#FinancialBytes: Top 5 student credit cards in India
With the ever-rising cost of living in cities, and expanding fee-structures, students run out of money, especially during month-end. That's exactly why banks have come up with the concept of student credit cards to facilitate such finance for students. Though the concept is relatively new in India, here are the best 5 student credit cards from leading Indian banks.
Who can apply, and what are the requirements?
Any college-going student aged 18 years or above, can apply for a student credit card from a bank of their choice. The card can be issued either against one's fixed-deposit account; as an add-on taken by a senior family member, or against their savings banks account. Documents required include a DOB proof, address proof, college ID, PAN, and recent passport-size photographs.
SBI's Student Plus Advantage Credit Card
The SBI Student Plus Advantage Credit Card comes packed with an array of student-oriented features and benefits. The card gives its users the freedom to convert all their buys into easily-payable EMIs, a waiver of 2.5% on fuel surcharge, and also gifts one cash point on every Rs. 100 spent using the card. The chargeable interest rate is kept low at 2.25% per month.
ICICI Bank's Student Travel Card
The Student Travel Card by ICICI is another great option for Indian students studying both domestically and abroad. The card offers its customers attractive merchant discounts in as many as 130 countries and about 120,000 merchant locations. Additionally, it provides you with preferential forex rates, travel insurance, as well as a International Student Identity Card (ISIC) membership.
HDFC Bank's ISIC Student ForexPlus Card
A great option for Indian students residing abroad, HDFC's ForexPlus Card gives you easy access to your funds in multiple currencies. The ForexPlus Card is a prepaid card which works like a credit card, and offers its holders an ISIC membership. It offers several benefits include free insurance-coverage, emergency cash, chip-based security, and discounts on books, food, and accommodation in 130 countries.
Multi-currency Platinum ForexPlus Card by HDFC
With this multi-currency credit card, HDFC allows its student customers access to their money in up to 20 foreign currencies, and the money can be transferred easily through secure online wallets. A protection of upto Rs. 5 lakh each is also provided for fraud and accidents to the cardholders. Special deals and discounts are also offered to students to help them make extra savings.
The Insta Easy Credit Card by Axis Bank
The Axis Insta Easy credit card serves as a great option for students as it can be issued against an FD at any Axis Bank branch in India. The bank offers 'dining delights' with upto 15% discounts on meals at partner-restaurants. Secured with a platinum chip-card, the card also offers 1% fuel-surcharge waiver, plus an option to convert all Rs. 2,500+ transactions into EMIs.
