Benefits, tips and advice for using students credit card.
With an ever-increasing base of credit card users in India, financial institutions also aim to improve user experience with better deals and benefits extended from time to time. Nevertheless, a lack of information regarding the impacts of unplanned use of credit cards and their available benefits ends up burdening card users with unnecessary debt.
Mostly, such an impact has been noticed in the younger generation whereby most cardholders are first-time users, with many being students too. Thus, to make good use of credit cards and to maximise their benefits, it is essential to go for customised variants such as a student credit card and know the accompanying benefits to maximise the utility while keeping the expenses affordable.
Benefits of customised credit cards for students
Students are willing to apply for credit cards often back such applications with guarantee or co-application of an earning individual. A student credit card is, nevertheless, is different from regular credit cards in terms of the applicant requirements and credit limit available, among some other factors. It is thus always advisable to research well and know the benefits before opting for such a card.
Here is a list of advantages a student credit card comes with:
- During the application process, students do not need to provide income proofs or such other additional documents.
- A credit card for students comes with several cashback, discount, and such other offers that further help them to save on their expenses.
- They can also suitably earn reward points, which they can redeem later and make good use of after a mentioned period.
- Students get to understand how credit score works and learn to maintain that from an early age. Using a credit card wisely helps them build a reliable credit profile as well.
- One of the most striking benefits of these cards is their charges applicability, whereby most of these cards come with zero annual charges to help eliminate additional expenses of a student.
These advantages help them to save remarkably for future use. Nevertheless, it is best to opt for a card provider who ensures features that help protect their credit card from getting hacked as cyber threats are among the most widespread concerns when it comes to credit card transactions. Further, the following tips can help maximise the use of credit cards for students.
Tips for maintaining a student credit card
- Choose a credit card wisely
Students should do their research before opting for a specific credit card as different cards can come with customised benefits. It is thus best to find a card that suits your requirements and provides maximum benefits on required expenses, from travelling to shopping and more.
Since the credit limit for the student credit card is lesser than regular cards, it is essential to make a budget beforehand and strictly maintain it to avoid adding unnecessary strain to the finances.
- Make timely payment of bills
While the advice is applicable to all credit card users, doing so early on in life helps build a long and reliable credit profile. Further, paying the dues in time has its unique sets of perks. It not only helps save on any interest payment but also helps manage your finances efficiently. Also, try paying the total amount due instead of the minimum amount to avoid paying any additional charges altogether.
- Keep a tab on the credit card statement
Even if the student uses the card for specific reasons, it is critical to keep an eye on the amounts he or she is spending. This way, one can ensure minimum deviation from a planned budget, and also helps check if the credit card company is imposing unnecessary charges.
The increasing use of credit cards proves that these financing tools have become an integral part of daily life. Further, to suit specific funding needs, several financial institutions also introduce attractive offers on credit cards.
Some card issuers have thus come up with different credit card schemes to fulfil their users’ requirements. Especially, with cards like the Bajaj Finserv RBL Bank SuperCard, users can be assured of several unique perks such as interest-free cash withdrawal from ATMs for up to 50 days. The affordable costs levied further make these cards suitable for all users, including students.
The card’s issuer also brings pre-approved offers to make financing hassle-free and less time-consuming. These offers are available on several financial products, including credit cards, personal loans, business loans, etc. You can check your pre-approved offer only with your name and contact number.
As for a student credit card, it comes with a decent amount of benefits along with credit limit suitability as per the targeted user base with low to no income. Individuals must, however, opt for an appropriate card option and keep all the requirements in mind as missing on them can be one of the reasons why their credit card application might get rejected.
Top factors to keep in mind while using a student credit card
With an education in India getting costlier than ever, students mostly struggle to meet additional costs, especially when pursuing a course at another location.
Thus, to help them meet these financing needs with ease, various financial institutions have come up with helpful funding options like loans and advances to simplify financing. Even the Indian government often introduces several schemes from time to time to help students pursue their higher education with ease.
A student credit card is one such option that simplifies financing for these individuals. However, maintaining a credit card comes with several responsibilities too. Fulfilling them at an early age can get challenging at times, prominently due to a lack of information. Proper maintenance of these cards can, nevertheless, leave remarkable positive impacts on a student’s credit profile. For instance –
- Students can build a decent credit score from an early age with timely bill payments.
- The wise selection of credit cards can help them with specific funding requirements such as bearing travelling costs.
- Students also get to earn reward points, cashback offers, and the likes with transactions made through these cards to save on future purchases.
When it comes to a customised credit card for students, there are certain benefits that not only help you fulfil the financing needs but also help with improved management of finances. To utilise all the advantages, it is thus essential to choose a credit card wisely. When planning to go for a personal credit card, cards like the Bajaj Finserv RBL Bank SuperCard can be an ideal option due to their unique features such as interest-free ATM withdrawals for up to 50 days.