Best Student Credit Cards Of May 2024

Armaan Joshi
Editor

Updated: Dec 20, 2023, 7:37pm

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

Student cards are a convenient and secure alternative to carrying cash while traveling abroad. These credit cards come with the facility of foreign currency conversions and are the best option for students. They provide discounts and various other offers to the users and usually have forex charges lesser than the other forex cards.

Though, the student credit card segment is still in its infancy in India and the choices are limited with few features but still easy to get as they always ask for the backup of an FD opened with them as security, hence students with no prior credit history can get these cards. Forbes analyzed the cards designed for this purpose and brought some of the most useful amongst them.

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FEATURED PARTNER OFFER

IDFC Wow Credit Card

IDFC Wow Credit Card
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Joining Fee

Nil

Annual Fee

Nil

Key Features

Free Forex transactions.

IDFC Wow Credit Card

Joining Fee

Nil

Annual Fee

Nil

Key Features

Free Forex transactions.

Why We Picked It

IDFC Bank’s Wow Credit Card is launched keeping in mind students and people traveling abroad. It has no forex mark-up charges for currency conversion and at the same time gives reward points on spends. One has to open a fixed deposit account linked to this credit card to get a credit limit and to use this card.

Features:

• No documents required.

• 4X rewards on every spend.

• Various offers at more than 300 partner merchants.

• 20% discount at more than 1500 partner restaurants.

• Zero Forex mark-up fee.

• Complimentary roadside assistance.

• Fuel surcharge waiver of 1% at all the fuel stations across India to the maximum of INR 200 a month.

• Personal Accident Cover of INR 2,00,000.

• Lost Card Liability Cover of INR 25,000.

• Up to 20% discount at partner restaurants.

• Up to 15% discount at partner health and wellness outlets.

• Interest rate of 7.25% is given on the FD done for the purpose of getting thai card.

• Minimum FD required is INR 10,000.

• 1 reward point = INR 0.25.

Pros & Cons
  • 9% interest rate per annum on unpaid bills, which is the lowest for credit cards.
  • Reward points on all purchases.
  • Zero Forex charges.
  • No airport lounge required.
FEATURED PARTNER OFFER

Niyo Global International Travel Card

Niyo Global International Travel Card
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Joining Fee

Nil

Annual Fee

Nil

Key Feature

Free Forex transactions.

Niyo Global International Travel Card

Joining Fee

Nil

Annual Fee

Nil

Key Feature

Free Forex transactions.

Why We Picked It

Niyo Global International Travel Card is available for people wanting to go abroad for studies. The most important feature of this card is free forex transactions. Users will have to open an FD account with the SBM bank and that account will be linked to the card, the FD will be the credit limit of this card. Users can top up cash and convert that cash to the currency of the country they are visiting free of any charges. On making a purchase from an international website there will be no forex charges.

Features:

• Zero forex markup on foreign transactions.

• Complimentary international airport lounge access one per quarter.

• High credit limit of up to 25 lakh.

• Cash can be converted to currencies of 150 + countries.

• Interest rate of 6.75% is given on the FD done for the purpose of getting thai card.

• Minimum FD required INR 5000.

Ongoing Offers:

• 8% discount on flight booking ixigo ( maximum INR 1000).

• Up to 10% discount on Qatar airlines.

• 10% discount on Bookings.com.

Pros & Cons
  • Zero forex markup on foreign transactions.
  • Complimentary international airport lounge access.
  • No reward points.
FEATURED PARTNER OFFER

ICICI Student Forex Prepaid Card

ICICI Student Forex Prepaid Card
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Joining Fee

INR 499

Annual Fee

No annual fee but renewal fee INR 199

Key Feature

International Student Identity Card (ISIC) membership.

ICICI Student Forex Prepaid Card

Joining Fee

INR 499

Annual Fee

No annual fee but renewal fee INR 199

Key Feature

International Student Identity Card (ISIC) membership.

Why We Picked It

ICICI Bank’s Student Forex Prepaid Card is useful for students going abroad as it has the facility to provide currencies of multiple countries. Another important feature of this card is that it provides International Student Identity Card (ISIC) membership, with the help of which students get a lot of benefits while traveling, like discounts at hostels, food, and general stores. This card is useful for the ISIC membership only as the forex feature is free in some of the other cards covered by us.

Features:

• International Student Identity Card (ISIC) membership.

• 40% discount on excess baggage

• 20% discount on courier service by DHL.

• Card Protection Plus insurance worth INR 1,600

• Lost card liability coverage up to INR 5,00,000.

• Emergency travel assistance and emergency hotel bill payment in India up to INR 40,000 and overseas up to INR 80,000.

Pros & Cons
  • International Student Identity Card (ISIC) membership.
  • There is a forex charge of 3.5 on currency conversion.
  • There will be a charge of $5 if the card remains inactive for 180 days.
  • No reward points of any kind.
FEATURED PARTNER OFFER

HDFC ISIC Student Forex Plus Card

HDFC ISIC Student Forex Plus Card
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Fee

Reload fee of INR 75 is charged on every reload.

Joining Fee

INR 200

Key feature

Membership of the International Student Identity Card.

HDFC ISIC Student Forex Plus Card

Annual Fee

Reload fee of INR 75 is charged on every reload.

Joining Fee

INR 200

Key feature

Membership of the International Student Identity Card.

Why We Picked It

HDFC’s ISIC Forex Plus Card is very similar to the ICICI Student Forex card, the only difference is that the forex charges in this card are 3% and 0.5% lower than the ICICI. The other facilities are more or less the same, as this card also provides an ISIC membership and the discounts will remain the same for all the students having that membership.

Features

• International Student Identity Card (ISIC) membership.

• Available in USD, EURO, GBP.

• Protection of up to 5 lakh on any misuse of this card.

• Road accident insurance cover of 2 lakh.

• Air accident cover of 5 lakh.

• Loss of check-in baggage cover of INR 20,000.

• Loss of personal documents insurance cover of INR 50,000.

• Loss of cash transit charge cover of INR 60,000.

Pros & Cons
  • International Student Identity Card (ISIC) membership.
  • Card only valid for a year.
  • Cross currency markup 3% on such translation.
FEATURED PARTNER OFFER

Axis Bank Insta Easy Credit Card

Axis Bank Insta Easy Credit Card
3.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Fee

Nil

Joining Fee

Nil

Key Feature

Reward Points

Axis Bank Insta Easy Credit Card
Apply Now

On Axis's secure website

Annual Fee

Nil

Joining Fee

Nil

Key Feature

Reward Points

Why We Picked It

Axis Bank’s Insta Easy Credit Card is a card compatible with students studying in India as this card offers a credit limit against a fixed deposit, hence, easy for students who do not have a credit limit. It gives reward points for spending.

Features

• 50 day free credit

• 1% fuel surcharge waiver, on transactions between INR 400 and INR 4000.

• Minimum 15% on food at partner restaurants.

• 6 points on every spend of INR 200 in India.

• 12 points on every 200 points spent internationally.

• 100 points on the first online transactions.

Pros & Cons
  • Reward points on all purchases.
  • Minimum fixed deposit of INR 20,000 required.
  • Not for international travels.

Forbes Advisor Ratings


Company Forbes Advisor India Rating Joining fee Annual Fee Key Features View more
IDFC Wow Credit Card 5.0 Nil Nil Free Forex transactions. View More
Niyo Global International Travel Card 4.5 Nil Nil Free Forex transactions. View More
ICICI Student Forex Prepaid Card 3.5 INR 499 No annual fee but renewal fee INR 199 International Student Identity Card (ISIC) membership. View More
HDFC ISIC Student Forex Plus Card 3.5 Reload fee of INR 75 is charged on every reload. INR 200 Membership of the International Student Identity Card. View More
Axis Bank Insta Easy Credit Card 3.0 Nil Nil Reward Points View More

Methodology

We have rated the cards as per the following features:

Forex Markup: There is a full star for cards providing free forex markup to the users.

Paid Forex Markup: There is ½ a star for just having this facility, if it is complemented by nil charges then the rating will be 1½ stars.

Relevant facility: 1 star for a relevant facility like lounge excess or discounts.

Reward Point: 1 star for reward point on purchase.

Easy to use: ½ a point for ease to use.

Value for Money: 1 star for value for money.

Frequently Asked Question (FAQs)

What is an International Student Identity Card (ISIC)?

International Student Identity Card (ISIC) is an internationally accepted proof of being a full-time student recognized by the United Nations Educational, Scientific and Cultural Organization (UNESCO) and offers over 40,000 benefits and discounts at over 120,000 merchant outlets across 130 countries. The card is valid for 16 months and the validity period of an ISIC card is in accordance with the academic year in the country of the institution where the student is enrolled.

How are forex transactions taxed by the government?

Following table is going to explain the various slabs of transactions taxed by the Government of India:


Amount
Below INR 1 lakh 1% of the transaction amount(minimum 250) + GST(A maximum of INR 180 can be charged as GST)
Above INR 1 lakh INR 1,000 + 0.5% of the amount any more than INR 1 lakh +GST
Above INR 10 lakh INR 5,500 + 0.1% of the transaction amount+GST
Best Of
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Armaan Joshi Editor

Armaan is the India Lead Editor for Forbes Advisor. He has more than a decade’s experience working with media and publishing companies to help them build expert-led content and establish editorial teams. At Forbes Advisor, he is determined to help readers declutter complex financial jargons and do his bit for India's financial literacy.