I have heard about student credit card. Can you tell me what is a student credit card?
As the name suggests, a student credit card is basically a credit card made just for students. A card that acts as an entry point for them into the credit world. Some banks offer these cards against a fixed deposit, while others let your parents add you as an “add-on” user to their existing card. Either way, it gives you access to credit while keeping things low-risk.
Having a student credit card helps you build your credit early on. This helps you with loan approvals in the future. They are also an emergency backup in case you fall short of cash. And of course, you get rewards and perks like cashback, discounts on food delivery, free movie tickets, etc.
While everything looks appealing, you should remember that it is borrowed money. If you don’t repay on time, you will end up with interest and fees. So use your student credit card smartly.