Student Credit Cards

Credit Cards for Students

Being a student, neither one do have any earning nor the documentation proof in order to be eligible for a credit card. Since credit card comes with an eligibility criteria, especially when it comes to income, age and credit score, students are considered ineligible due to unable to fulfill the eligibility criteria. However, most of the banks and FIs do have provided a mean to catch their eyes by offering them student credit cards.

For a student credit card, the cardholder should be at least 18 years old and must be able to provide the proof of an ongoing educational course he/she has been entitled. The applicant must be able to provide the proof for the same.

Credit Card Offers for Students

Currently only the State Bank of India offers a true student credit card. You can have a look below to know the rewards and benefits SBI offers with their student credit card.

SBI Student Plus Advantage Card – Student Plus Advantage Credit Card by State Bank of India is offered to only students who have borrowed education loan from the bank, against a fixed deposit account. This credit card comes free of cost and returns reward value of Rs. 0.25 against every Rs. 100 spent on the card for retail transactions. Apart from it, you earn reward value worth Rs. 2.5 on every Rs. 100 spent at departmental and grocery stores, or on international transactions. However, transactions like fuel, balance transfer and cash advance including the transactions converted into EMIs does not earn you any reward points.

Additionally, you can avail 1% fuel surcharge at any petrol pump in India, against a fuel transaction between Rs. 500 to Rs. 3000. The maximum benefit under fuel surcharge waiver is limited to Rs. 1200 annually. Moreover, the you can carry the for free next year as well, if he/she spend Rs.2920 or above on the card each month in a card membership year.

You can also avail cash advances as and when required. The maximum cash advance allowed on the credit card is subject to 80% of cash withdrawal limit or maximum Rs. 12,000 per day. However, the cash advance transactions will attract interest rate immediately once registered to your card account.


Annual Charges

Rs. 500

Add-on Card Charges

NIL

Annual Percentage Rate

Upto 27% (Including Cash Advances)

Minimum Amount Due

5% of the total outstanding balance or Minimum Rs. 200

In addition to any Monthly EMIs and Overlimit Charges

Cash Advance Charges at ATMs

2.5% of transaction amount or Minimum of Rs. 300

At any Domestic ATM


3% of transaction amount or Minimum of Rs. 300

At any International ATM

EMI Bounce Charges

2% of the payment amount each instance

Minimum of Rs. 350

Late Payment Charges

NIL if Payment Due is Rs. 200 or less.

Rs. 100 if Payment Due is between Rs. 201 to Rs.500.

Rs. 400 if Payment Due is Rs. 501 to Rs. 1,000.

Rs. 500 if Payment Due is Rs. 1,001 to Rs. 10,000.

Rs. 750 if Payment Due is above Rs. 10,000.

Over-limit Charges

2.5% of overlimit amount

Minimum of Rs. 500

Card Replacement Charges

Rs. 100 per instance

Foreign Currency Markup

3.5% on the transaction amount in INR

Other Options

In case you don't want to go for student credit card offered by SBI or not eligible for it yet, then there's nothing to demotivated since you do have other options to get a credit card for you. Most of the banks/FIs offers secured credit card which can be availed against the fixed deposit account you have with the bank where the applicant don't have to provide any income documents. Below are some of the secured credit cards which can be availed by any student in India as long as the eligibility criteria is satisfied.

Axis Bank Insta Easy Card – The Insta Easy secured credit card by Axis Bank can be availed if you're at least 18 years old and hold a fixed deposit of Rs. 20,000 at least with the bank, whereas the maximum amount of the fixed deposit should not be above Rs. 25 Lacs. Moreover, it should be a regular fixed deposit account since deposit accounts like Tax Saver FDs, Flexi-Deposits (Auto-sweep Fixed Deposits) or a Fixed Deposits in the name of HUF/society/trust/companies are not acceptable for the eligibility. The Insta Easy Credit Card comes with a maximum credit limit equal to 80% of the principal value of the fixed deposit account.

Being an Axis Bank Insta Easy cardholder, you can earn 6 eDGE Loyalty points on every Rs. 200 spent on the card for domestic purchases, giving you a return value of Rs.0.60 on each Rs. 100 spent on the card. Moreover, you earn double the reward points against international transactions. Additionally, you receive benefits like cash advances upto 100% of the credit limit from the very first day, earn 100 eDGE Loyalty points on first online transaction and save upto Rs. 400 monthly on fuel transactions along with zero annual fee. However, a joining fee of Rs. 500 is applicable which can be waived off if you spend Rs. 5,000 within first 45 days from the date of card activation. Whereas, the annual percentage rate applicable on the card is equal to 34.49%.

ICICI Bank Coral Credit Card Against Fixed Deposit This credit card can be availed by any student who is 18 years old at the time of application and hold a fixed deposit of minimum Rs. 20,000 with the bank for past 6 months at least. The credit limit offered on the credit card is equal to upto 85% of the fixed deposit amount, subject to minimum Rs. 17,000 and maximum Rs. 5 Lacs.

The rewards and benefits on the credit card includes minimum 15% saving on dining bills at over 2500 partner restaurants, complimentary VISA domestic airport lounge access along with movie tickets worth Rs. 500 each month and visa card privileges. Moreover, you earn reward value of Rs. 1 on dining, groceries and departmental stores transactions, Rs. 0.25 on utilities and insurance payments and Rs. 0.50 against every Rs. 100 spent on the card for other retail transactions except fuel purchases. On fuel transactions, you save 1% fuel surcharge waiver.

The cardholder must maintain the fixed deposit account for uninterrupted credit card service, where the credit card will be renewed by the bank automatically. The applicant must know that the fixed deposit not be a inked / quantum / 80C / NRE / NRO / HFC or in the name of 3rd parties / partnership firms / HUF / society / trust / companies or under an existing lien. The credit card come with an annual fee of Rs. 500 and an APR of 29.88% including cash advance transactions. The card can be enjoyed for free is the cardholder spend Rs. 10,417 or above each month on the card in a card membership year.

ICICI Bank Instant Platinum Credit Card This is another secured credit card offered by ICICI Bank which can be availed instantly by opening a fixed deposit account in ICICI Bank, linked to the credit card account. The card comes free of cost and a low APR of 29.88% including cash withdrawal transactions, without providing any income proof. Being a Instant Platinum cardholder, you earn reward points worth Rs. 0.50 on every Rs. 100 spent on the card and Rs. 0.25 against utilities and insurance transactions, excluding the fuel transactions.

As for the privileges, you receive free movie tickets worth Rs. 200 each month from BookMyShow.com, minimum 15% savings on dining bills at over 2500 partner restaurants in more than 10 cities in India and 1% fuel surcharge waiver along with visa offers on dining, travel and healthcare products time-to-time. To be eligible for this card, the applicant must be holding a minimum fixed deposit of Rs. 20,000 for past 6 months at least.