Today, you can apply for credit cards online and access funds without any hassles. Issuers offer different types of cards based on how you intend to use them. For instance, if you take trips often, you can get a travel credit card. Similarly, if you are a student, you can get a student credit card designed especially for you.
Like other credit cards, this one comes with a host of benefits and features that allow students to access credit and build their profiles. Here’s a look into the features of a student credit card and how one can apply for it.
Key Features and Benefits of Student Credit Card
Here are some important provisions you should know:
Manageable Credit Limit
These cards generally have lower limits than other types of credit cards. This is mainly because they are offered to students who may not have the income to support a high-limit card. The lower limit is a benefit because it helps ensure that you can pay the bills on time and don’t overspend.
Become Financially Responsible
When you apply for a credit card online, and it is approved, you now have access to credit. This means you are now responsible for borrowed money, which you have to repay every month.
Doing so consistently will teach you to track your expenses, manage and plan your budget, and make decisions accordingly. All of this helps inculcate responsible habits with finances and prepares you to secure your financial future.
Access to Instant Funds
This is a common benefit you can enjoy across cards, including student credit cards. Besides giving you access to the limit, certain cards may offer an additional amount as a loan. This is more like an emergency fund that you should only avail if you absolutely need it.
Keep in mind that this is a loan on your credit card, and it will have set terms. This includes a fee structure, repayment schedule, and more.
Rewards and Added Benefits
Like any other card, a student credit card comes with certain rewards that you enjoy upon using it. The benefits can help you save more in the form of discounts, cashback, or any other form and you can redeem the rewards for the same. These rewards are usually earned by spending on certain expenses and get added as points.
Chance to Build Creditworthiness
Using the card doesn’t just mean paying with it but also includes paying the bill on time and in full. Doing this will help you build your credit score and overall credit health. These facets of your finances are crucial to getting easy and affordable access to different forms of credit.
Here are some tips to ensure timely payments and responsible use of the card:
- Set reminders on bill due dates
- Keep an eye on the limit you use; try to keep it under 30%
- Pay the minimum due if you can’t make the entire payment
How to Apply for a Student Credit Card
Now that you know the features and benefits, here are the steps you can follow to apply for it:
Compare Your Options
There are several cards to choose from and so, comparing them is an important step. Make a table, shortlist options and only then decide which one is the best for you.
Check Your Eligibility
Once you have evaluated your options and finalised a few, you need to know if you qualify for them. By doing this, you can lower the chances of rejection and ensure a seamless experience.
Keep Your Documents Ready
After you know the cards you are eligible for, you need to have the required documentation on hand. This list is generally mentioned on the issuer’s website; if not, you can contact them and find out.
Fill the Application Form
This is the steps where you actually apply for the credit card online. Simply, visit the issuer’s website or branch, go to the card page, and click on ‘apply online/now’. Provide all the details and documentation.
Review and Submit Application
After you have filled the form, carefully go through the details you have entered. Make sure they are accurate as any discrepancies can lead to rejection. Once you are sure, submit it.
Activate Your Credit Card
After you apply, wait for the approval. Once the issuer approves it, the card will be delivered to your address. Upon receiving it, activate it within the stipulated time and start using the card.
Armed with this information, you can apply for a card that suits you best. If you’re looking for a premium, lifetime free credit card, apply online for the One Credit Card. This card has simple eligibility requirements, allowing you to get credit easily.
It is backed by powerful tech, and you can earn up to 5X rewards on your top spending categories. It also has an advanced app, and it helps you take control of your spending, set reminders, pay bills, and more. Spend confidently with this metal credit card, and apply online for a seamless experience.
