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A student has his own financial life which he has to take care of, isn’t it? Be it buying his course books or paying for his exam fees or shopping at a mall, he has to manage his finance efficiently. If you are a student you will understand this easily. You too might be dependent on your father for providing you timely finance. This means you have to carry cash with you all the times to meet your financial needs. Have you ever thought about getting a credit card? If yes then I am sure you must be speculating- can students get credit cards in India?The answer to your question is very simple, yes you can get a credit card. Credit cards which were earlier offered only to financially strong people are now being given to even students. Yes, buddy that’s true! You must be at least 18 years old to hold a credit card in your hand. And I believe your joy will know no bounds when I say a student credit cards comes with various perks.
They not only have a low rate of interest but also carry no joining or annual fees. And the best part is the minimum requirement of documents for availing a credit card. Since you are a student there is no salary criteria imposed on you and thus you don’t have to show any salary slip or IT returns. This is going to be an easy ride for you. You also receive certain reward points when you spend a particular amount which you can redeem later as per your wish. I know you are going to flip over hearing this. Even if you don’t have any credit history to show you can still own a credit card.
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Ways through which a student can get a credit card in India
In case you wish to avail the services of a credit card then firstly fill up the application form and submit it to the bank. Now there are two ways which you can get a credit card in India- Let’s have a quick glance at them-
Against a fixed deposit
Just in case you have a fixed deposit in a bank you can contact the same bank to apply for a credit card against your fixed deposit. Securing a credit card through your fixed deposits is much easier and even the terms and conditions are relaxing. The bank will ask to deposit a particular fixed amount and it will take few days to get your account fully operational.
Add on credit cards
Suppose your father or brother already has a credit card to his name, then they can request the bank for an add-on credit card on your behalf. But let me tell you clearly, your father or brother should have a strong credit history or else the bank won’t hesitate to reject the application. The responsibility of repayment for the add-on credit card will lie solely on the parent credit card holder.
Documents required for a student credit card in India
Let’s have a look at the documents you will need in order to get a credit card-
PAN card which is needed by some of the companies
Birth Certificate of the student
Proof of residence
College Identity card
Two passport size photographs
So now that it has been clearly established that students can get a credit card in India, I believe you must be thinking of getting one. Do remember, precise use of credit card can build a strong credit history for you, which can be instrumental in securing a favorable loan interest rate in the future.
Read to Know: Best Credit Cards for Students in India?