Personal finance management is one of the most important adulting skills needed today. However, it is sad to note that only a few schools provide lessons in money management and basic budgeting. And while getting a credit card is an exciting prospect, it’s also a trap you can fall into if you’re not responsible enough.
To learn how to handle a credit card wisely, one must start early, pick up a credit card in their student life, and take baby steps towards building a healthy credit score. But since most people do not have an established credit profile by the time they go to college, picking up a credit card is often challenging.
To help you through this, we have listed the 8 best credit cards for students that can teach you the importance of proper financing.
The SBI Student Plus Advantage Card is one of the most used student credit cards. For one thing, this card offers one of the lowest interest rates of 2.25% per month. The credit card simplifies the travel plans of students by enabling the doorstep delivery of railway tickets that are with the credit card.
Moreover, you can convert every purchase made on the card into monthly EMIs as per your needs. For every INR 100 spent on the credit card, the student gets one cashpoint that you can redeem for gifts. Fuel spends on the credit card are eligible for a surcharge of 2.5%, making it a preferred choice for students keen on learning prudent money management.
If you are a student who is fond of shopping, then the Silk Inspire Card by Kotak is the best bet for you. Bangalore, Chennai, Gurgaon, Noida, Delhi, Kolkata, Chandigarh, Mumbai, Hyderabad, Ahmedabad, and Pune are the locations that are eligible for this card.
When you spend INR 7500 in retail shopping in a billing cycle, the card gives you a flat 5% cashback. If you spend INR 1,25,00 every six months, then you get 1000 reward points as an Anniversary bonus reward. The annual maintenance fee of INR 599 is also waived off in such cases.
The world is becoming a global village – and the result is students seeking foreign academic opportunities to boost their careers. The HDFC Bank ForexPlus Card is a good option for students who need funds in a different currency.
The ForexPlus Card does away with the problem of currency fluctuations and offers multiple currencies for use. When the student makes a withdrawal on the card, they are protected from exchange rate fluctuations. Thus, although this is not technically a credit card, it functions like one, and after a transaction, the amount is debited from the card.
Students studying in 20 foreign countries can leverage the HDFC Multicurrency Platinum Forexplus Chip Card. Going beyond the basic features of a Forex card, this allows the student to transfer money through secure online wallets.
The advanced net banking features allows an individual to make transfers, track their account activity, and manage their spending. The card has a low limit and is an ideal choice for students. This card comes with a fraud cover of INR 5 lakh, special deals and offers, and an accident cover of INR 5 lakh, giving students confidence when they are on their own in a foreign, unfamiliar land.
The BOB Financial Prime Card gives four reward points for every INR 100 spent. This is significantly higher than that of other credit cards that are offered on fixed deposits. The prime card has no annual fees, and the minimum fixed deposit amount stands at a meagre INR 15,000.
Students pursuing their higher studies abroad should certainly consider applying for the ICICI Bank Student Forex Prepaid Card. The card is among the best options for your fees or daily expenses. You can add money from India, and every transaction happens through a secure channel. The best incentive for using this card is the fact that it will work in any merchandise accepting MasterCard.
Student cardholders will also get preferential foreign exchange rates, making it is a viable option for long-term foreign stay. The card makes you a member of the coveted International Student Identity Card and opens the doors to a world of offers and discounts. Travel insurance is complementary to the card.
The Axis Bank Insta Easy Credit Card is given against a minimum fixed deposit of INR 20,000. Availing the card gives you a welcome bonus of 100 points on your first transaction. Post that, for every INR 200 spent on the card, you earn 6 points.
As every four reward points are equivalent to INR 1 on Yatra, this is a good credit card choice for students who travel frequently. Other perks of this card include access to the exclusive Dining Delights program of the bank.
The Kotak Aqua Gold Credit Card is the only fixed deposit based credit card to offers waiver on railway ticket surcharges. You need to have at least INR 25,000 worth of fixed deposits with Kotak bank to be eligible for this card.
It is one of the best cards for students who frequent by trains or spend more than INR 1,50,000 in a year. Doing so gives you four free PVR tickets as an additional bonus. On the whole, this card is great for students, the only catch being that there are no rewards for everyday spends.
Thus, you see that there are several good card options for students. Based on your spending habits, you may choose a card that works best for you. With apps like CRED, you can pay the bill of any of these cards in a matter of minutes.