Credit cards have been a revolution in the transaction process across the globe. It's fast, simple, and easy to use. In the wake of the pandemic, businesses and retail clients are focusing on contactless payment systems as part of personal safety measures. Credit cards are a great way to initiate this change. There are approximately 1.62 million credit card users in Bangladesh. The number is continuously increasing every year. But the question arises whether the young generation, especially the students are getting access to the credit service? Let's find out in detail. 

How can a student get a credit card in Bangladesh?

The use of credit and debit cards are on the rise in Bangladesh. Even though the world came to a standstill due to the pandemic, the performance of credit and debit cards have experienced  month-on-month growth. It hit a record of 76% year-on-year growth in June of this year. This took the total transaction tally to 23,633 Crore BDT.

Even though credit cards are becoming popular, the target client base for the service hasn’t changed much over the years. Historically, credit cards have been marketed to professionals with a sizable income who can ensure the securities associated with a card. As a result, there aren’t any specialized frameworks or credit card schemes for students in Bangladesh. 

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However, almost all the banks of Bangladesh have a basic credit card policy. A student over 18 years with a valid TIN can easily apply for credit cards. Most credit cards require two things upfront – a security fixed deposit and means for loan repayment. Oftentimes, students can’t meet these two requirements. Most banks have a special policy where a TIN can be used to make the fixed deposit and the “Family income” option can be chosen for loan repayment. 

Best Credit Cards for Student 

EBL Visa Classic Credit Card

EBL is one of the leading private banks of Bangladesh. The bank is known for its efficient customer service and innovative banking features. Their visa classic debit card can be the smart solution for students looking to get a credit card. 

The detailed eligibility can be found at any branch of the bank. to apply for the credit card, the requester must be 18 years or old and should be a Bangladeshi citizen by birth.

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The bank offers some competitive schemes for the classic credit card. A cardholder will get the first two complementary cards for free. It also issues a free checkbook for cheque-type transactions. The interest-free loan repayment period is 45 days. A cardholder will be eligible for all the internet banking services provided by EBL including the Sky banking app. In addition to that, EBL has partnerships with a host of leading restaurants and shops for offers and discounts on their cards. 

BRAC Bank Universal Visa Credit Card 

The BRAC bank universal visa credit card can be availed by students with self-employment eligibility. In that case, a student would need a valid TIN for the application. The credit card has some useful features which set it apart from the rest. 

A student needs to show a minimum monthly income of 20,000 BDT to apply for this card. The card charges 2% for balance transfer or 150 BDT, whichever is higher. The annual fee of the card is 1300 BDT. However, 18 transactions per year will get the annual fee waived. 

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The Max limit of the card is 75,000 BDT. There is a fixed over-limit charge of 450 BDT associated with the card. To know more, visit the card section of BRAC bank here.

MDB VISA Platinum Dual Credit Card

This dual currency credit card from Midland Bank can be a lucrative option for students. Usual requirements aside, a requester can apply through self-employed or landowner eligibility. 

The monthly income requirement for the card is 15000 BDT.  MDB offers a sizable upper limit of 500,000 BDT with this card. 

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MDB allows balance transfer within the same bank. The cost of the transaction is completely free. The interest rate is also reasonable at 2.5% per month. However, there is also the annual fee of 2500 BDT which is not waivable. 

Jamuna Visa Classic Credit Card

The Jamuna classic credit card can be the perfect option for people looking for a credit card with a relatively low income. The bank sets the minimum monthly income requirement of 15,000 BDT to be eligible for this card. The lower limit of the card is set at 50,000 BDT with the upper limit being 100,000 BDT. For every 50 BDT expenditure, customers will earn 1 point which can be redeemed for various deals and discounts. 

The card has an annual fee of 460 BDT which is relatively less compared to other leading banks. The monthly interest rate is 2.5% which is standard. Overall, this credit card can be a great choice for local transactors. 

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Mercantile Bank VISA Classic Local Credit Card

Mercantile bank has a host of credit cards in its service. Their classic local credit card can be a rational choice for the low to mid-income category. 

The annual interest rate for the card is 27% which is much less than other banks. The minimum income requirement for eligibility is 20,000 BDT. The maximum loan outstanding period is 45 days. The card also comes with an annual fee of 750 BDT. The bank offers a max withdrawal of 50% of the total credit within 24 hours in a single day. There are other deals and discounts associated with the card which can be availed locally. 

Final Thoughts 

The credit card framework gained momentum in recent years. People are seeing the benefit of going cashless. Banks are also trying to engage their clients through competitive offers and deals. In that spectrum, students are also becoming a focal point. Though there aren’t any official credit card schemes for students. It is expected that the situation will improve soon.

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