At a time when students are increasingly exploring the benefits of digital payments and seeking financial independence, the importance of Student Credit Cards cannot be ignored. These financial instruments help students to build a good credit history from a young age. ICICI Bank understands the unique financial needs of students and offers Student Credit Cards tailored to their requirements. This blog will take you through the process of applying for an ICICI Bank Student Credit Card online and provide details about eligibility, advantages and the documents required to apply for a Student Credit Card.
Credit Card for Students - Get Student Credit Card in 2 Way
ICICI Bank Student Credit Cards are designed to cater to the financial needs of students as they don’t have a monthly income or an established credit score. These Cards can be obtained in two primary ways:
Add-on Credit Card:
An add-on Credit Card is a supplementary card issued to a primary credit cardholder. It allows the sharing of most benefits of the primary card without the need for a separate joining fee or annual fees. Parents can provide this added financial convenience to their children and it is handy for times when they need to handleexpenses on their own.
Credit Card against Fixed Deposits:
Many banks including ICICI Bank, offer Credit Cards against Fixed Deposit (FD) accounts. The credit limit for such Cards is typically a percentage of the funds in the FD (90% of the FD amount). To be eligible, the FD account should meet specific criteria in terms of minimum amount and tenure.
Student Credit Card Eligibility
The Student Credit Card is designed for students with limited income or credit history. Eligibility requirements for getting a Student Credit Card are:
- Applicant should be 18 years of age and above
- Applicant should have an Indian citizenship
- A Credit Card can be issued against a Fixed Deposit (FD) of minimum Rs 50,000.
These cards are beneficial for students looking forward to building credit responsibly as per their financial needs and circumstances.
Documents required to apply for a Student Credit Card
Applying for a Student Credit Card is an important step toward financial independence for young individuals. Understanding the essentials, such as age requirements and necessary documentation, is vital to successfully obtaining a Student Credit Card. Here are the essential documents required to apply credit card online:
- Aadhaar card and PAN card
- Latest passport-size photograph
- Other commonly requested documents may include proof of enrolment in an educational institution
- You may also need to submit income proof or guarantor details.
How to apply for a Student Credit Card online?
The application process for an ICICI Bank Student Credit Card may vary based on the type of Credit Card.
For add-on Credit Cards:
- Visit ICICI Bank website.
- Download the application form.
- Complete the application form.
- Provide a self-attested photocopy of the PAN Card and an address proof of the supplementary Credit Card applicant
- Keep the original documents ready for verification.
For Credit Cards Against FDs:
- Ensure you have an FD account with ICICI Bank meeting the minimum FD amount and tenure requirements.
- Visit any ICICI Bank Branch to apply for a Credit Card against your FD or apply online through ICICI Bank Net Banking or iMobile app.
Student Credit Card - Fees & Card Limit
A Student Credit Card generally comes with no joining or annual fees. The credit limit is usually determined by factors like income or a Fixed Deposit (FD) amount. For example, it might be set at 90% of the FD amount.
Student Credit Cards Benefits & Features
Student Credit Cards offer a wide range of advantages making them a valuable financial tool for students:
Building credit score:
A good credit score is essential for future financial endeavours. Student Credit Cards provide an opportunity to start building a credit history from an early age, which is crucial for securing loans and better financial terms in the future.
Reward points:
With most Student Credit Cards, you can earn reward points with every purchase. These points can be redeemed for cash, brand vouchers and even air miles.
Emergency financial backup:
Student Credit Cards, especially for international students can serve as a financial lifeline during emergencies when other funding options are limited.
Financial responsibility:
Student Credit Cards provide a valuable learning opportunity. They teach financial responsibility, budgeting and the importance of timely payments offering practical lessons that can last for a lifetime.
Convenience and security:
Student Credit Cards offer the convenience of cashless transactions, which are safer than carrying cash. They also provide a layer of security against fraud with many cards equipped with advanced security features and zero liability protection.
Online shopping:
In a fast growing digital world, Student Credit Cards allow you to make online purchases, making them an important tool for students pursuing international studies or remote learning.
Travel benefits:
Some Student Credit Cards come with travel perks including discounts on airfares, hotel bookings and travel insurance. These benefits can be valuable for students exploring new destinations.
Financial independence:
Student Credit Cards encourage financial independence by allowing you to manage your expenses and payments. This self-reliance is an essential skill during your transition to adulthood.
Exclusive offers:
Student Credit Cards may provide access to exclusive discounts and offers such as cashback on everyday expenses, rewards for dining, shopping, entertainment and much more.
No impact on FD interest:
With FD Credit Cards, your deposit continues to earn interest at the same rate as a regular FD. This ensures that your savings remain intact and continue to grow while you utilise your Credit Card.
Customisable credit limit:
Many Student Credit Cards allow you to set a credit limit that suits your financial needs and spending habits. This flexibility enables you to control your Credit Card usage effectively.
ICICI Bank Student Credit Cards are designed to empower students with financial independence and responsibility. Applying for these Cards is a straightforward process and they offer a range of benefits that can be instrumental in shaping a student's financial future. As you embark on your journey towards financial literacy, consider the advantages of ICICI Bank Student Credit Cards and take the first step towards securing your financial future. Don’t forget to check your Student Credit Card eligibility before applying.