I am a 16 year old, studying in Class 11. I am thinking to apply for a credit card and have expenses of Rs. 15-20K per month that mainly includes dining out, ordering food online, apps subscription, and shopping online so I am thinking to apply for Student Credit Card, so do we need to be 18+ or enrolled in college to apply for student credit?
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When I was 17, I also tried to get a credit card but a bank’s representative told me that the eligibility to get a student’s credit card is 18+ and to be enrolled in college and also told me that as a student you can only get Add on Credit Card or Credit Card with fixed deposits. Add on Credit Cards is a secondary Credit Card issued to Bank Credit Card holders. It allows primary cardholders to extend the benefits of their Credit Card to their spouse, children, or parents. Its credit limit is same as primary card’s credit limit. Credit Cards against Fixed Deposits (FDs), makes it easier for individuals to access credit without a strong credit history. The credit limit is usually up to 85%-90% of the FD amount.
My state, West Bengal provides students with credit cards so that they can finance their education. Students can get education loan and can pursue secondary, higher secondary, undergraduate, graduate and professional degree courses with affiliated institutes within and outside the country. Bihar also provides students with an Education Loan of ₹4 lakh at 4% interest. For students with disability, female students and transgender students at only 1% interest.