Can a student in India acquire a credit card?
Is it possible for a college student to obtain a credit card? Yes, and there are also credit cards developed exclusively for Indian university and college students.
A student credit card is a type of credit card available to students in higher education institutions, such as universities and colleges. The credit card is open to all students over the age of 18, and there is no upper-income limit on who can apply. The interest rates on these credit cards are lower, and the cards are valid for five years.
Student Credit Card Application Documents
The following documents are needed to apply for a student credit card:
Documents of birth PAN Card I.D. card issued by the university
Address Proof such as a passport, an Aadhar card, a driver’s license, or other government-issued identification documents.
A picture the size of a passport.
Application for a student credit card
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.
Credit cards for students might be a lifesaver in a pinch. 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 makes it easier to acquire a loan in the future.
Minimal documentation: 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 simpler 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.
Having a Student Credit Card Has Many Perks
Convenience: Having a credit card makes many transactions considerably simpler. Instead of continually topping up your mobile wallet, you may pay for all of your transactions all at once at the end of the month. Credit card companies break down your spending by category, making it easier to keep track of your expenses.
While other credit cards necessitate a slew of paperwork, a student credit card only requires the bare minimum, saving you time and aggravation. Students’ credit cards will now be processed faster thanks to this change.
The years in which firm foundations for future days are formed by students are known as the student years. The use of a credit card and rapid payback are analogous. Because student cards have lower spending and limit amounts, students might develop a practice of making timely payments. As a result, they will have a better chance of building good credit in the future.
Student credit cards are treated the same as regular credit cards when it comes to credit scoring, thus timely repayment helps build credit. As a result, it’s a critical consideration for anyone looking to establish new credit in the future. People who first enter employment often find it difficult to obtain credit since they have no previous credit history to fall back on.
However, if you pay your bills on time and keep your spending within your budget, a student credit card can help you establish a strong credit history.
Earns Reward Points: Just like any other credit card, a student credit card accrues points and incentives. As with any other credit card, it can be used to earn rewards points and to take advantage of special co-branding promotions.
There is no joining cost because it is a card for students only. In addition, the card has no or a very low annual cost. When utilized appropriately, a student credit card may be a great deal for students because of the numerous perks it offers.