Multiple types of credit cards are available in India catering to the diverse population of the country, specifically designed to boost their savings rate, whilst increasing their total spending limit.

Nonetheless, the following points should be kept in mind before opting for student card apply –

1. Only students above 18 years of age enrolled into a registered educational institution can apply for a student credit card.
2. Student cards can be availed as add-on cards, or against a fixed deposit. The credit limit on such cards is usually lesser than on regular credit cards.
3. Reward points are offered on transactions such as accommodation, travel expenses, purchasing books and other stationery, etc. through the card.
4. Mandatory expenses such as joining fees, annual membership charges, annual percentage rate on the due amount may be applicable to a student credit card depending on the financer.

Student credit cards are often associated with lower credit limits and limited validity, as applicants don’t have the means to pay for extensive borrowings. This helps them plan their finances accordingly, ensuring that they don’t fall into a debt trap.

Proper management of finances through such credit cards from an early age helps them develop a good credit score, which facilitates the approval of high-value advances from renowned financial institutions at competitive interest rates.

Alternatively, individuals can also opt for a Bajaj Finserv RBL Bank SuperCard offered by Bajaj Finserv, which come with high reward point benefits on all respective transactions, fuel surcharge waivers, interest-free ATM cash withdrawals (for up to 50 days) as well as personal loan facility without any additional interest charges.

Nonetheless, individuals should look into their income sources and repayment capability before availing such high-value unsecured cards, as such debt tools heavily influence the CIBIL score. Student credit cards can also help a student to initiate and maintain a substantial CIBIL score for the future.