Students should go for credit cards that attend to their specific needs because they live on tight budgets. There are student credit cards that do not require joining or annual fees and have clear terms without any hidden charges. Here are some top picks for both international and domestic student credit cards.
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Student credit cards, as the name suggests, are specifically designed to cater to the financial needs of college students. Student credit cards come with some basic features like rewards, cash back, discounts and also an interest-free period, to attract students. Usually available as entry-level or secured credit cards, these cards are great for helping students learn about financial responsibility and how to build credit.
Since students usually don’t have an income, banks or credit card companies remove the income eligibility to offer student credit cards. However, they do have certain common criteria to be met by applicants to own such cards. These eligibility requirements can vary from bank to bank.
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Manoj Sharma, Co-Founder and Head of Alliance at invest4Edu, discusses the credit cards that students should consider and explores the various options available to them.
Students must choose credit cards tailored to their specific needs because they tend to have tight budgets, suggests Sharma. Students should look for cards that require no joining or annual fees, have clear terms without hidden charges, and offer perks like cashback or rewards, he adds.
Here are some top picks for both international and domestic student credit cards that can suit students in India, whether studying locally or abroad, according to Sharma.
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Discover it Student Cash Back: This is the best international card because it checks all the right boxes. You earn 5% cash back on rotating categories (up to $1,500 each quarter) and 1% on all other purchases. Plus, there’s no annual fee. You’ll need a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) to apply.
Capital One Journey Student Rewards, Chase Freedom Student Credit Card, and Deserve EDU Mastercard for Students are excellent choices as well. They all offer a decent 1% cashback, additional rewards, and have no annual fee.
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He also suggests some domestic credit cards. IDFC First Wow Credit Card is a solid choice, according to him. “It is a secured credit card that requires no annual fee and offers 4x reward points on transactions. It does not require income proof or credit card history, but you need to have a fixed deposit of a minimum of Rs 10,000.”
For Indian students studying abroad, HDFC Bank ISIC Student ForexPlus Chip Card is an attractive choice, says Sharma. “You get International Student Identity Card (ISIC) membership, which is recognized globally, complimentary insurance cover, forex options without an annual fee, and, of course, discounts on shopping and travel.”
Selecting the right card can make managing finances easier for students, he says and adds that one must try to get the most out of the card you select, but remember, it’s crucial to use credit responsibly by paying dues on time, as this impacts your finances and credit score in the long run.
