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Student credit cards can be advantageous to students in various ways. They can help students build credit over the years to assume more debt after their education. Furthermore, banks do not require students to submit income documentation while opting for student credit cards. For example, IDFC FIRST Bank offers the FIRST WOW! credit card for students without collecting their income proofs or credit histories. Read this article to understand the stepwise procedure to apply for the best student credit cards online.
1. Research the market for student credit cards with low-interest rates
While applying for a credit card as a student, your priority must be low-interest rates. Certain popular banks offer student credit cards with specialized benefits for students. IDFC FIRST Bank’s FIRST WOW! credit card, for example, comes with a competitive interest rate starting at just 9% per annum and a range of attractive rewards. The lower your credit card’s interest rate, the lower will be the value of your EMIs (Equated Monthly Instalments).
2. Check the features and rewards on offer
Next, you must check the features offered by the bank. IDFC FIRST Bank provides the following rewards through its FIRST WOW! credit card:
- Students need not show any credit history or income proof to sign up for the FIRST WOW! credit card
- The bank offers four times the reward points and an interest of 7.25% on Fixed Deposit (FD) accounts
- IDFC FIRST Bank does not charge joining or annual fees from students.
- Students can benefit from discounts at more than 300 merchants and more than 1500 restaurants
- IDFC FIRST Bank offers a withdrawal limit of up to 100% on a student’s FD value
3. Acquaint yourself with the repayment procedure
Especially for a student, you must know all the details of your credit card’s repayment procedure in advance. You can use a credit card EMI calculator like the one on IDFC FIRST Bank’s site to know your EMIs in advance.
4. Submit the required documents to apply
Generally, banks require very minimal documentation from students to sign them up for a student credit card. IDFC FIRST Bank, for instance, requires students to submit only two documents to apply for the FIRST WOW! credit card: an Aadhaar card and PAN (Permanent Account Number).
Note: Pay your dues on time!
Students must repay their credit card dues on time, on or before the credit card due date. A piling up of credit card repayments can lead to a hefty debt, which may be hectic for a student to tackle in the early stages of their career. Students must, therefore, use a credit card EMI calculator before assuming credit card debt to plan their future expenses well.
Students can easily apply online for a credit card today. Besides checking key features such as the credit card’s interest rate, you must also assess the bank’s mobile banking services. An efficient mobile banking app can help you access, monitor, and control your credit card seamlessly.