Reasons Why a Credit Card is beneficial for CA Students

We will get to the topic step by step. At first, we will learn what a credit card is. Then we will learn about student credit cards and their specialties. And finally, we will know why a credit card is beneficial for CA students. Join Edugyan for CA Google Drive Classes.

What is a credit card?
According to Wikipedia, a credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder’s promise to the card issuer to pay them for the amounts plus the other agreed charges.

 

What is a student credit card?

Student credit cards vary in different countries. In India, a student credit card is the one offered to students at the college level. Any student above 18 years old is eligible to apply for a credit card.

Specialties of student credit cards
• The student credit card does not have an income eligibility limit.
• Interest rates are quite lower for these cards with a validity period of 5 years.
• Even if you don’t have any sort of income, you can open your own credit card account by having a family member co-sign.

 

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Why a credit card is beneficial for CA students?

• Generally, a student’s credit card has quite a low credit limit of up to Rs. 15,000 as compared to other cards. This prevents reckless expenditure and teaches a student to be able to manage with limited resources.

•  This is one of the most important beneficiaries of credit cards to a CA student. It helps a student to be financially Independent.

• Payments for online courses or various online subscriptions can easily be done with a credit card. It saves both the time and effort of a student, especially those who are studying a tough subject like CA.

• One of the most or maybe the most important one is the payment of statutory fees for ICAI courses. ICAI receives both offline and online payments. Offline payments take about two to three days to be processed. But the online payment through Internet banking / Credit Card is instantaneous.
Therefore, a CA student may opt to pay his/her statutory fees through the online system.

 

Having a student credit card is not compulsory. But it eases one’s life & study; especially the CA course from the beginning and throughout the course.

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