spending ₹ 25,000 in a year).
  • Rewards: 1 reward point for every ₹ 100 spent, with rewards redeemable on products and services.
  • Benefits: Offers discounts on education-related expenses, fuel surcharge waivers, and more.

How to Apply for a Student-Friendly Credit Card

Applying for a student-friendly credit card is a straightforward process. Here are the steps to follow:

1. Check Eligibility

Before applying, ensure you meet the eligibility criteria for the credit card. Most student credit cards require you to be at least 18 years old, have a valid student ID, and provide proof of enrollment in an educational institution.

2. Choose the Right Card

Compare different credit cards based on fees, rewards, and benefits to find the one that best suits your needs.

3. Gather Required Documents

Generally, you’ll need the following documents to apply for a student credit card:

  • Age Proof: PAN card, Aadhaar card, or Passport.
  • Identity Proof: Aadhaar card, Passport, or Voter ID.
  • Address Proof: Aadhaar card, Passport, or Utility Bills.
  • Student ID: Valid student ID or proof of enrollment from your educational institution.

4. Apply Online or Offline

Most banks allow you to apply for a credit card online through their official websites. Alternatively, you can visit a bank branch in person to submit your application.

5. Wait for Approval

Once you’ve submitted your application, the bank will review it and verify your details. If approved, your credit card will be dispatched to your registered address.

Tips for Using a Credit Card Responsibly

While credit cards offer numerous benefits, it’s crucial to use them responsibly to avoid accumulating debt. Here are some tips:

1. Stick to Your Budget

Only spend what you can afford to repay. Treat your credit card like cash and avoid overspending.

2. Pay Bills on Time

Make it a habit to pay your credit card bills on time to avoid late fees and interest charges. A good practice is to set up automatic payments.

3. Monitor Your Credit Score

Your credit score plays a significant role in determining your eligibility for loans and other credit products in the future. Use your credit card responsibly to maintain a healthy credit score.

4. Avoid Multiple Credit Cards

Applying for multiple credit cards can negatively impact your credit score and lead to financial complications. Stick to one or two cards and manage them wisely.

5. Be Cautious of Hidden Charges

Always read the terms and conditions carefully to understand any hidden fees or charges associated with your credit card.

Conclusion

Student-friendly credit cards are an excellent way for young individuals to enter the world of credit and enjoy the benefits of having a credit card. Whether it’s building a credit score, managing expenses, or earning rewards, these credit cards offer a host of advantages specifically tailored for students.

By choosing the right credit card and using it responsibly, students can make the most of this financial tool and set themselves up for long-term financial success. If you’re a student looking to apply for a credit card, consider the options mentioned in this post and choose the one that aligns with your needs and lifestyle.

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