Top 5 Credit Cards for Students
Entering the realm of adulthood often coincides with newfound independence and responsibilities, including managing finances. For students, this journey can be both exhilarating and daunting, especially when it comes to understanding and utilizing credit wisely. With the plethora of credit card options available, selecting the right one tailored to student needs can seem like a daunting task.
In this blog post, we aim to simplify this process by highlighting the top five credit cards specifically designed with students in mind. Whether you're a college freshman eager to establish credit or a graduate student seeking financial flexibility, we've curated a list that considers factors such as rewards, low fees, and educational resources. Join us as we explore the features and benefits of each card, empowering you to make informed decisions about your financial future.
HDFC Swiggy Credit Card: Food Delivery Credit Card
Joining Fee / Renewal Membership Fee – ₹500 /- + Applicable Charges
Interest Rate: 3.6% per month (i.e., 43.2% per annum)
Welcome Benefit: Earn free Swiggy One membership for 3 months, with exclusive discounts and benefits like free deliveries and priority customer service.
Special Feature: 10% Cashback earned on Swiggy HDFC Bank Credit Card is redeemable as Swiggy Money only on Swiggy application on following Swiggy platforms -
Food ordering
Instamart
Dineout
Genie
HDFC Swiggy Credit is a credit card that offers exclusive dining benefits and offers for Swiggy customers. With this card, you can enjoy up to 20% cashback on food orders, free Swiggy Super membership for a year, and access to premium restaurants and cuisines. HDFC Swiggy Credit also comes with other features such as zero annual fees, fuel surcharge waivers, and reward points on other categories. Whether you are ordering food for yourself, your family, or your friends, HDFC Swiggy Credit is the perfect card for you.
Yatra SBI Credit Card: Travel Credit Card
Annual Fee (one time): INR 499 + Taxes.
Interest Rate: 3.50% per month (42% per annum)
Welcome Benefit: Get Yatra.com vouchers worth INR 8,250 for free.
Special Feature: INR 1,000 off on all domestic flight bookings. Applicable on minimum transaction of INR 5,000. INR 4,000 off on all international flight bookings. Applicable on minimum transaction of INR 40,000. 20% off on domestic hotels. Applicable on minimum transaction of INR 3,000. Applicable on minimum transaction of INR 3,000.
If you're an avid traveler, the Yatra SBI Credit Card could be your perfect travel companion. It offers attractive discounts on domestic and international flight bookings, along with benefits like hotel booking discounts and airport lounge access. The card also rewards you with points for every spent rupee, redeemable for travel and other benefits. However, keep in mind the annual fee and weigh it against your travel frequency and spending habits to see if it's the right fit for you.
Axis Bank My Zone Credit Card: Movies and Entertainment Credit Card
Joining fee: INR 500.
Interest Rate: 3.40% per month (49.36% per annum)
Welcome Benefit: Customers can get a SonyLiv premium annual subscription worth Rs. 999 on their first spend within 30 days of card issuance.
Special Feature: Buy one get one free on movie tickets, customers can get a 100% discount on the second movie ticket at Paytm Movies.
The Axis Bank MY ZONE Credit Card offers a wealth of benefits that cater to the diverse needs of modern consumers. From its generous rewards program to its seamless integration with everyday spending, this card is designed to enhance your financial experience and elevate your lifestyle. Whether you're earning cashback on groceries, enjoying discounts at your favorite restaurants, or accessing exclusive deals on entertainment, the MY ZONE Credit Card ensures that every purchase is not just a transaction, but an opportunity to save and indulge.
Kotak Myntra Credit Card: Shopping Credit Card
Joining and Annual Fees: INR 500
Interest Rate: 3.7% per month, 44.4% per year
Welcome Benefit: Kickstart Your Myntra x Kotak Credit Card Experience with a Myntra Voucher worth Rs.500 on activation of the card. Complete 1 transaction worth Rs. 500 or more within 30 days of card issuance to be eligible for the activation benefit.
Special Feature: Instant Discount of 7.5% on Myntra
The Myntra Kotak Credit Card caters to frequent shoppers on Myntra and offers additional benefits for specific partner merchants. In addition to numerous other perks, this card offers you an automatic 7.5% discount on Myntra purchases, a Myntra gift card, 1.25% cashback on other purchases, free lounge access, and savings on movie tickets. Compared to the Flipkart Axis Credit Card, which only offers 5% cashback on Myntra purchases, this card offers much more discounts.
IndusInd EazyDiner Platinum Credit Card: Dine-Out Credit Card
Joining Fee: INR 0
Interest Rate: 3.3% per month and 46% per annum.
Welcome Benefit: Enjoy three three-month EazyDiner Prime memberships which get you guaranteed 25% off and up to 50% off on affiliated restaurants. 500 free EazyPoints.
Special Feature: Get 20% off upto INR 500 when you eat out & pay through the EazyDiner app. This offer is valid on food delivery as well. This feature can be used three times a month.
The IndusInd EazyDiner Platinum Credit Card might be your culinary best friend. This card caters specifically to those who love dining out, offering a flat 5% cashback on all your restaurant bills, including online food delivery. Additionally, you'll enjoy complimentary meals, exclusive discounts, and priority table bookings at partner restaurants through EazyDiner, a popular restaurant reservation platform. However, the card does come with an annual fee, so weigh the benefits against your dining-out habits to see if it makes sense for your wallet.
Conclusion
In conclusion, selecting the right credit card for a student is a pivotal step towards building a strong financial foundation. Each of the top five credit cards we've explored offers unique benefits and features tailored to meet the specific needs of students. Whether you prioritize earning rewards, minimizing fees, or accessing educational resources, there's a card on our list that's sure to align with your goals.
However, it's important to remember that responsible credit card usage is key. While these cards can offer convenience and financial flexibility, they also come with the responsibility of managing credit wisely. By paying your bills on time, keeping your balances low, and budgeting effectively, you can maximize the benefits of your student credit card while avoiding common pitfalls.
Ultimately, the journey toward financial independence begins with informed decision-making. We hope this guide has provided you with valuable insights to help you navigate the world of credit cards confidently. As you embark on this journey, remember that each swipe is an opportunity to build a brighter financial future. Choose wisely, stay disciplined, and enjoy the benefits of responsible credit card ownership.
Navigating the Credit Card Maze: Essential Considerations for Students
For many students, a credit card represents a sense of financial independence and responsibility. However, with so many options available, choosing the right card can be overwhelming. Before diving into the world of credit cards, here are some crucial factors students should consider:
Need vs. Want:
The first and most important question is why you need a credit card. Do you need it for emergencies, building credit history, or making online purchases? Understanding your primary purpose will guide your card selection process.
Credit Score:
Building a good credit score is crucial for students. Most credit cards have minimum credit score requirements. Check your credit score and choose a card with a requirement you can meet or one specifically designed for students with limited credit history.
Fees and Charges:
Many credit cards come with annual fees, late payment fees, and foreign transaction fees. For students, cards with low or no annual fees and minimal other charges are ideal. Look for cards with student-friendly features like waived annual fees during the first year.
Interest Rates:
Credit cards charge interest on any outstanding balance. Students should opt for cards with low Annual Percentage Rates (APR) to avoid accumulating significant debt. Remember, only pay with your credit card if you can pay the balance in full by the due date to avoid accruing interest charges.
Rewards:
Some credit cards offer reward programs, such as cashback or points on purchases. While rewards can be tempting, students should prioritize responsible spending over chasing rewards. Choose a card with rewards that align with your spending habits, but remember, rewards shouldn't be the primary deciding factor.
Security:
Credit card security is paramount. Look for cards with chip and pin technology and opt for mobile wallets for contactless payments. Be cautious about sharing your card details online and activate SMS alerts for transactions.
Additional Features:
Many cards offer additional features like travel insurance, purchase protection, and roadside assistance. While these can be beneficial, students should prioritize core features like low fees and responsible spending habits.
Responsible Credit Usage:
Building a healthy credit history requires responsible credit card use. Only spend what you can afford to repay in full by the due date. Avoid impulse purchases and resist the temptation to overspend. Make timely payments to avoid late fees and maintain a good credit score.
Consulting a Parent or Guardian:
It's wise for students to involve their parents or guardians in the credit card selection process. Their guidance can ensure responsible use and prevent potential financial pitfalls.
Compare and Explore:
Don't settle for the first offer you come across. Compare different cards, considering fees, interest rates, rewards programs, and security features. Choose a card that aligns with your individual needs and financial situation.
By carefully considering these crucial factors, students can navigate the world of credit cards responsibly and utilize them as a tool for building financial independence and a healthy credit history. Remember, a credit card is a privilege, not a right. Use it wisely and you'll be well on your way to financial success.