A student credit card is specifically designed to help students manage their finances responsibly. It functions like a regular credit card and offers benefits such as reward points, discounts, and an interest-free period. These cards are available as either secured options (backed by a deposit) or entry-level cards suitable for beginners. They serve as valuable tools for teaching students essential money management skills and for helping them build a strong credit history from an early stage.

Generally, these cards come with the ease of lower fees while enjoying benefits. Unlike regular credit cards, student credit cards are free from the tedious application process. However, maintaining your credit cards is crucial for building higher credit scores. Here are the top 5 credit cards that are specially made for students.

Zero Forex Charges

Zero forex charges, also known as zero forex markup or zero foreign transaction fees, are an important factor to check before choosing a credit card. This should be a priority for students who wish to travel abroad for courses. If your card offers zero forex charges, no additional fees will be charged when converting currency during international transactions. This typically applies to credit cards or prepaid cards used abroad. With zero forex charges, you get the actual exchange rate without any extra markup, making it more economical for travellers.

Other Features That Students Should Focus On

• Low or zero annual fees
• Easy eligibility- FD-based or student-specific
• Online shopping offers benefits such as reward points, discounts, and cashback
• Digital banking features include mobile app access and enhanced security tools
• EMV chip-enabled cards for security
• Lifetime free options, if possible

Top 5 Credit Cards For Students

HDFC Bank offers the Regalia ForexPlus Card

This card will be a plus for those who travel abroad frequently. Avoid the hassle of carrying multiple currencies in your wallet. This card is issued in one currency and comes with a host of features.

• No annual fee
• You can load your card in US dollars and then use it in any currency
• There are zero cross-currency charges
• You can enjoy up to two complimentary airport lounges every quarter
• You can get your card blocked temporarily through net banking
• Free of cost- Access to wi-fi, more than 1 million fast, easy- to- use, premium wi-fi hotspots around the world
• Various insurance covers are also provided

HDFC Bank ISIC Student ForexPlus Card

• The card is available in 3 widely used currencies which include USD, GBP, and Euro.
• Available In 3 major currencies – USD, GBP, and Euro
• It allows instant reloading of money in the card
• It is accepted as a student identity card across the globe
• It allows you to withdraw money in the desired local currency

ICICI Bank Student Travel Card

Ideal for students going abroad; available via the educational loan process or documentation. It is a prepaid forex card usable online & offline.

• Usable on international e-commerce platforms (Amazon Global, Netflix, etc.)
• Locked-in forex rate—no surprise conversion charges
• Accepted at over 2 million ATMs worldwide
• Complimentary ISIC student ID for discounts in 130+ countries
• Insurance cover for lost card/missed flights

MNSSBY Bihar Student Credit Card

The Bihar Student Credit Card Yojana is a loan scheme that was introduced in 2016 with the main aim of helping students pay their college fees. Students who have completed the 12th standard can avail a loan of up to Rs.4 lakh at affordable interest rates. 

Eligibility

• You must be a Bihar resident.
• You should be at least 25 years old.
• You must have passed 12th standard.

West Bengal Student Credit Card

The Higher Education Department of the West Bengal government implemented this Student Credit Card Scheme to provide financial assistance to students to pursue education. This scheme helps students continue their studies in school and college. It supports education at all levels, like secondary, higher secondary, undergraduate, madrasah, and postgraduate. Students who want to study professional courses or similar programs in schools, colleges, or universities in India or other countries can also use this scheme.

• The maximum loan amount offered is Rs 10 lakh
• Loans provided at a simple interest rate of 4.00% p.a
• Borrowers who pay the interest in full throughout the study period will be entitled to a 1% concession
• The repayment term is 15 years, which includes the moratorium/repayment holiday of one year

Eligibility

• You should be an Indian national who has lived in West Bengal for the last ten years.
• You must be aged 40 years and below.
• You must have enrolled for higher education in schools, colleges, universities, madrasahs, and other academic institutions such as IIMs, IIESTs, IITs, NLUs, NITs, etc., in India or overseas.

Axis Bank Insta Easy Credit Card

• For this card, you will need a fixed deposit of more than ₹20,000. There will be an annual fee of Rs 500 (reversed on ₹50,000 annual spend)
• 1% cashback on all purchases (including online)
• 15% off on dining at partner restaurants
• Instant approval if you hold an FD with Axis
• No income documents required
• EMV chip for secure transactions
• Limitations:
• Cashback capped monthly
• FD is mandatory

IDFC First WOW Credit Card

It is a secured card without any joining fees and renewal fees. IDFC First Credit Card is a lifetime-free credit card. Apart from this, the credit card comes up with ZERO foreign markup fee. So, you do not have to pay additional fees or charges for doing international transactions.

• Get 4x reward points on every spends
• It offers an interest rate of 6.25% p.a. on Fixed Deposit (FD)
• It comes with zero forex markup fee
• It provides exciting offers in 300+ retail stores and 20% off across more than 1,500+ restaurants
• The cardholders can withdraw of their FD amount while getting interest on the same
• Get up to 9% p.a. on carry-over balances
• Get additional roadside assistance worth Rs.1,399 up to four times per year
• It provides Personal Accident Cover of Rs.2 lakhs and Lost Card Liability Cover worth Rs.25,000

(Disclaimer: This article is for informational purposes only and not an investment advice. Prior to making an investment or taking a loan, conduct thorough research and consult with your financial advisor. Refernce: bankbazaar)