5 MinsAug 26, 2021
One of the most common requirements for young adults these days is the need to manage their expenses, be it for purchasing clothes and gadgets or for regular expenses such as travelling, food, accommodation, etc. Whether you are a student about
to start college or are staying away from home for pursuing higher studies, getting a student credit card could be beneficial for you and can be the foundation for learning responsible spending.
Let’s see how a student credit card can help you.
Types of Student Credit Cards
Student Credit Cards come in three variants. Some banks issue student credit cards to those who have availed education loans from them. Others give it as an add-on card, typically linked
to a family member’s credit card. The third variant is a credit card backed by a Fixed Deposit.
Documentation for Student Credit Card
Documentation for a Student Credit Card is far simpler than that required for a regular credit card. Since students are not expected to have any independent earnings, they need not provide income proof. Such cards are issued based on education
loan approval, the primary cardholder's credit history (in case of an add-on card) or on the basis of FD held with the bank. Additionally, only the Know Your Customer (KYC) documents are required, and age-proof documents that show the student
is above 18 years of age.
Most student credit cards have a small credit limit of about Rs. 15,000 and are valid for five years. In the case of an add-on card, the credit limit is linked to that of the primary card, and in an FD-backed card, it is related to the amount
of the FD.
[Also Read: Checklist To Look At When You Choose Your Credit Card]
Features and benefits of a Student Credit Card
A student credit card entitles the holder to numerous benefits. You can avail cashback offers, discounts and deals that the bank offers. Some banks even provide cashback on refuelling vehicles, which could be helpful if you are planning on getting
a two-wheeler for commuting to college. Besides, you will earn reward points that can be redeemed for attractive offers (depending on the bank's tie-ups) ranging from discounts in restaurants to apparel, cosmetics, fashion jewellery and movies.
You could use your credit card for shopping online and offline without having to worry about carrying large amounts of cash in an unfamiliar city. Moreover, you can also withdraw money from a nationwide network of ATMs. However, it is advised
that you make such withdrawals only in emergencies since they may carry a steep interest rate.
Axis Bank offers a range of credit cards with various benefits tailored to its customers' preferences. Customers are also entitled to Edge Reward points depending on their spending patterns. You can redeem them for a range of attractive deals
To know more about Axis Bank Credit Cards, you can check our official website.
Disclaimer: The Source, a Mumbai-based content creation and curation firm has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.