Things to know about student credit card | Fusion - WeRIndia

A credit card is handy to meet your financial obligations. If you use it wisely, it has many benefits. Hence, its usage has been growing for the last few years.

Nowadays, many banks like State Bank of India, HDFC Bank, Axis Bank, and ICICI Bank offer different types of credit cards to different people. A student credit card is one of them.

Student credit card as the name suggests is offered to students to spend on their own, especially when they are away from the family or their parents are not around.

Some credit cards are available with a specific validity period, like five years. These low-interest credit cards are beneficial for students to meet their financial needs. Moreover, they are simple to obtain due to the non-requirement of income proofs. Several banks provide student EMI cards also.

Here are some important things to know about a student credit card:

• There are different types of student card like add-on-card, secured credit card, credit card against an education loan.
• Add-on cards are issued by banks against the primary credit card to be used by spouse, parents, or children. An add-on card shares the credit limit of a primary credit card. Or the primary cardholder can select a sub-limit for the add-on-card. Students can benefit from an add-on-card as it has all the advantages such as rewards and discounts like the primary card.
• Secured credit cards are issued by banks against security deposit like fixed deposits. The credit limit depends on the security deposit made with the bank.
• Students can also obtain a credit card against an education loan.
• Banks ask for the following documents to issue credit cards to students: Birth certificate, PAN card, identity card of the student issued by the college, address proof like Aadhar card, driving licence etc. A passport size photograph is also required. Students have to submit a duly filled in credit card application form along with these documents.
• Banks follow different procedures and requirements to issue a student credit card. So, visit a bank branch and know the full details before applying for a card.

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