Should I (M21) take LTF SBI Elite Card offered at My college?

So, a week or so ago, SBI installed stall offering free LTF Elite Card, stating these are for Elite College Student (Here college being elite), totally free without any charges, this sounds lucrative to my friends but I am speculative, why they are offering us the card for free? If I take it how will it have impact on my ability to take better more premium card?