Are you planning to study abroad? Managing your finances would be one of the most fundamental questions in your head. Sometimes finance constraints can hinder purchasing basic needed stuff during college. Regular credit card is not the saviour in this case as they come with many changes, and you can’t afford that. Don’t worry if you have the same query. Various banks in India have cards specifically designed to cater for the needs of the students. Now finance won’t be a hindrance for you. Student specific credit cards are offered because of the reason that students have a financial budget. They come with many exciting offers, such as interest-free periods, reward earning, and discounts, which fit right in the budget.
In this blog, We will help you find out the top credit card for students planning to study abroad and eligibility to apply for a student credit card.
So, first things first. Before diving deep into the top credit cards for students, you should first know if you are even eligible for applying for a credit card.
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Eligibility for applying for a credit card
Although the eligibility to apply could vary from bank to bank, there would still be some basic eligibility requirements in every bank. For instance, some common eligibility criteria are the applicant’s age and credit history. Let us discuss all the requirements in detail:
Age of the applicant
The age of the applicant has to be 18 years minimum. Also, the applicant must be enrolled in college to be eligible to apply for a student credit card.
Monthly income
Since most students in college won’t have a stable source of income in college; this is not a necessary criterion for extending credit cards. However, students with a steady source of credit get added benefits over an applicant with no source of income.
Credit history of the applicant
This is applicable if the applicant is applying for an add-on credit card. This implies that if a family member has a credit card, you can apply for an add-on card. However, the family member’s good credit history is critical.
The document that you would need before applying are
∙ Adhar card/Any other government-approved photo ID proof
∙ Aadhar/Any other government-approved id as your address proof
∙ Birth Certificate
∙ College Identity Card or any other proof of enrolment
∙ Passport-size photographs
Let us now discuss the top student credit card in India
SBI Student plus Advantage Card
Exclusive card:
∙ It is an exclusive credit card therefore it is given only to the education loan customers of the State Bank of India
∙ You can get your SBI Student Plus Advantage Card against a fixed deposit at any State Bank of India branch
Reward points on card:
∙ You can get 1 Reward Points for every Rs. 100 spent
∙ You can use your Reward Points to pay the outstanding balance on your credit card.
Fuel surcharge benefit:
∙ Enjoy 2.5% fuel surcharge waiver at any petrol pump in India
∙ To avail of the waiver, you need to transact for Rs. 500- Rs. 3,000 every time.
Spend based reversal:
If the total purchases on the card in the previous year exceed Rs. 35,000, annual fee is not charged on the card.
Annual charges on card:
∙ Annual fee, one time: Nil
∙ Renewal fee, per annum: Rs. 500, applicable from the second year onwards, only if total purchases on the card are less than Rs. 35,000 in the preceding year
∙ Add-on fee (Per annum): Nil
ICICI Bank Student Forex Prepaid Card
Joining Benefits:
∙ International Student Identity Card (ISIC) membership worth INR 590.
∙ The five currencies that can be loaded are USD, EUR, GBP, AUD, and CAD. ∙ You get a 40% discount on excess baggage & a 20% discount on courier service by DHL. ∙ Card Protection Plus insurance worth INR 1,600
∙ You get a Croma shopping voucher.
∙ Lost card/Counterfeit card liability coverage up to INR 5,00,000
Fees and other charges on card:
∙ Joining fee – INR 499
∙ Annual fee – INR 199 from the second year and yearly benefits like ISIC membership voucher, Card Protection Plus insurance, and lost card/counterfeit card liability coverage up to INR 5,00,000.
HDFC Bank ISIC Student Forex plus Card
If you have a steady source of income and a Savings Bank Account, you can opt for any of the HDFC Bank Credit Cards. But, if in case you are a student without a source of income, then you can get a Credit Card only as an add-on card. HDFC Bank ISIC Forex card is for students studying abroad.
Features:
∙ Available in the three most widely accepted currencies – USD, Euro and GBP. You can get money from ATMs in the desired local currency during travel.
∙ Once loaded, you don’t need to worry about currency fluctuation since once the amount gets locked up there, you get immune to currency fluctuations.
Safety:
∙ Be protected from skimming and misuse with the EVM chip in your card
∙ Do not stress about damage, loss or misuse (as with travelers’ cheque/cash)
Exclusive offers on card:
∙ Get discounts on Books, Food, Shopping, Accommodation, Leisure activities, and travel across 41,000 partners covering 130 countries.
HDFC bank multicurrency platinum forex plus chip card
The card is for people travelling abroad for medical treatment, for students pursuing studies abroad and for a person going to work overseas etc. Also, anyone can apply for a ForexPlus Card. No need to be an HDFC Bank customer.
Some of the exclusive features and benefits with your HDFC Bank Multicurrency Forex plus Card:
∙ Protection against Foreign Exchange rate fluctuation: the currency loaded in the card are:
Australian Dollar, AED (Dirhams), Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, Singapore Dollar, Sterling Pound, Swiss Franc, Swedish Krona, Thailand Baht, South African Rand, Oman Riyal, New Zealand Dollar, Danish Krone, Norwegian Krone, Saudi Riyal, Korean Won, Bahrain Dinar, Qatari Riyal, Kuwait Dinar and US Dollar currencies, all 22 currencies on just one card.
Thus if you make a transaction in any of these currencies, you don’t need to worry about foreign rate fluctuations.
∙ Online Currency Management:
You can add a currency transfer balance from one currency to another Prepaid Net Banking facility is available on a Multicurrency Forex Plus card.
∙ Backup Card facility:
The bank also provides you with an additional card on request that can act as a backup if the original car is lost.
∙ Additional security with temporary card blocking facility:
With this feature, the card can be blocked with the help of the Prepaid Net Banking facility or by calling our 24×7 HDFC Bank Phone Banking immediately whenever not in use and unblocked when you wish.
∙ Intelligence to utilize funds across currency wallets:
In case of a shortage of funds in the selected currency, the system checks for available funds in any other currency to process the transaction.
∙ Fees and charges:
Following are the HDFC Bank Multicurrency ForexPlus card charges
∙ Issuance Fee: INR 500/- plus applicable GST
∙ Reload Fee: INR 75/- plus applicable GST
∙ Re-issuance of Card Fee: INR 100/- plus applicable GST
Summing up
In the end, you need to know why it is essential for you to consider a student credit card over cash while studying abroad. Cash can be a hassle. Also, there’s a fear of losing it. Most importantly, you can be ready to make any unexpected expenses with a credit card. So, after reading this blog, now you know all the best credit cards in India you want to consider in case you are thinking about studying abroad.