Banks offer credit cards under various categories to satisfy lifestyle requirements of different sections of people – from credit cards for businesses to those for high net worth individuals and travel enthusiasts, there are several types of credit cards in the market today. Among the many categories of credit cards that are available, student credit cards are one of them. Several top banks offer student credit cards to particularly suit the spending habits of students, keeping their lifestyle interests in mind.
Student credit cards come with a wide range of benefits and discounts, particularly on dining and entertainment. They also attract a relatively low annual fee and comparatively lesser rate of interest than other credit card types. Also, the eligibility standards that need to be met in order to apply for student credit cards are less demanding. So, if you are a student and wish to apply for a credit card that perfectly suits various aspects of your lifestyle, there are many top banks that can help you. Another impressive feature of student credit cards is that banks do not lay heavy emphasis on credit scores – they go easy on student credit card applications in a majority of cases.
Most student credit cards offered by banks in Singapore come with more or less similar features. Certain features have particularly been incorporated keeping the interests of students in mind. Let us take a look at some notable features that are associated with student credit cards:
Student credit cards come with a range of benefits including cashbacks, reward points, entertainment discounts etc. Here are some common benefits offered by banks for student credit cards:
Reward points can be earned on a wide range of purchases, including fuel purchases, taxi rides, dining, purchases at retail outlets, online shopping, and more. These reward points can be redeemed for a variety of promotional offers and discounts. Reward programmes can vary from one card to another.
In order to be eligible for student credit cards, an applicant should be a student, admitted into a recognized university in Singapore. The minimum age to apply for a student credit card is usually 18 years. Applicants wishing to apply for a student credit card must submit a copy of their identity issued by the educational institution, admission letter, and other relevant documents as required by the bank. Usually, banks do not impose a criteria based on the income as this card particularly targets the student community of Singapore.
Applicants who intend to apply for a student credit card can visit the official website of the bank issuing the credit card, fill out the online application form for that card and submit/upload the relevant documents. A representative from the bank will accordingly get in touch and take the application forward, requesting any additional details if necessary. Ideally, banks in Singapore take about 10-15 days to review, process, and approve the credit card application.