In the modern countries, it is essential to carry a credit card by a student. Now it is a popular thing to have a credit card among students also. All banks do not provide the student credit cards. There are few banks which will provide you with the student credit card such as SBI and ICICI bank. These banks provide 21student credit cards on some terms and conditions. Providing the credit card to the kids is good, it will help the kids to prepare them for their financial future.
What are student credit cards?
There are only a few banks as discussed above which provide student credit cards. There are terms and condition for getting the student credit card. It is provided to that particular student only who has availed an educational loan from the bank. The student does not need to give any income proof, student ID, address proof and photograph is sufficient to get the student credit card.
Reasons why should a student use credit cards
Here are some reasons which will ensure you that students should also have a credit card. Those reasons are:
- Build credit score
Students also should have their credit cards. When you pay the bills on time, they will make their scores good. In the future, when they plan to have their own house and car, then these scores will surely help them to buy their desirable things.
- Help them to learn
Using a credit card at the early age will help them to know that how to use a credit card. They will know that what they should do to take the benefits of credit cards. When the kids start paying their credit cards bill, then they will understand that how to spend and control their expenses.
- Consequences of bad credit practices
Credit cards are must for every person in today’s lifestyle. When the kids use the credit cards, then they will know that how credit cards can affect them also by its bad practices. These all bad practices will help them to understand about it, and they will get knowledge about how to make the best use of it.
- Good for emergencies
Credit cards are made for emergencies. When the kids face any financial difficulties than by using their credit cards they will understand that how it is helpful in their problems.
To conclude, hope that the above information will help you to let know that why the student should have credit cards and you will apply for it.