Even without a financial history, students over 18 years of age in India have several options to access the financial system. By opening up a bank account and availing options like fixed deposits and credit cards, young adults can take their first steps towards personal financial freedom. Credit cards for students are especially useful since they provide a way for them to start building their credit histories while still in college. Since student cards often come with lower spending limits and extra frills like cashback offers and rewards points, utilizing them with care is sure to go a long way in terms of helping build credit.
What is a student credit card?
A student credit card is a credit card meant for college students. Since there is no minimum income restriction, any student over 18 years of age can apply for this credit card. The IDFC FIRST WOW! Credit Card is ideal for students as it is issued against a fixed deposit. Cardholders get a minimum credit limit of 100% of the FD value, in addition to low-interest rates and won’t have to pay any joining or annual fees.
For students who are often short on cash, a credit card can be a godsend. Moreover, it teaches them how to manage their finances responsibly.
While students can choose from several credit cards on the market, the IDFC FIRST WOW! Credit Card is the pick of the lot. It offers convenience, comfort, and is lifetime-free. With the FIRST WOW! Credit Card, students can enjoy access to 300+ merchant offers and up to 20% discount across 1,500+ restaurants!
Here are a few other features of the FIRST WOW! Credit Card:
- Minimum Credit limit of 100% of your FD value
- 4X Rewards on every spend
- No Forex conversion fee
- Up to 15% discount at over 3000 health & wellness outlets
- 100% ATM cash withdrawal limit of the FD value
- Earn up to 6.75% interest p.a.* on the FD
- Fuel charges waiver of 1% at all the fuel stations across India
- Personal accident coverage of Rs 2,00,000
- Lost card liability coverage of Rs 25,000
*Bank interest rates are subject to change. Please check IDFC FIRST Bank’s latest FD interest rates here.
How can you apply for a student credit card?
Since students do not earn an active income, there is no income eligibility criterion for student credit cards. Most banks set a basic list of eligibility criteria for student credit cards, such as the student must be an Indian citizen and above the age of 18 years.
Now, if you are looking for a premium student credit card that can offer a host of benefits, consider opting for the IDFC FIRST WOW! Credit Card.
Here’s the eligibility criteria for the IDFC FIRST WOW! Credit Card:
- Must be an Indian citizen
- Must be 18 years of age or above
- Should have a fixed deposit (FD) account with IDFC FIRST Bank
Benefits of choosing the IDFC FIRST WOW! Credit Card
The IDFC FIRST WOW! Credit Card for students is an excellent solution because:
- Easy signup process
The procedure to sign up for the FIRST WOW! Credit Card is hassle-free and involves minimal documentation. IDFC FIRST Bank offers an online application process for its credit cards. All you need to do is fill up details such as your name, date of birth, and phone number to receive an OTP to get started. The best part – you don’t even need an IDFC FIRST Bank savings account to get the card. Just create an FD during the application process. Click here to apply now!
- No forex conversion fee
One of the biggest advantages of the FIRST WOW! Credit Card is that it comes with no Forex conversion feeon international transactions. So, while you are studying abroad, you do not need to be worried about being charged with any foreign exchange fees on your purchases made using this card.
- Rewards and offers
With the IDFC FIRST WOW! Credit Card, you can keep getting discounts as well as cashbacks from over 300 merchants (both online and offline). Most students are on a budget, which makes owning this credit card especially helpful since it includes offers related to personal accessories, garments, and electronics!
- Earn while spending
Students can grow their income while spending it. The FIRST WOW! Credit Card helps students earn 4x rewards on their spending and interest on their fixed deposit (FD) account.
- No withdrawal limit
Students can avail of up to 100% withdrawal limit of their FD’s value with the credit card.
- Offers on food bills
You can now save money while dining out in a different city. The IDFC FIRST WOW! Credit Card offers a 20% discount at more than 1500 restaurants across the country!