BEST CREDIT CARDS FOR STUDENTS

[fun001100]

Personally , I have used sbm bank one card(fixed deposit) as secured card for 1 year 4months and I have recently closed it . In this post , I will mention some best credit cards for students .
The first question which may arrive on this post might be "why do students even required a credit card?"
Ans- 1. It is essential in building up credit score(CIBIL/EXPERIAN/CRIF)
2. It helps them manage their expenses(Some people may argue saying cc will exploit students and make them spend more and also buy unnecessary things).As soon as the credit card bill is generated , it gives them way to analyse their spending behaviour and know where, when and on what categories did they spend?
3. Earn some reward points (Reward rate of student's/fd credit cards is generally low but still the feeling of redeeming reward points is way too fun and enjoyable)

LIST OF BEST CREDIT CARDS FOR STUDENTS-

• IDFC WOW CREDIT CARD ( AGAINST FIXED DEPOSIT ) -
  VISA INFINITE - The best use can be made while booking tickets on bms(bookmyshow) . It gives you bogo (buy_one_get_one) combo on movie tickets upto 300rs every month. This benefit is best suited for students who generally go with their friends to watch movies in theatres.
  Complimentary Road Side Assistance (worth 1399rs) - This is one of the best available feature that comes along with this card .
  

While the reward rate of IDFC WOW cc isn't exciting , the above two features stand out so well to definitely give this card a try.

• SBM BANK ONE CARD (AGAINST FIXED DEPOSIT-50,000)-
  METAL CARD- While the fixed deposit amount may be too large , the premium metal card along with interest rate offered(7% p.a ~may subject to change) stands well enough for some card enthusiast students who want to shine out(flex) this metal card among their friends (flex/shine out just meant for fun purpose, pls don't consider this point to offend someone).
  OFFLINE PURCHASES ( devalued very drastically) - One card rolled out their "Offers around you" section which gave very high discounts on offline purchases. For eg: I personally used this card to get 25% off(upto 400rs on min bill 500rs) on my starbucks bill (I used it like 4-5 times just on starbucks) . The offers were very rewarding and therefore they lasted for very short duration of time . "Offers around you" still give discounts on offline purchases , but either the discount is too low or capping is too less (for eg. upto 100rs).
  
  GUYS, I MIGHT UPDATE THIS POST LISTING MORE GOOD CREDIT CARDS SUITABLE FOR STUDENTS IF THE POST GETS GOOD REACTION AND REPLIES.
  (do comment and like this thread. If you have any more good suggestions of cc , do comment and ill update this post. Thanks.)

 

[akshayhs]

Library card. Nothing beats it. /s Practically, it is a credit product as well!

 

[arunkd386]

Students should focus on study instead of getting few rewards/cashback or building cibil score.

 

[me_sovon]

Flipkart Super Money will also a good option I guess.

 

[tachniki]

Students should focus on study instead of getting few rewards/cashback or building cibil score.

Will not agree. Practical financial lessons are important at early age. Using credit card (like other products) can give good lessons.

If you are still dependent on parents for money, ensure they know that you have / are using credit cards.

And no monkey business like selling rewards, money rotation etc etc.

 

[arunkd386]

Its merits are very very less compared to its cons.
Students mind will definitely divert towards getting few hundreds or thousands of rewards/cashback.

 

[arunkd386]

Whatever financial lessons it gives, can wait till study gets over and one can learn after getting job or starting business whatever.
#views of others may differ#
As everyone is entitled to have their own opinion.

 

[Kumar93196]

I agree with almost all opinions students shouldn't be focusing on credit cards. It's for those who earn by themselves. If a student is working along with study than he can think of a credit card otherwise its just a waste of time.

In terms of finance knowledge you don't need credit card for this. Cash is still king if you can manage it well and your habits against money you get much more knowledge than this plastic money.

If you want to show off in your circle by showing them that you have credit cards than this will be one of most destructive thing you ever do. Coz some of them will ask you to purchase something on emi if they can't pay it on due date than you are done.

If you genuinely want create your cibil take a credit card with lowest possible limit against FD. or focus on your studies and get enough money as salary or profit after that you no bank will deny your application even if you have no or 0 credit history.

 

[arunkd386]

I agree with almost all opinions students shouldn't be focusing on credit cards. It's for those who earn by themselves. If a student is working along with study than he can think of a credit card otherwise its just a waste of time.

In terms of finance knowledge you don't need credit card for this. Cash is still king if you can manage it well and your habits against money you get much more knowledge than this plastic money.

If you want to show off in your circle by showing them that you have credit cards than this will be one of most destructive thing you ever do. Coz some of them will ask you to purchase something on emi if they can't pay it on due date than you are done.

If you genuinely want create your cibil take a credit card with lowest possible limit against FD. or focus on your studies and get enough money as salary or profit after that you no bank will deny your application even if you have no or 0 credit history.

very well summarized.

 

[RAMESH BABU N]

Students should avoid having their own CCs till they complete their graduation.

The biggest drawback n disadvantage of CC is that it allows you to buy items on impulse. Even when you do not have money. Even those items which are not necessary. Free 40-50 day interest free credit will entice you to get used to taking credit - even if you do not need it. More so, when you do not have any income of your own.

Utter indiscipline - financial - which a student must avoid at all costs.

Focusing on such petty things will seriously affect studies. And, later the expected career growth will be impacted too.

When they complete at least graduation - age 21-22 - they would be ready n mature enough
to handle Credit products - cards, edu loans, vehicle loans, housing loans..... And, they will know how to match their incomes with expenses n credit servicing.

I strongly believe that students must avoid using CCs.

 

[tachniki]

The biggest drawback n disadvantage of CC is that it allows you to buy items on impulse

With fd and savings, kids learn saving. With credit card, they will learn spending wisely.

More so, when you do not have any income of your own

Students have internship. So, they have money. And even if not, they have pocket money. They learn to plan their spending.

Utter indiscipline

Too much presumption.

Focusing on such petty things will seriously affect studies. And, later the expected career growth will be impacted too

This is only applicable if students are only studying 24x7. They have other parts of live too. Credit card will hardly take anytime unless they have 33 cards in portfolio.

I had saving accounts by age of 12. Keeping and planning my rs 2 per day pocket money with it. FDs in 1000s soon after that. Demat and trading account at age of 21. Asked that as birthday gift from parents. And I am doing well in life and career. I am sure i would have credit card if i was 20 today instead of 20+ years back. 🙂 Give kids chance to learn instead of judging them and telling them they cant learn.

I had few teachers in school who on asking questions, will say this is out of syllabus. You will learn in later years. They could have as well given five minutes and tell me where I could learn it from. There was no internet that time. So, obviously books from library. I eventually learnt to find those in books. And learnt it. Today with internet and forums like this, kids can behave much better with credit cards.

 

[me_sovon]

Students should avoid having their own CCs till they complete their graduation.

The biggest drawback n disadvantage of CC is that it allows you to buy items on impulse. Even when you do not have money.

With deu respect,

I guess this is not applicable for everyone.
People who knows their family conditions & have respect for the earning members in the family, will never do something that hurts his family financially .He will always spend wisely.

In my case I am doing online shopping from 2016, when I was in school, my father never stopped me to do that, neither he denied to provide me money.
But I never did something that hurts my father financially, because I know how he is maintaining our family expenses, EMI of home loans.
Also I always try to use the online shopping and offers to reduce the burden of our daily needs.

But yes it depends on the person. Maybe it's dangerous for few people.

 

[tachniki]

Knives are dangerous. Fire is dangerous. But we teach our kids to make best use of them. Sometimes they may hurt themselves but they will learn. Same with finances. Kids need to learn about banking, equity market, bonds, mutual funds, insurance and credit. What are they? Making sense of them and how to make best use of them.

 

[amazonPay]

Typical Indian mindset, where everything is judged by age. I've been doing online shopping since my 8th class. I'm a student, I have Amazon pay card and Flipkart Axis card. I am managing my expenses well. My credit score 770+. I also manage my parents' credit card.

It doesn't matter at what age you're, maturity does. even many grown people can't manage their finance well.

 

[RAMESH BABU N]

Typical Indian mindset, where everything is judged by age. I've been doing online shopping since my 8th class. I'm a student, I have Amazon pay card and Flipkart Axis card. I am managing my expenses well. My credit score 770+. I also manage my parents' credit card.

It doesn't matter at what age you're, maturity does. even many grown people can't manage their finance well.

Good to see that. One off n exceptional case.

We see so many posts here in TF from students struggling after using reckless use of CCs.

 

[HumorSimpson]

Typical Indian mindset, where everything is judged by age. I've been doing online shopping since my 8th class. I'm a student, I have Amazon pay card and Flipkart Axis card. I am managing my expenses well. My credit score 770+. I also manage my parents' credit card.

It doesn't matter at what age you're, maturity does. even many grown people can't manage their finance well.

Are ccs issued for below 18?

 

[HumorSimpson]

Good to see that. One off n exceptional case.

We see so many posts here in TF from students struggling after using reckless use of CCs.

Correct for every exception we have 99 gopalsharma s

 

[amazonPay]

Are ccs issued for below 18?

Forgive me If I said something which implied that. My own credit age is only 1.8 years.