As a student, you would typically take public transport to get to college and perhaps to your internship. Hence, you would be aware that public transport will be crowded. Given this, carrying a significant amount of cash is both inconvenient and unsafe.

The question arises: How do you manage your expenses conveniently and securely? A viable solution is to apply for a credit card.

It offers instant access to a pre-approved credit limit, enabling seamless transactions for your financial needs. Each transaction is verified via a One-Time Password (OTP) to ensure maximum security.

Furthermore, specialised Student credit cards are available in the market today, offering tailored features and benefits to meet the specific needs and preferences of students like you.

Student credit card features

A student credit card works much like a regular credit card. You can tap or swipe the card to make purchases and transactions. You can convert the billable amount into EMIs and repay it systematically as per your affordability. Moreover, most student credit cards are backed by a Fixed Deposit (FD).

Hence, you need to hold an FD with the IDFC FIRST Bank to apply for the FD-backed student credit cards offered by the bank. The wide range of cards, include FIRST WOW!, FIRST EARN, Hello Cashback and more.

  • This means the credit card is a secured credit option, rather than a conventional card issued primarily based on income and credit profile.
  • If you hold multiple FDs with the bank, you can choose which deposit you would like to use to back the credit card.
  • The bank considers your FD value when extending your credit limit. This ensures you have an appropriate credit limit with minimum of 100% of your FD value if you decide to get an IDFC FIRST Bank FD credit card, making it easier to manage your financial needs.

Student Credit Card Benefits

The IDFC FIRST WOW! student credit card offers benefits that truly live up to its name. Following is a quick overview:

  • You enjoy a competitive interest rate on your FD while enjoying credit card access, keeping your wealth growing.
  • An attractive credit card interest rate applies to the billable amount. This ensures you can repay your dues without being overwhelmed by interest charges.
  • The card supports UPI, allowing you to make quick payments and rush to your lecture when you're running late.
  • The credit card earns you 4x reward points. What’s more, these reward points do not expire. So, accumulate a substantial number and redeem them for maximum benefits.

Student Credit Card Eligibility and Documentation

Eligibility criteria and documentation requirements vary from bank to bank. However, if you are planning to apply for a credit card for students offered by IDFC FIRST Bank, here’s a quick list to refer to:

Eligibility Criteria:

  • You must be 18 years or older to apply for the card.
  • You need to be an Indian resident with a current or permanent address in India.
  • You need to hold an FD with the IDFC FIRST Bank. The FD’s minimum value should be ₹20,000.

Documentation:

  • Aadhaar number
  • Original PAN card for video-KYC

The Bank may consider additional eligibility criteria and request other documents to verify your eligibility for the card and complete the necessary due diligence. Share the relevant information and documents with the bank for a successful credit card application.

Summing It Up

As a student, you would be juggling multiple priorities, including academics, extracurricular activities, internships, and personal time. With so much to manage, keeping your expenses organised becomes essential. A student credit card is helpful for this purpose.

Several student credit cards are available in the market today. Since, as a student, you typically might not have a regular income, applying for a fixed deposit-backed credit card is a viable option. It lets you enjoy a wide range of credit card benefits while maintaining your investment.