Your credit score affects a lot of the crucial choices you’ll have to make after graduation, including whether you’ll be able to rent an apartment or get a car loan. College students should use credit cards to take advantage of benefits and interesting financing alternatives while also beginning to build credit early.
There are several different college student cards that provide special advantages for different classes of students — from commuters and foodies to tourists and overseas students. Some cards have flexible credit history criteria, so you can be eligible even if you have no credit history at all. To apply for a credit card, you must be at least 18 years old and have a reliable source of income.
Don’t worry if you feel overpowered by the options. For you, we did the research. We examined the benefits and downsides of 14 student credit cards to see which ones were the best depending on your spending patterns.
The
best credit cards for college students, according to our experts:
Best credit cards for college students
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- SBI Student Plus Advantage card
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- Discover it® Student Cash Back: best for cashback
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- Bank of America® Travel Rewards for Students: The best option for travel
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- Axis Bank Insta Easy credit card
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- ISIC Student ForexPlus card from HDFC Bank
SBI Student Plus Advantage card
Numerous perks packed for students are included with the SBI Student Plus Advantage card. Despite the fact that this card is exclusively given out to those who have an educational loan with SBI, you may also obtain one by creating a fixed deposit at any branch of the State Bank of India.
In order to minimize your EMI’s interest rate, you can also transfer the remaining balance from another credit card to your SBI student credit card. By doing this, you’ll be able to pay your credit card dues while saving money. Additionally, you may pay your bills, get train tickets, and earn 10x reward points on foreign purchases.
The following are a few of this card’s key characteristics:
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- 2.5% of the value of any department or grocery store purchases is returned.
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- Waiver of the 2.5% fuel fee at all Indian gas stations
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- One hundred rupees spent using the card earns one reward point.
Discover it® Student Cash Back
For whoever is this? A well-rounded card with no annual fee, the Discover it® Student Cash Back card gives college students an offer to enroll in two- or four-year institutions and establish credit while earning rewards. To apply, you must be a U.S. citizen and above 18.
Cardholders can sign up for 5% cash back on other categories (such as Amazon.com, gas stations, or restaurants) per quarter, up to a limit of $1,500 (after which it drops to 1%). All other purchases immediately receive an unlimited 1% cash back.
Since there are no international transaction fees, it is a wonderful option for students who are going to be studying abroad.
You can benefit from the promotional 0% APR for the first six months on new purchases if you need to fund textbooks or other items for your dorm room. After the introductory period, the APR ranges from 16.74% to 25.74%. We always advise paying your debt in whole and on schedule to save interest fees.
Credit card from Bank of America® for Students
Students who want to study abroad or travel during breaks might consider the Bank of America® Travel Rewards for Students. Cardholders get 1.5 points for every dollar spent on all transactions as part of the rewards programme, which is focused on travel.
You may use points as a statement credit to pay for eligible travel expenses, which is an easy way to lower the cost of a spring break getaway or a return flight. This card is perfect for students who are studying abroad because there are no international transaction fees.
This card offers benefits to users who have checking or savings accounts with Bank of America. Simply by having a Bank of America account, you are eligible for a 10% customer points incentive. The rewards rate now stands at 1.65 points for every dollar spent. Rewards can be redeemed by cardholders at any time and for any amount, even while making purchases on Amazon.
This card has a longer-than-average special financing offer that includes 0% interest for 15 billing cycles (followed by a variable APR of 16.24% to 26.24%). You may easily avoid paying interest on new purchases by paying them off over time throughout the course of a full year with no interest.
To be eligible for this card, you must be 18 years of age or older and enrolled in college, a trade school, or both.
Axis Bank Insta Easy credit card
This credit card may be obtained at any Axis Bank location in exchange for a set deposit. Cash withdrawals are permitted up to the full credit limit. This card may have a credit limit of up to 80% of the fixed deposit’s principal amount.
The following are a few of this card’s key characteristics:
– provides discounts of up to 15% on meals at Alliance restaurants
– Platinum chip-card security and a 1% fuel fee waiver on all gasoline transactions in India
While travel cards, for example, can also provide you with a credit choice that is secure and simple to use, student credit cards are a wonderful alternative to help you raise your credit score.
ISIC Student ForexPlus card from HDFC Bank
The HDFC ForexPlus card is a fantastic choice for students who are studying abroad. It allows you access to numerous currencies. The transaction amount is directly deducted from the HDFC student ForexPlus card, operating similarly to a credit card.
Every outlet that accepts Mastercard or Visa is able to accept the card. When you use this card, you won’t be affected by changes in market rates, which is one of its standout characteristics.
The following are a few of this card’s key characteristics:
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- They function similarly to credit cards and grant ISIC membership to their owners.
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- They may be immediately reloaded anywhere or by having someone else do it on your behalf from any location in the globe.
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- Other credit card perks include emergency cash, free insurance, chip-based security, and price breaks on goods and services in 130 countries.
How-to Apply: Student Credit Card Process
There are a few things you may do to streamline the application process if you’re seeking a student credit card:
1. Examine several credit card options:
In order to achieve your financial objectives, look for credit cards that include rewards programmes, low-interest rates, and other perks. When selecting a credit card, take into account your credit rating and spending patterns.
2. Examine costs and prices:
To pick the credit card that is best for you, be careful to research the fees and interest rates of several cards.
3. Verify your credit score:
Your credit score plays a significant role in determining your eligibility for a credit card and the terms that are given to you. Before applying for a credit card, check your credit score to have an idea of what to anticipate.
4. Compile the required paperwork:
When you apply for a credit card, certain credit card providers could ask you to present identification, proof of income, and other papers. To ensure a smooth procedure, have these papers available.
5. Apply for a credit card:
Once you’ve decided on a credit card and acquired all the required paperwork, you may apply for the credit card online or on paper.
6. Wait for a response:
Your application will be examined by the credit card company, which will decide depending on your credit score and other details. You will get a credit card in the mail if you are approved. If your application is rejected, you can reapply once your credit score has increased.
You may successfully apply for a student credit card and begin establishing your credit history by following these steps.
Conclusion
Whatever student card you decide to use, be cautious when using it. To prevent debt accumulation, make sure you pay the whole amount due each month. Overall, a student credit card may be quite helpful if you stay on a budget and pay your bills on time.
Contact our experts if you want to learn more about the
best credit card for college students. Our committed team will work with you to find the best credit card for students. In addition, our experts will assist you in locating the best solutions to any other questions you may have.
