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Most students won’t have any regular source of income to apply for credit card. Yet everyone need one for online sales or for some to build credit history.
Student can get only one type of Credit Cards in India called secured credit cards which is given against a security aka Fixed deposit. Usually one get 80% of FD as credit limit. Like if you make Rs.25,000 FD then credit limit on your card is Rs.20,000. Minimum FD for most bank is Rs.20,000 and FD can’t be broken unless card is closed.
Sbi call it advantage credit card, Axis Bank call it insta easy credit card, Icici call it credit card against FD. Kotak calls it aqua gold credit card. HDFC has no special name for this. Now lets check out one by one.
- SBI advantage credit cards – You can find on their website sbicard.com any card that has advantage name attached to the end is secured credit card. Sbi has widest range of secured credit cards.
- Axis Bank insta easy credit card is only variant given against fixed deposit. Best thing about this card is after regular payment for few months, Axis Bank may delink your FD from credit card meaning you can withdraw FD if you like and still keep the card with existing limit.
- Icici Platinum or Coral Credit Card against FD: Platinum is free while coral is 500+gst fees with bookmyshow 1+1 offer and double reward points on dining, groceries and at supermarkets categories.
- Kotak Aqua Gold Credit Card : Again lifetime free with very low reward points but free pvr tickets on reaching a spend based milestone.
- HDFC Credit card against FD: Hdfc is only bank that can give any kind of credit card against FD. Even the top of line premium Infinia credit card can be availed against FD of Rs.10lac+. The reason we are mentioning this at bottom is because their no fixed policy in HDFC for credit card against FD, nothing clearly mentioned on their website. It’s all at how’s the mood of sale guy or how much target him or his branch wants to achieve. Though HDFC is credit card leader with good service once you agree to your choice of card.