It is a truth that job-oriented courses have become extremely expensive in India. The fees of these career courses are soaring higher and higher with each day. The students are usually financed by their parents or guardians but those who cannot afford these courses look to banks for funding support. Apart from educational loans, certain banks also offer innovative products like Student credit cards. These credit cards are exclusively meant for students and they are only granted to students during their course of study.

Eligibility for students’ credit cards:

These credit cards are issued to the students who have cleared the age of 18 years and are studying for the graduation or any other higher education courses.

Documents needed for eligibility of student’s credit card:

The students are required to produce the following documents at the time of applying for their credit card:

1. Date of birth certificate
2. Proof of residential address,
3. Students I-card issued by the college/ institution, and
4. Photograph

Banks which offer students’ credit card in India:

There are many nationalized and private banks in India that issues credit cards for the students. The following banks are known for their innovative credit cards which the students can apply:

• State Bank of India
• Punjab National Bank
• HDFC Bank
• Andhra Bank
• ICICI Bank
• AXIS Bank

Variety of students’ credit cards:

As the different banks do not work with the same ideology or principle, they deal differently as far as the availability of the credit cards is concerned. The production of the credit cards is the internal matter of the banks and they make them available on discretion. However, the credit card for students comes with various features & services which are suitable for the needs of the students.

Features of Student’s credit cards:

The different services available in case of a student credit card are actually its features. These features are important reasons for their popularity. The students, who are cautious and conscious about the features of the credit card, pay a lot of attention towards the same. The most important features of the students’ credit cards are as follows:

The students cannot take any amount of money using their credit card. The banks impose   restrictions on the lowest as well as highest transaction limits for the students. As per the present status, the banks allow the students to take a amount as low as up to Rs.5000 & the highest limit being Rs.15,000.

• The students can transact cash of 10% of the sanctioned limit.
• The cards are accepted globally and that is good enough for the students to have.
• The students can get monthly statements which reflect the status of their credit. This brings transparency in the dealings of the banks.
• The students can get a duplicate card in case the card is lost or damaged without paying anything for processing.
• The cards are normally valid up to 5 years from the date of issue. This period is good enough for students as many of them get employment by this time.
• Up gradation of cards is possible at any point of time.

The students’ credit cards are very special financial products that are offered by the banks. However, the students are required to make wise use of these cards as the banks charge high rates of interests on outstanding amount of dues.

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