SBI Student Credit Card is one of the best options for students who want a credit card. The card offered by the bank is backed by a fixed deposit. The card limit will be around 80% of the amount of the fixed deposit. If you are employed and your monthly income is around INR 20,000 (minimum) then also the card will be issued by the bank. SBI Student Credit Card does not require you to pay any annual or joining fee charges to get it and they are waived off. However, the bank may implement certain charges based on the ongoing internal policies.
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Overview of SBI Student Credit Card
The SBI Student Credit Card would prove to be a great benefit for students if they wish to study abroad as it is accepted worldwide. It would enable students to make smooth and quick transactions. One such card is the SBI Student Plus Advantage Credit Card. Let us take a look at the highlights of the SBI credit Card for students:
| Eligibility | – Available to students who are at least 18 years old. – Students are either education loan customers of the State Bank of India or have a fixed deposit with the bank. |
| Annual Fees | – No joining fees – The annual fee can be waived up to INR 500 if spending exceeds INR 35,000 in a year. |
| Credit Limit | Up to 80% of the fixed deposit amount |
| Reward Points | 1 reward point for every INR 100 spent |
| Global Acceptance | Accepted at over 24 million outlets worldwide |
| Additional Benefits | – 2.5% fuel surcharge waiver on fuel purchases between INR 500 and INR 3,000 – Cash withdrawal facilities from ATMs – Options for converting large purchases into manageable EMIs. |
| Flexipay Facility | Allows students to convert purchases over INR 2,500 into easy installments |
SBI Student Plus Advantage Credit Card
Student Plus Advantage SBI card is one of the best SBI credit cards for students. It is extremely beneficial for those who have availed of an education loan from SBI. Students are not required to pay any joining fees or annual fees to issue the same. 1 reward point is earned for every INR 100 spent through this SBI credit card for students.
However, this may have now been discontinued by the bank. Please visit the nearest bank branch or contact the SBI representative to know about the exact details.
Also Read: Learn about Kotak Mahindra Bank Forex Cards for international students to ease the fund management process.
How to Apply for SBI Student Credit Card?
You can apply online for a credit card. You simply need to visit the official website and navigate to the credit card category. After going through the list of cards mentioned, and analysing the one that aligns with your needs and requirements, you can click on ‘Apply Now’. Follow these steps to know the process in detail-
- Visit the official website of SBI, go to the “credit cards” page and choose the relevant category
- Next, click on “Apply Now” and fill out the form
- Upload the required documents and click on “Submit”
- After the submission, you will receive an instant decision on it
- Once the application is approved, you will receive a call from the SBI team for verification
- Once the verification process is complete, the bank will issue you a SBI Student Credit Card.
Features and Advantages SBI Student Credit Card
SBI Student Plus Advantage credit card issued to students allows them to earn cash points on every transaction made through it. The card also helps international students manage their study abroad expenses and make foreign transactions with a fee of 3.5%. Let’s have a look at given below features cum advantages of the SBI Student Credit Card:
- Since the SBI student credit card is widely accepted, consumers can withdraw cash from over 1 million ATMs.
- Accessibility in making international purchases and can be used in 24 million outlets across the world.
- With the Flexipay facility, you can pay for your purchase in instalments if they exceed Rs. 2500
- It also enables you to transfer the balance from your outstanding bills to your other credit cards. You transfer the amount and pay the bill at lower interest rates.
- If you book rail tickets on IRCTC with the card, you can get the tickets delivered to your home.
- It allows you to pay your daily bills including utility bills.
Also Read: Planning to study in the USA? Check here for some of the best Government Education Loans to Study in the USA.
Charges on SBI Student Credit Card
SBI student credit card for students does not have any fees on joining. There are no annual charges either. However, SBI does charge a renewal fee on Student Plus Advantage credit cards. Take a look at the fees and charges applicable on the SBI Student Credit card, in detail in the table given below:
| Annual Fee | Nil |
| Joining Fee of SBI Student Credit Card | Nil |
| Renewal Fee | INR 500 is applicable only if the total spending is below INR 35,000 in the previous calendar year |
| Cheque pick-up | INR 90 |
| Payment Dishonor fee | 2% of the payment amount, subject to a minimum of INR 350 |
| Statement retrieval | INR 100 per statement |
| Charge slip retrieval | INR 225 per charge slip |
| Late payment | – Nil for the total amount due from INR 0 to INR 200. – INR 100 for an amount more than INR 200 and up to INR 500. – INR 400 for an amount more than INR 500 and up to INR 1,000. – INR 500 for a total amount of more than INR 1,000 and up to INR 10,000. – INR 750 for a total amount of more than INR 10,000. |
| Overlimit on SBI Student Credit Card | 2.5% of over limit amount subject to a minimum of INR 500 |
| Card replacement | INR 100 |
| Emergency card replacement, when abroad | Minimum USD 175 |
| Foreign currency transaction | 3.5% |
| Rewards redemption fee on SBI Student Credit Card | INR 99 |
| Cash Payment fee | INR 100 |
Eligibility Criteria
SBI student credit card is only offered to students who are earning and have a reasonable income or ones who have an FD account with the bank. Also, students must be 18 years or above. Take a look at the eligibility criteria required to have the SBI credit card:
- The applicant is required to have an FD in the SBI
- The FD can be done in a lump sum or monthly EMI, subject to the ongoing scheme
- 18 years is the minimum age limit to apply for it
Documents Required
Students must submit KYC compliance documents to avail of an SBI Student Plus Advantage credit card. Besides, relevant documents to show income/ fixed deposits with the bank are required. Here is a list of documents required to successfully apply for an SBI Student Credit Card:
- Identity Proof – Passport, Aadhar card, Driving License
- Copy of fixed deposit receipt with SBI
- Passport size photographs
- Copy of student ID card
Also Read: Are you applying for an education loan? Check here all the Documents Required for Education Loan
Benefits of SBI Student Credit Card
SBI student credit cards enable students with multiple benefits. This includes easy management of finances with due consideration to spending and savings. On a spending of INR 35,000 in a year, the bank waives off the annual charges. The card also allows the booking of tickets online and paying utility bills. Let us take a look at the advantages of the credit card:
- The card is accepted globally at 24 million outlets in the world with 3,25,000 in India itself.
- You can earn reward points for using the card and can later use these points for various purposes.
- The credit card offers high cash withdrawal limits, up to 80% of the total limit assigned to it
- It also enables you to transfer the balance from your outstanding bills to your other credit cards. You transfer the amount and pay the bill at lower interest rates
FAQs
SBI student credit card is a card issued to students for national and international uses. The credit card is backed by a fixed deposit.
You can apply online for a credit card. You simply need to visit the official website and navigate to the credit card category. After going through the list of cards mentioned, and analysing the one that aligns with your needs and requirements, you can click on ‘Apply Now’.
You will have to meet the eligibility criteria to be able to apply for it. The applicant must have a fixed deposit with the State Bank of India. Also, the student must be 18 years of age to apply for it
SBI student credit card is only offered to students who are earning and have a reasonable income or ones who have an FD account with the bank. Also, students must be 18 years or above.
You can apply online for a credit card. You simply need to visit the official website and navigate to the credit card category. After going through the list of cards mentioned, and analysing the one that aligns with your needs and requirements, you can click on ‘Apply Now’.
The card is accepted globally at 24 million outlets in the world with 3,25,000 in India itself.
You can earn reward points for using the card and can later use these points for various purposes.
Students must submit KYC compliance documents to avail of an SBI student credit card. Documents like Passport, Aadhar card, Driving License, copy of fixed deposit receipt with SBI, passport size photographs and a copy of student ID card must be submitted.
Student Plus Advantage SBI card is one of the best SBI credit cards for students. It is extremely beneficial for those who have availed of an education loan from SBI. However, this may have now been discontinued by the bank. Please visit the nearest bank branch or contact the SBI representative to know about the exact details.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
