Best Credit Card for College Students – Best Way To Build Credit Score in India

• IDFC First Wow Student Credit Card

1. No joining or Annual Fees for College Students.
2. Required a Fixed Deposit.
3. Credit Card Limit Based on FD.
4. Can Get 4X Rewards on Eligible Spends
5. Credit History/ Score is not Required To Apply.

• Kotak 811 Credit Card 

1. No annual or joining fee
2. Lifetime free
3. Credit Limit is Up to 90% of a Small FD
4. Rewards for Online Spending and Milestone Bonus
5. Fuel and Railway Surcharge Waiver on Specific Expenses

• SBI Student Plus Credit Card 

1. Specifically designed for students for the SBI Education Loan.
2. Get Rewards Points. 1 Point Per 100 Rupees Spent
3. Fuel Surcharge Waiver of 2.5%
4. The Annual Fee is 500, which can be waived for a certain level of spending.

• Axis Bank Insta Easy Credit Card 

1. No Income Proof Required
2. Issued Against Fixed Deposit
3. Offer Credit Limit 80 to 85% of the FD
4. No Annual Fee, Interest Fee Period is – 50 Days
5. Offer Rewards, like offer Discounts on Dining and Movies.

• ICICI Bank Student Credit Card 

1. No Heavy Documentation or Income Proof Required
2. Modest Credit Limit for Financing Discipline
3. Offer You Build Credit Responsibility While Studying

These are some of the best credit card for college students that offers several features and helps individuals build a good credit score and history.

Eligibility Criteria for College Students in India

Before applying for a card, always check the eligibility criteria. Have a look at it:

1. Minimum Age Criteria – The applicant should be 18 years or older to apply for a card.
2. Students’ Status – The applicant must be a college or university student.
3. Valid PAN Card – Applicants should have a valid PAN card.
4. KYC Compliance – To complete your KYC, you require an Aadhaar card or other valid documents.
5. Income Proof –  If you are applying for an unsecured card, you will need income proof.
6. Fixed Deposit Requirement – Some student credit cards require a fixed deposit.
7. Indian Residency – The applicant must be an Indian resident with a valid Indian address proof.

 This is the eligibility criteria for applying for the best credit card for college students in India. 

Documents Required to Apply for a Student Credit Card

Below, we have mentioned the list of documents that you will be required to apply for a student credit card. Have a look at it: 

1. PAN Card: A PAN card is a mandatory document for applying for any credit card in India and for tracking your CIBIL score.
2. Aadhaar Card—Requires a valid identity and address proof during the application and KYC process.
3. College or University ID Card—To confirm your student status, some banks may ask for your college or university ID card.
4. Fixed Deposit—For secured or FD-based student credit, a fixed deposit proof was required.
5. Passport-Size Photographs—Your passport-size photographs; some banks may ask for offline or branch-based applications.
6. Parent/Guardian Details—Remember, some banks may ask for your parent or guardian details, especially when you have no income source.

These are some documents that you need to keep ready before applying for the best credit card for college students in India.

Secured vs Unsecured Credit Cards for Students

If you are confused about which card is best, whether secure or unsecure, read the points below to understand it better: 

Secured Credit Card

• Secured card issued against a fixed deposit with the bank. 
• Your credit is usually 75% to 90% of the FD amount. 
• It doesn’t require any income proof or credit history. 
• The card helps college students build CIBIL scores safely. 
• The card comes with a lower risk of rejection in comparison to an unsecured card. 
• Consider it ideal for students with no credit history.

Unsecured Credit Card

• It doesn’t require any fixed deposit. 
• The card is issued based on your income, credit history, or bank relationship. 
• Chances of rejection are high for college students.
• Compared to secured credit, it offers better rewards and benefits. 
• Considered ideal for students with part-time income or existing credit history. 

This is how both are secured and unsecured.

Pros and Cons of Student Credit Cards

• Pros
  • Help college students build a CIBIL score. 
  • Provides financial support during an emergency.
  • Encourages disciplined spending and budgeting habits. 
  • Offer cash back, rewards points, and discounts on everyday purchases. 
  • Easy approval for students if one applies through the FD-based cards. 
• Cons
  • Comes with heavy interest rates if you fail to pay the bill on time. 
  • It has a risk of overspending due to limited income. 
  • Late or delayed payment charges may hurt your CIBIL score. 
  • Offer a low credit limit for students. 
  • The cash withdrawal comes with heavy fees and interest from day one. 

Before applying for the best credit card for college students, knowing the pros and cons will help you get the best deal. 

Common Mistakes College Students Should Avoid

There are some common mistakes that every student makes while applying for a credit card. To avoid those mistakes, please have a look below: 

1. Paying Only Minimum Due Amount—Most of the students who are using the card for the first time only pay the minimum due amount. This increases the interest and makes repayment difficult over time. 
2. Missing or Delaying Bill Payments – Always pay your bills on time. Late payments hurt your CIBIL score and attract penalties. 
3. Withdrawing Cash Using a Credit Card—Do not withdraw cash by using your credit card. Because it attracts high fees and interest from the very first day. 
4. Applying for Multiple Cards at Once—Remember, applying for multiple credit cards at once negatively impacts your score and reduces the chances of approval. 
5. Ignoring Monthly Statements—Not checking your monthly statements may lead to unnoticed charges of fraud. 
6. Using Credit Cards for Unnecessary EMIs—Do not use your credit card for unnecessary EMIs because it will increase the long-term financial burden.  

These are some of the common mistakes that every student should avoid.

Conclusion

Finding the best credit card for college students is not impossible if you choose the right path and available options. Getting a credit card while you are in college not only allows you to build a credit score or history that will help you in the future. But also, teaches how to manage your expenses smartly and save money.

Here is one thing that every student should understand: before spending money, remember you have to pay back too. Not paying back on time can dent your credit score or history, which will cost you a lot in the future. Always check your budget before taking any step. These simple but effective habits will help you manage your expenses and money wisely.

Discalimer

The information provided on this website is for general guidance on credit cards, loans, and insurance products. We do not provide financial, legal, or professional advice. Product features, eligibility, and terms may change anytime, so users should verify details directly with the provider before applying. We may earn commissions through affiliate links, but this does not influence our reviews or recommendations. Users are responsible for their own financial decisions based on their personal situation.

creditworld

Hi, my name is Sachin. I am currently studying Economics in college and have a strong interest in personal finance topics like credit cards and loans. Along with my studies, I work as a content writer, where I create educational and easy-to-understand content to help readers better understand financial topics and make informed choices.

creditworld

Hi, my name is Sachin. I am currently studying Economics in college and have a strong interest in personal finance topics like credit cards and loans. Along with my studies, I work as a content writer, where I create educational and easy-to-understand content to help readers better understand financial topics and make informed choices.

View All Posts