Savanna Hoffman
International students in the USA may be able to get a credit card, depending on their circumstances and the credit card issuer’s policies. While it can be challenging, there are several options available for international students to obtain a credit card. One of the main requirements is having a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). International students with an F-1 visa that provides work authorization can apply for an SSN. Those without an SSN may still be able to obtain a credit card with an ITIN, which is available to international students. Additionally, some credit card companies offer specific products for students, but they may have stricter rules for applicants under 21. International students can also consider alternative credit cards that do not require a security deposit or traditional credit evaluation methods.
| Characteristics | Values |
|---|---|
| Difficulty in getting a credit card | Yes |
| Requirements | Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) or become an authorized user on someone else's card |
| Benefits | Build credit score, learn to use money, avoid overdrafts, useful during emergencies |
| Options for international students | Secured credit cards, prepaid credit cards, student credit cards, Zolve Credit Card, Discover it Secured Credit Card, Capital One Platinum Credit Card, Capital One Quicksilver Card, Citibank Credit Card |
| Other requirements | Bank account, age, proof of independent income or bank statements showing regular deposits, co-signer |
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What You'll Learn
- International students' eligibility for Social Security Numbers (SSNs)
- International students' eligibility for Individual Taxpayer Identification Numbers (ITINs)
- International students' access to US bank accounts
- International students' access to credit cards without an SSN or ITIN
- International students' access to credit cards with foreign income only
International students' eligibility for Social Security Numbers (SSNs)
Students with an F-1 or J-1 visa are eligible for an SSN, provided they meet the SSA eligibility requirements. These include having valid immigration documents, such as a passport, I-20 or DS-2019 form, and an I-94 card or electronic I-94 notated "F-1 D/S" or "J-1 D/S". Additionally, F-1 students must provide evidence of lawful employment, such as an on-campus job or authorization for practical training. J-1 students are also required to show proof of employment and must be registered for a full course of study.
International students can apply for an SSN by visiting a local Social Security Administration office and presenting the required documents, including their immigration papers and employment authorization. The Social Security Administration will verify the applicant's information and mail the SSN and card once the process is complete, which can take 2-4 weeks or longer.
It is important to note that having an SSN does not grant authorization to work in the US. However, if an international student has legal authorization to work, they are required to obtain an SSN. The SSN is used for tax and employment reporting purposes and is often required when opening bank accounts, applying for credit cards, or conducting other financial transactions in the US.
International students who are not eligible for an SSN may be able to apply for an Individual Taxpayer Identification Number (ITIN) from the Internal Revenue Service (IRS). An ITIN can serve as an alternative to an SSN when applying for credit cards or conducting certain financial transactions.
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International students' eligibility for Individual Taxpayer Identification Numbers (ITINs)
International students can apply for an Individual Taxpayer Identification Number (ITIN) if they are not eligible for a Social Security Number (SSN). An ITIN is a tax processing number issued by the Internal Revenue Service (IRS) to certain nonresident and resident aliens, their spouses, and dependents who cannot get an SSN.
To be eligible for an ITIN, you must have a valid tax reason for needing one. For example, if you receive a non-service fellowship that includes money for living expenses, you will need an ITIN to fill out IRS forms. F and J students and scholars who are nonresidents for US tax purposes can use GLACIER Tax Prep (GTP) to determine if they need an ITIN and prepare their application.
To apply for an ITIN, you can submit IRS Form W-7, along with proof of identity and foreign status documents, to the IRS. You may also need to provide a certified copy of your visa stamp with the date of your first entrance to the US and a letter of non-approved work authorization from your school. The IRS will assign an ITIN within approximately seven weeks if your application is complete and you are eligible.
It is important to note that not all IRS taxpayer assistance centers process ITINs, so you should verify this before applying. Additionally, if you apply for an ITIN during the same year that you received fellowship income, you may be able to apply through your university's Payroll Office.
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International students' access to US bank accounts
International students can open a bank account in the US, and it is recommended that they do so. There are many banks to choose from, and different types of accounts, so it is worth doing some research to find the best option for you.
Some banks allow international students to register for an account online, but it may be easier to open an account in person in case there are any complications. To open an account, you will need to provide two forms of identification, such as a passport and a driver's license, birth certificate, student ID, or major credit card. You will also need to provide proof of your address in the US, and a letter confirming your enrolment at university.
When choosing a bank, it is worth considering the fees involved, as well as the convenience of branch locations and ATMs. It is advisable to open an account with a national bank, rather than a state-specific bank, so that you can use ATMs across the country. It is also wise to choose a bank that is FDIC-insured, to ensure you will still receive your funds if the bank goes out of business.
There are two main types of bank account in the US: a checking account and a savings account. A checking account lets you deposit and withdraw money as often as you like, and you will usually receive a chequebook and a debit card. A savings account is for collecting money over a longer term, and it is generally harder to transfer money from this type of account. Most international students will only need a checking account to pay for living costs while studying in the US.
Having a US bank account can help international students eliminate foreign transaction fees and provide convenient ways to pay for essentials. It will also help them to build a US credit history, which may make it easier to borrow money in the future.
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International students' access to credit cards without an SSN or ITIN
International students can face challenges in obtaining a credit card in the United States due to the requirement of having a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). However, there are several options available for international students to access credit cards without an SSN or ITIN. Here are some methods:
Applying with an ITIN
International students who are not eligible for an SSN can apply for an ITIN from the Internal Revenue Service (IRS). An ITIN is a tax identification number that can be used in place of an SSN when applying for a credit card. Most international students can obtain an ITIN and use it to apply for credit cards that accept this identification number. Some credit card issuers, such as Capital One, Bank of America, and American Express, accept ITINs for their credit cards.
Cards that Don't Require SSN or ITIN
Some credit card companies offer cards specifically designed for international students that do not require an SSN or ITIN. For example, the Deserve® EDU Mastercard for Students accepts applicants with just their passport as identification. Zolve also offers credit cards to international students without requiring an SSN, and their cards have no annual or foreign transaction fees. Additionally, Citibank has become a popular choice among international students due to its Global Transfer service, which facilitates easy money transfers between international accounts.
Become an Authorized User
Another option for international students without an SSN or ITIN is to become an authorized user on someone else's credit card. This can be a trusted person, a family member, or a US citizen or resident. By becoming an authorized user, international students can gain access to a credit card without the need for their own SSN or ITIN.
Building Credit History
International students can also start building their credit history in the US, which can make it easier to obtain a credit card in the future. This can be done by using a secured credit card, paying bills on time, and increasing income. A good credit history is crucial for future financial endeavours, such as renting an apartment or taking out loans.
While obtaining a credit card as an international student in the USA without an SSN or ITIN can be challenging, the options outlined above provide viable alternatives. It is important for international students to research the various options and choose the one that best suits their needs and circumstances.
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International students' access to credit cards with foreign income only
International students with foreign income only face several challenges when applying for credit cards in the USA. Firstly, they are not eligible for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN), which are typically required for credit card applications. Without an SSN or ITIN, international students cannot qualify for most credit cards.
However, there are a few alternative options available for international students with foreign income only:
- Secured credit cards: International students can apply for a secured credit card, which is backed by collateral, usually a security deposit from the cardholder. This deposit often serves as the card's credit limit, reducing the risk for lenders. Secured credit cards can help students build their credit history in the US, which will give them broader access to other credit options over time.
- Alternative credit cards: Some credit card issuers offer "alternative" credit cards that do not require a security deposit or a traditional credit evaluation. These issuers use their proprietary underwriting models to determine creditworthiness, considering factors like school, income, or bank account information. Some of these alternative cards specifically target international applicants.
- International debit cards: International students can open a US bank account and obtain an international debit card, which is generally accepted wherever credit cards are accepted. While debit cards do not build credit history, they can be a convenient option for everyday spending.
- International credit cards: If international students have accounts with an international bank in their home country, that bank may be more willing to extend credit to them in the US. For example, Citibank offers special accounts for customers moving to the US.
- Co-signers: International students can consider finding a co-signer for their credit card application, assuring the issuer that payments will be made on time. However, not all banks allow co-signers.
- Authorised users: International students can gain access to credit by becoming authorised users on someone else's credit card, such as a trusted person or family member. However, the primary cardholder should understand they are chiefly responsible for any debts accrued.
While these options can provide international students with foreign income only access to credit cards, building a financial profile and US credit history will be essential for broader access to credit in the future. International students can start by speaking with their educational institution's international student affairs office to explore their options for on- or off-campus jobs, which can impact their eligibility for an SSN or ITIN.
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Frequently asked questions
The first step is to get either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). An SSN is usually for residents who have become US citizens or foreign nationals who are allowed to work. An ITIN is for those who are not eligible for an SSN.
To get an SSN, you need to be studying on an F-1, M-1, or J-1 student visa and be authorized to work in the US. To get an ITIN, you need to be an international student in the US.
Some credit card companies offer cards specifically for international students, such as Zolve, Citibank, and Capital One. You can also become an authorized user on someone else's account.
Having a credit card can help you build your credit score, which will be useful for future purchases such as buying a car. It can also help you learn how to use money and avoid overdraft fees.
