American Express: International Students' Payment Option?

International students can face challenges when trying to obtain a credit card in the US. While it is possible for international students to get a credit card, it can be difficult to get approved. Most credit card companies require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) to apply, which international students may not have. Additionally, credit card issuers analyze an applicant's credit history before approving an application, and international students are unlikely to have a US credit history. However, international students can start building a financial profile by speaking with their educational institution's international student affairs office to determine their eligibility for an on- or off-campus job, which would qualify them for an SSN or ITIN. Some card issuers, like American Express, accept ITINs in lieu of SSNs and allow applicants to use third-party services that leverage eligible foreign credit history in their application.

American Express requirements for international students

International students can apply for an American Express card, but there are some requirements that can be difficult for students to meet. Firstly, applicants must have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). For those who don't have a credit history in the U.S., American Express offers the option to qualify using your credit history from Australia, Brazil, Canada, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Spain, Switzerland, and the U.K. This is made possible through the Credit Passport by Nova Credit.

Additionally, applicants must have a U.S. residential address and provide details on multiple forms of foreign ID, such as a driver's license or passport. American Express credit cards also require a high credit score for approval, with scores above 700 having a higher chance of acceptance. This may be hard to manage for most college students. There may also be high income requirements associated with these credit cards, which could be challenging for students to meet.

If international students don't qualify for a regular credit card, they can apply for a secured credit card, become an authorized user on someone else's account, or build credit with a credit builder loan. Secured credit cards require a deposit, which becomes the cardholder's credit limit, and can be used to build a positive credit line. Once a positive credit line is built and the applicant has received an ITIN, they can apply for their first solo credit card.

International student credit card options

International students can get credit cards, but the process can be challenging. If you are an international student in the US, you will likely need an Individual Taxpayer Identification Number (ITIN) or a Social Security Number (SSN) to apply for a credit card. Some credit card companies accept an ITIN, which is a tax processing number from the IRS. Some credit card issuers may also accept your passport with your application.

• Discover it® Student Cash Back: This card does not accept ITINs, but international students may qualify to receive a Social Security number. It offers cash-back rewards on every purchase with a $0 annual fee. There are no foreign transaction fees, which is a great bonus when travelling outside the US. However, Discover cards may not be accepted everywhere, so a backup credit card may be required.
• Capital One Quicksilver Student Cash Rewards: This card offers flat-rate cash-back rewards and is a good option for international students.
• Capital One Savor Student Cash Rewards: This card offers cash-back rewards on dining and entertainment and is a good option for international students.
• Petal 2: You can apply for this Visa card with an ITIN, but it is only available in the US.
• Citibank: Citibank offers student credit cards that do not require a Social Security number.

If you are an international student and do not have an ITIN or SSN, you can become an authorised user on someone else's card account, which can help you build credit history. A secured card can also be a good option for building credit history, as it is backed by collateral, usually a security deposit from the cardholder. Prepaid cards are another short-term option for international students who do not have a US bank account or want to build a credit history.

It is important to note that American Express does not have any specific student credit cards, and their traditional credit cards require a high credit score for approval, which may be difficult for most college students to obtain.

How to build credit as an international student

International students can use American Express, but only if they have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). Additionally, American Express requires applicants to have a US residential address.

Now, here is a guide on how to build credit as an international student:

Get a Social Security Number (SSN) or Taxpayer Identification Number (TIN)

If you have a job, you will have an SSN. If you don't, you will likely have a TIN because all international students have to pay taxes. Having one of these will allow your timely payments to be recorded, which will help your credit score.

Open a Local Bank Account

A local bank account is critical to establishing your credit profile in the US. It will demonstrate a financial history with that bank, and they are more likely to offer you credit in the future. Spend time researching banks in your area, as you will be maintaining this relationship for several years.

Apply for a Credit Card

Using a credit card responsibly is a simple way to build and maintain a good credit score. Credit cards are widely used in the US, making them almost obligatory. When applying, check with your college or university first, as many schools have agreements with credit card companies to make the process easier. Your credit limit may be small, but having a card will help your credit score. American Express is an option for international students with a good to excellent credit score, but there are also many other companies that offer student credit cards.

Ask Your Landlord, Phone Company, etc. to Record On-Time Payments

Remember that companies are not responsible for recording your on-time payments, but you can always ask, as it will boost your credit score.

Put Utility Bills in Your Name

If a utility company reports payments to credit bureaus, putting utility bills in your name will help build a responsible financial history.

Pay Off Your Student Loan

If you have taken out a student loan, paying it off will help build your credit score. Loan repayments are reported to Experian in the United States and TransUnion in the United Kingdom.

It is important to start building your credit as an international student as soon as possible, as it takes time to establish a good score. A good credit score will make it easier to rent an apartment, buy a car, and even get a job.

Credit score requirements for American Express

American Express does not offer credit cards geared towards people with poor credit or who are rebuilding their credit. In other words, you'll likely need a score in the "good" range to qualify for an AmEx card. The specific credit score needed for any single American Express card is not publicized, but it is generally recommended that applicants have a score of at least 670, with some cards requiring a minimum score of 680. For the best perks and rewards, a score of 700 or greater is usually required, and scores of 750 and higher will usually result in receiving the best terms. For the most premium cards, such as the Amex Platinum and American Express Gold Card, a score of 800 or above is considered exceptional and will grant you access to some of the best credit cards on the market.

It's important to note that American Express, like other credit card companies, also has a unique set of requirements beyond your credit score that you must meet to be approved for a card. These include factors such as payment history, total number of cards, overall debt, reported income, and other information from credit bureau reports. Additionally, American Express requires applicants to have a Social Security Number or Individual Taxpayer Identification Number, a U.S. residential address, and multiple forms of foreign ID.

If you are an international student with a good credit score, you may be eligible for an American Express card. However, it is important to consider the high-income requirements associated with these credit cards, which may be difficult for college students to meet. It is also worth noting that American Express does not offer any student-specific credit cards, and there may be better options for students looking to establish a good credit history.

American Express alternatives for international students

American Express does not have any student credit cards. However, students with a good credit score can apply for a traditional Amex unsecured credit card. The easiest American Express credit card to get approved for requires a credit score of at least 670, which may be challenging for most college students to attain.

If you are looking for cards exclusively for students, several companies offer student credit cards with high rewards, low minimum credit score requirements, and no annual fees. Here are some alternatives to American Express for international students:

Discover it® Student Cash Back Credit Card

Discover it® is an example of a company that offers student credit cards that are easy to get and offer high rewards. Their Discover it® Student Cash Back Credit Card is a good option for students as it charges no annual fee, offers various cash-back rewards, and has no minimum credit requirement.

College Ave

College Ave is a top-rated private student loan lender that offers a wide range of student loan products. They provide various in-school repayment options and repayment terms, allowing students to find a monthly payment that suits their needs. While most College Ave loans require a cosigner, you can remove the cosigner after 24 on-time monthly payments.

Sallie Mae

Sallie Mae is one of the most well-known private lenders, offering low-interest rates and several in-school repayment options. Students can take out loans for undergraduate, graduate, and career training programs.

Earnest

Earnest offers student loans and refinancing options for undergraduate and graduate students, as well as parents. They provide low-interest rates and a variety of in-school repayment options and loan repayment terms.

Ascent

Ascent offers both cosigned and non-cosigned loans to undergraduate students. They have fixed and variable rate options, with APRs ranging from 3.22% to 14.75%. Ascent also provides a 1% cash-back bonus after graduation and a nine-month grace period, which is longer than most lenders.

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