Owing to the importance and growing demand for credit cards, there is an availability of numerous credit cards for students. These days, we see various students pursuing their higher education in distant lands away from their homeland. In light of such a scenario, student credit cards have become quite prevalent. This article briefly talks about five important points that should be considered before getting a student credit card.
Important points to know before getting credit cards for students
1. Eligibility criteria
One of the essential points that you should know about credit cards for students is the eligibility criteria. To ensure that one smoothly sails through the application and approval process of a student credit card, they need to fulfill the eligibility criteria mentioned by the credit card issuer. The eligibility criteria for student credit cards include various factors such as minimum age, ID, etc.
2. Required Documents
Applying for a credit card comes with numerous procedures that also require various valid documents. However, in a student credit card, the required documentation is the bare minimum since there are no income or salary statements requirements, also you can apply for a student’s credit card at the easy steps.
To ensure that the students get a credit card instantly, they must submit certain essential documents that include proof of identity or birth certificate, student identity card, PAN card, recent photograph, and proof of residence. Along with these essential documents, certain credit card issuers can also ask for details of the parents or guardians of the applicant.
3. A good credit score
Student credit cards offer various benefits that prove to be beneficial in the long run. One of the major points that you should know about credit cards for students is their benefit in building a good credit score. Such credit cards enable the students to increase their credit score to greater limits to allow them to avail better credits in the future. With a student credit card, you can full fill your high education dream easily. This credit card helps you a lot to improve your credit score which helps you in features.
4. Limited credit limit
To get a credit card for students, you must be aware that compared to a normal credit card, a student credit card comes with a low credit limit of up to Rs.15000 that is valid for 5 years. This is to ensure that the students do not fall into debt traps or spend recklessly.
5. Nil or lower joining rates
When it comes to a credit card for students, the joining rates are usually quite low. Moreover, various credit card issuers also exempt the joining rates for a student credit card. Additionally, the annual charges for student cards are also low, thereby making them easy to maintain for the students.
While planning to get a credit card for students, the applicant must be aware of the essential five points mentioned above in this article. These points will enable you to have a brief idea about a student credit card that will allow you to maintain them properly.
You can now apply for a credit card for students with Bajaj Finserv RBL Bank SuperCard. This card has the powers of 4 cards in 1 card. It can be used as a loan card, EMI card, credit card, and cash card. With this card, users can conveniently convert more than Rs. 3000 into affordable EMI options.
