You can start building credit with student credit cards. Students credit cards are the latest entries in the credit card industry that help college students manage their expenses on their own.
They have a low credit limit, and little or no incentive, and they work just like regular credit cards. Nevertheless, not all students are eligible for student credit cards.
You can build your financial reputation by getting a credit card and making regular payments. However, you may have a hard time getting approved. A student card is one option students have for financing their college education. It is best to check with the bank about the application procedure once you meet the eligibility requirements set by the bank.
Credit card applications require a parent's or another trusted adult's co-sign if you are under 21 and don't have your own income.
1. You must be at least 18 years old
2. Students in college must be enrolled
3. Required documents
4. A copy of the birth certificate
5.College/university identity card
6. An address proof of residence
7. Photograph was taken recently and of passport size
8. Identity card (PAN)
Student credit cards can be obtained in conjunction with fixed deposits: A student can apply for a student credit card using a fixed deposit. Credit cards are usually issued against a minimum fixed deposit amount, however.
Student credit cards can also be acquired through add-on cards, which can be applied for by any family member with a credit card. Good credit history is required for the member requesting an add-on card.
A student credit card can also be obtained if an individual has a strong savings history. It is however rare for banks to offer this service to their customers.
Be prepared for emergencies by having a credit card, You need to return home immediately because a family member becomes ill. Expenses can arise at any time, no matter what the situation. Those expenses can be covered quickly if you have a credit card.
Students can earn rewards on their purchases when they use a student credit card.
Get unlimited cashbacks with various cards offering unlimited cashback with different merchants.
To qualify for a student credit card, how much income do you need?
Student credit cards have been introduced by banks, which are specifically designed for students and require no income source to qualify. Credit cards can be applied for by students using their existing fixed deposit accounts.
What is the maximum number of student credit cards a student can hold?
Since a student won't have a credit score, and a student credit card will be issued based on an already existing fixed deposit, students cannot hold multiple student credit cards.
Is it possible to check the status of my student credit card online?
If an add-on credit card has been applied for, you can check its status by logging into the primary cardholder's net banking account. Furthermore, students can contact the bank's credit card customer service for information regarding their cards.
Banks in India offer student credit cards with what credit limits?
An Indian bank typically offers a student credit card with a credit limit of Rs.15,000.
Do student credit cards in India have a joining fee?
Students in India do not have to pay any joining fees for student credit cards.
Can you tell me what documents are required to apply for a student credit card in India?
In order to apply for a student credit card in India, you need documents such as PAN cards, Aadhaar cards, birth certificates, and identity cards issued by your college or university.
Can you tell me what the interest rate on West Bengal Student Credit Card is?
It is possible to get Rs.10 lakh with a WBSCC Student Credit Card at a rate of 4% per year.