Ibrahim Gardner
International students often face challenges when applying for credit cards due to their temporary status and limited credit history. However, getting a credit card can be a great way for them to build a credit history and manage their finances. While options may be limited, there are several credit cards tailored specifically for international students that offer benefits such as no annual fees, no foreign transaction fees, cashback rewards, and opportunities to build credit. It's important for international students to research their options and understand the application requirements, which may include proof of identity, address, income, and student status. Additionally, they should consider the fees, limits, and penalties associated with each card to ensure they get the best deal. By choosing the right card, international students can not only enjoy the convenience of a credit card but also build a solid financial foundation for their future endeavours.
| Characteristics | Values |
|---|---|
| Credit card options for international students | Capital One Quicksilver Student Cash Rewards Credit Card, Capital One Savor Student Cash Rewards Credit Card, Discover it® Student Cash Back, Firstcard® Secured Credit Builder Card with Cashback, Deserve EDU Mastercard for Students, Chase Freedom Student Credit Card, Bank of America Travel Rewards Credit Card for Students, American Express Blue Cash Everyday Credit Card |
| Credit score requirements | Some cards require a good credit score, while others are designed for students with limited credit history |
| Fees | Some cards have no annual fee, foreign transaction fee, or cash advance fee, while others may charge these fees |
| Rewards | Rewards vary and may include cashback, bonus cash for good grades, streaming bonuses for on-time payments, or travel benefits |
| Application requirements | May include proof of identity, address/residence, income, and student status; some cards require an SSN, while others accept an ITIN or student visa |
| Building credit | Using a credit card responsibly can help international students build a U.S. credit history, which can be valuable for future financial needs |
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What You'll Learn
Best rewards credit cards for international students
International students can establish a credit history and get a locally issued credit card in the country where they are studying. This can be valuable for future financial needs like student loans, auto loans or apartment leases. However, options may be limited and it is important to research the various fees, limits and penalties associated with each card.
One way to get around the need for a Social Security Number (SSN) is to apply for a Taxpayer ID Number (ITIN) through the IRS. With an ITIN, international students can apply for a credit card. Another option is to apply for a secured credit card, which generally requires a deposit of the amount to be used as a credit line.
Capital One Quicksilver Student Cash Rewards Credit Card
This card offers flat-rate cash rewards and is a good option for students who do not want to worry about rewards categories. The cash back is simple and automatic, and cardholders can redeem at any amount without needing to save up for a minimum redemption. Cardholders can also earn a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening.
Discover it® Student Cash Back
This card does not accept individual taxpayer identification numbers from applicants, but international students may qualify to receive a Social Security number. It offers cash-back rewards on every purchase with a $0 annual fee. Cardholders can also benefit from Discover's signature Cashback Match™ welcome offer, which matches all the points earned in the first year.
Deserve EDU Card
This card can be applied for online without impacting the applicant's credit score. It does not require an SSN, and there is no annual fee. Cardholders can get 1% cashback on purchases and get Amazon Prime Student free for a year.
Bank of America Travel Rewards Credit Card for Students
This card has a 0% APR opening offer and cardholders can access a relatively good APR if they are deemed creditworthy.
American Express Blue Cash Everyday Credit Card
This card is a good option for international students from the UK, Canada, India, Mexico or Australia, as they may be able to use their credit history from these countries to open an Amex card in the US. Cardholders can get up to 3% cashback on purchases and there is no annual fee.
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How to build a credit score as an international student
As an international student, building a credit score can be challenging, but it is not impossible. Here are some detailed steps on how to build a credit score as an international student:
Understanding Credit Scores
Firstly, it is essential to understand what a credit score is. A credit score is a rating assigned to your financial background when assessed by a lender. This score helps lenders determine whether you are eligible to borrow money and how much of a financial risk you pose. The most common credit scoring system in the US is the FICO score, created by the Fair Isaac Corporation. This score predicts your reliability in repaying borrowed funds.
Getting a Credit Card
One of the easiest ways to build credit as an international student in the US is by getting a credit card. Using a credit card responsibly can help build and maintain a good credit score. Credit cards are widely used in the US, sometimes even more than cash, so having one is almost obligatory. When choosing a credit card, consider options with no foreign transaction fees, as these can add up when spending outside your home country. Some credit cards for international students include the Deserve EDU card, Capital One Quicksilver Student Cash Rewards Credit Card, and the Discover it® Student Cash Back card.
Building Credit with a Credit Card
To build credit with a credit card, use it for your daily purchases and ensure you pay off the charges each month or week. This demonstrates regular use and steady payments, which lenders favour. Set up automatic payments for at least the minimum amount due each month to avoid missing payments, which can harm your credit score.
Alternative Methods
If you are unable to obtain a credit card, there are other ways to build credit. You can ask a trusted family member or friend to add you as an authorized user on their existing credit card. As an authorized user, you will receive a card in your name, and your credit score can benefit from their timely payments. Additionally, consider getting a taxpayer ID number (ITIN) through the IRS, as this may help with your credit card application.
Other Tips
- Unpaid bank fees or penalties will negatively impact your credit score, so always read the terms and conditions of any account.
- Building credit history is about showing you can pay your bills on time. Consider getting a part-time, on-campus job to demonstrate income and improve your chances of credit card approval.
- If you are a US citizen studying abroad, research international transaction fees, as these can be high.
- Research your destination country to understand the preferred payment methods. While some countries like the UK and Sweden are moving towards cashless societies, others, like Namibia, primarily use cash.
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Credit cards without SSN for international students
International students in the US may qualify for credit cards, which can be a convenient way to build a US credit history. While options may be limited, some credit cards for international students offer worthwhile benefits.
One common issue faced by international students in the US is getting a credit card without a Social Security Number (SSN). A Social Security Number is usually issued by the Social Security Administration for US citizens and residents with the right to work. It is used for identification and to file taxes.
If you don't have an SSN, you may still be able to apply for a Tax Identification Number from the Internal Revenue Service (IRS). This is commonly referred to as an Individual Taxpayer Identity Number (ITIN). In some cases, you can use your ITIN in place of an SSN. You can also try using proof of address from your home country to access some services, especially if you choose a provider that is experienced in supporting international students.
- Deserve EDU Card: This card can be applied for online without impacting your credit score. It does not require an SSN, has no annual fee, and offers 1% cashback on purchases. It also comes with Amazon Prime Student for free for a year. However, it does not offer cash advance or balance transfer facilities.
- Discover Student Cash Back Card: This card does not accept individual taxpayer identification numbers from applicants, but international students may qualify to receive a Social Security number. It offers cash-back rewards on every purchase and has a $0 annual fee.
- Bank of America: Bank of America offers credit cards to international students without an SSN. They also have a Travel Rewards Credit Card for Students with a 0% APR opening offer.
- American Express Blue Cash Everyday Credit Card: This card is a good option for international students from the UK, Canada, India, Mexico, or Australia. If you have a credit history in any of these countries, you may be able to open an Amex card in the US and get a good APR. This card offers up to 3% cashback on purchases and has no annual fee, but there may be other costs.
- Capital One Quicksilver Student Cash Rewards Credit Card: This card offers flat-rate cash rewards and is a good option if you don't want to worry about rewards categories. The cash back is simple and automatic, and you can redeem any amount without needing to reach a minimum redemption threshold.
It is important to note that getting a credit card as an international student in the US can be challenging, and your options may vary depending on the visa you hold. It is recommended to research and compare different cards to find the best option for your specific needs and situation. Additionally, consider the fees, limits, and penalties associated with each card before making a decision.
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How to pick a travel credit card for international students
As an international student, you have to do some research to find the right travel credit card. Here are some factors to consider when picking a travel credit card:
No Foreign Transaction Fees
Many student credit cards charge a foreign transaction fee, which can add up quickly. Pick a card that doesn't charge extra for foreign transactions. Visa and Mastercard are the most widely accepted credit card networks internationally, with merchants accepting them almost everywhere.
Rewards and Cashback
Some cards offer bonus points or cashback on travel purchases like flights, hotels, dining, entertainment, and rental cars. For example, the Capital One Quicksilver Student Cash Rewards Credit Card offers 1.5% unlimited cashback on all purchases and a $200 cash bonus if you spend $500 within the first three months. The Discover it® Student Cash Back card lets you earn cashback on every purchase with a $0 annual fee.
Travel Protections
Look for cards that offer travel protections and perks like travel insurance, baggage delay coverage, and emergency assistance. These can provide peace of mind when travelling or studying abroad.
Credit Score Requirements
Some travel cards require a good or excellent credit score. However, student credit cards typically have more relaxed credit requirements, and you may be able to build your credit history with responsible use.
Destination and Acceptance
Research the types of money (cash, credit card, debit card) commonly used at your destination. In some countries, like Namibia, cash is predominantly used, while others, like the UK and Sweden, are moving towards becoming cashless societies. Check the acceptance rates of different card networks in your host country, as some, like Discover and American Express, have lower international acceptance rates.
Fees and Charges
Consider the annual fee, APR, and other charges associated with the card. Some cards, like the Bank of America Travel Rewards Credit Card for Students, offer a 0% APR introductory offer and no annual fee.
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Best credit cards for US citizens studying abroad
When choosing a credit card for studying abroad, it's important to consider how your child will use it. Will it be their primary source of financial support, or is it just for emergencies? Understanding this will help you choose the right card. It's also a good idea to research what types of money are commonly used in the country where your child will be studying. While credit cards are widely accepted in some countries, others rely mostly on cash.
Capital One Quicksilver Student Cash Rewards Credit Card
The Capital One Quicksilver Student Cash Rewards Credit Card offers flat-rate cash rewards and is a good option for students who don't want to worry about different rewards categories. It offers 1.5% unlimited cash back, and there's no minimum redemption amount.
Discover it® Student Cash Back
The Discover it Student Cash Back card is another excellent option for international students. While it doesn't accept individual taxpayer identification numbers, international students may qualify to receive a Social Security number. This card offers cash-back rewards on every purchase, with no annual fee.
Bank of America Travel Rewards Credit Card for Students
The Bank of America Travel Rewards Credit Card for Students is a good choice if you want to avoid high international transaction fees. It offers a 0% APR introductory offer and the potential for a good ongoing APR if you are deemed creditworthy.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred Card is ideal for students who want to take advantage of travel rewards. It offers a large bonus and flexible point transfers to frequent flyer programs.
Capital One VentureOne Rewards Credit Card
The Capital One VentureOne Rewards Credit Card is a great option if you want a no-annual-fee card that allows you to transfer miles to travel partners. You can earn 20,000 bonus miles after spending $500 within the first three months of account opening.
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Frequently asked questions
Some good reward credit cards for international students include:
- Capital One Quicksilver Student Cash Rewards Credit Card
- Capital One Savor Student Cash Rewards Credit Card
- Discover it® Student Cash Back
- Firstcard® Secured Credit Builder Card with Cashback
- Deserve EDU Mastercard for Students
- Chase Freedom Student Credit Card
- Bank of America Travel Rewards Credit Card for Students
Getting a credit card as an international student can be challenging, but it is possible. You will need to do some research to find cards that are suitable for your situation. Some cards require a Social Security Number (SSN), while others accept a Taxpayer Identification Number (ITIN). You may also need to provide proof of identity, address, and income.
A rewards credit card can help international students build a credit score, which can be valuable for future financial needs like student loans, auto loans, or apartment leases. Some cards offer cashback bonuses, while others have no annual fees or foreign transaction fees.
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