Credit cards have now become a common household product. There are many credit card providers in India that offer various types of credit cards to cater to all kinds of people. For each type of customer segment, different credit card options are now available. For instance, there are a few cards catering especially to women, doctors, professionals travelers, and students. Student credit cards are exclusively for college-level students. They can be opted by any student beyond the age of 18 years, even without income eligibility. The interest rates charged on these cards are also lower as compared to normal credit cards. Most big banks in our country, from the State Bank of India to HDFC Bank, ICICI Bank, and Axis Bank, offer student credit cards. One can also upgrade one’s student credit card to a regular credit card anytime during the card’s validity.

If you are also planning to get a student credit card, here are 10 things which you need to know before opting for one:

  1. The documentation for these cards are simple, easy, and also require lesser paperwork. Documents needed are PAN card, address proof, birth certificate, and identity card of the college or university. Unlike the normal credit card, there is no compulsion of submitting Income Tax returns or any employment documents.
  2. To be eligible for a student credit card, you need to be a college going student and above 18 years of age. Irrespective of the college or university you go to, any student more than 18 years of age can apply for a student credit card.
  3. No joining fee is charged on these student credit cards. Along with the waiver of joining fees, very low annual fees are charged on the cards.
  4. The credit limit of a student credit card is lower as compared to regular credit cards offered by banks. Generally, the credit limit of a student credit card is set at Rs 15,000.
  5. The card validity of a student credit card is generally set for a period of 5 years from the issue date. Regular credit cards, however, come with a 3 year validity period.
  6. These credit cards come with comparatively lower interest rates. For instance, the SBI Student Plus Advantage credit card charges Rs 2.25 per cent interest per month.
  7. Some of these are travel card for students, which can be used to pay fees or other expenses when studying abroad. For instance, the ICICI Bank’s student travel card can be topped from an account in India periodically and also comes with travel insurance.
  8. Some banks also protect the student account holder against card fraud. For instance, HDFC Multicurrency Platinum ForexPlus chip card offers Rs 5 lakh in case of fraud and accidents.
  9. Duplicate credit cards can be obtained free of cost. In case the student misplaces their card, the bank provides a duplicate card free of cost or at a very nominal fee.
  10. Some banks also offer special deals and rewards on these student cards. They come with rewards and loyalty programs and cashback on spending a certain amount using the card.