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A student credit card can be a great way for young adults to start building their credit history. By using a credit card responsibly, students can establish a good credit score, which will come in handy when they need to take out a loan for a car or a home later in life. However, many students are not eligible for a credit card because they don't have a steady income or a good credit score.
If you're a student looking for a credit card, don't worry! You can avail a deposit -backed credit card, such as the IDFC FIRST WOW! Credit Card. Here’s what makes it ideal for students.
IDFC FIRST WOW! Credit Card
IDFC First Bank credit card against fixed deposits (FD) offers you the flexibility to earn rewards while accessing funds as and when you need them. With a credit limit that suits your needs and no hidden charges, this card is backed against a minimum FD amount of ₹20,000. Plus, you can enjoy exclusive benefits such as cashback, discounts on dining and shopping, and travel rewards. You don't need to provide any documentation or submit a credit score in order to get the card. Additionally, as the card is backed by a fixed deposit, parents do not have to worry about their children overspending.
These features make the credit card ideal for anyone who does not have a CIBIL score or a steady income, such as students, home makers, senior citizens, etc. However, some of the credit card features are especially useful to students. Let’s explore each of them.
1) Zero forex markup fee
The FIRST WOW! Credit Card comes with zero forex markup fees on international transactions. This means you will not be charged foreign exchange fees on purchases made with this credit card while studying abroad.
2) Dining offers
Young adults studying in a different city often dine out with their friends and colleagues to celebrate birthdays and special occasions. With up to 20% discount at 1500+ restaurants across the country, they can save on their food bills with their FIRST WOW! Credit Card.
3) Discount offers
The FIRST WOW! credit card offers discounts and cashbacks from over 300 online and offline merchants from time to time . Offers related to garments, personal accessories, and electronics can be especially useful for students who live on a budget.
4) Building a credit score
Getting a student card is a great way to start building credit history. The card will help students build a good CIBIL score by the time they complete their education. Later, once they start earning, they can upgrade to other IDFC FIRST Bank Credit Cards based on their requirements.
In addition to building a credit score, owning a credit card can help instil good money management habits. Students learn how to spend money responsibly and repay the outstanding balance when their monthly bill arrives. Moreover, as the FIRST WOW! Credit Card is tied to a fixed deposit, there is no risk of them defaulting on credit card payments. All dues are settled against the respective FD. Further you can track your credit card expenses with the IDFC FIRST Banking App All these student-friendly features make the IDFC FIRST WOW! Credit Card the best credit card for students.
The magic of reward points
The IDFC FIRST WOW! Credit Card offers 4x reward points. The base reward rate is 1x = 1 reward point for every Rs 150 spent. The value of each reward point is Rs 0.25.
Students can pay for their next online purchase using the reward points they earn. They can also redeem them against gift vouchers by popular brands, such as Amazon and Flipkart. The best part - the reward points never expire.
Besides, the FIRST WOW! credit card is lifetime free, which means there’s no joining fee or annual renewal fee.
A Credit Card that truly fulfils all student needs
The IDFC FIRST WOW! Credit Card is a great option for students, particularly those studying abroad. In addition to providing greater value than forex cards, it can help them save more on food and living expenses and develop financial responsibility. Click here to apply now!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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