There is a common misconception that only salaried individuals can get a credit card. Non-salaried individuals can also enjoy credit card benefits if they meet the asked requirements. Students also feel the need for a credit line during tough times. Many credit card issuers offer a separate credit card with special benefits to a student. As a student, a credit card can come in handy when you need urgent money to purchase books, devices, or any other thing. Credit card for students also helps in meeting daily expenses. Read on to know how to check eligibility and apply for a student credit card easily in 2022.
Understanding the concept of credit cards for students
Credit cards are offered after checking the repayment capacity and credit score. Since students do not have a credit history, people assume they aren’t eligible for a credit card. Also, non-working students have no means of returning their credit card balance. Well, there are ways to judge the repayment capacity of students. Usually, credit card issuers check the bank account statement of a student before offering a credit card. If regular payments are received in the bank account of the student, he may get a credit card.
As a student, you must be receiving funds from your relatives/parents timely. You can show those funds as your repayment capacity to get a student credit card. Even if you haven’t taken a prior loan, you can get a student credit card. However, not all credit card issuers provide a credit line to students. Only some established banks offer student credit cards even if you aren’t working. Once a student gets a credit card, their credit history starts. You can clear credit card balances timely to boost your credit history over time.
Eligibility requirement for a student credit card in 2022
The eligibility requirement for student credit cards will depend on the issuer. You must check the eligibility requirement with your credit card issuer before applying for a student credit card. It is better to check the student credit card eligibility beforehand than to get your application rejected. The general eligibility requirements for a student credit card online in India are given below:
- A student should be above 18 years of age to obtain a credit card in India.
- A student should have a dedicated bank account with funds coming at regular intervals. You will have to submit your bank account statement for obtaining a student credit card.
- Some banks may demand a co-signer for giving a student credit card.
Understanding the concept of a co-signer in credit cards
You must have heard about any student getting a credit card as a co-signer. It happens when credit card issuers cannot determine the creditworthiness of a student. Instead, they determine the creditworthiness of a relative/parent. The credit card is then generated in the name of the adult with a good credit score. At the same time, the adult and the student/minor can use the credit card. A student becomes the authorized user of a regular credit card owned by a parent/relative.
What is the specialty of a student credit card in India?
Credit cards for students are slightly different from other credit cards. For example, the interest charges are usually low for a student credit card than for a regular credit card. Credit card issuers also charge fewer processing fees and annual fees from students. Many student credit cards come with special offers like air miles, cash backs, and more. The initial credit limit for a student credit card is also lower than regular credit cards. However, a student can increase their credit card limit by making timely payments.
Why choose an online portal for getting a student credit card?
In this technological era, many banks offer credit card facilities online. Most banks have a dedicated website or mobile application for accepting credit card applications. You can skip the queues at physical banks by applying for a student credit card online.
When applying for a student credit card online, you have to submit the required documents. You can upload the scanned copies of your documents on the online portal of the credit card issuer. Make sure you compare the interest rates before obtaining a student credit card in 2022. Apply for a student credit card online within minutes!
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