Savanna Hoffman
International students can apply for credit cards in the US, but the process can be challenging. While some credit card companies require applicants to have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN), others may accept a student visa or even a passport. One way for international students to build credit history in the US is by getting a secured credit card, which requires a deposit that acts as the credit limit. Another option is to become an authorized user on someone else's credit card account. Additionally, opening a US bank account and establishing a source of income can improve the chances of getting approved for a credit card.
| Characteristics | Values |
|---|---|
| Difficulty in getting a credit card | Yes |
| Options for getting a credit card | Get an SSN, ITIN, open a U.S. bank account, become an authorized user on someone else's account, get a secured credit card, or a credit builder loan |
| SSN requirement | Yes, but some banks waive this requirement |
| SSN eligibility | Students with F-1 or other student visas may qualify for an SSN, but they may need to get authorization and have a job lined up first |
| ITIN | Can be requested from the IRS by submitting Form W-7 |
| Passport | Some credit card companies accept this |
| Visa | Some credit card issuers accept this |
| Student visa | Can be used to get an SSN |
| Credit history | Not required by all credit card companies |
| Credit score impact | Applying for too many cards at once can negatively impact the credit score |
| Credit card companies | Discover, Capital One, Bank of America, and Deserve |
Explore related products
What You'll Learn
International students without a Social Security Number (SSN)
Specialist Credit Cards
Some credit card companies offer specialist credit cards for international students that do not require an SSN. For example, Zolve offers credit cards with comprehensive benefits, an easy application process, and high cashback rewards. The Deserve Edu Mastercard is another option that does not require an SSN and has no annual or foreign transaction fees.
Apply with an Individual Taxpayer Identification Number (ITIN)
International students can apply for a credit card using an ITIN in place of an SSN. Most international students are eligible to apply for an ITIN through the Internal Revenue Service (IRS). Capital One, Citi, Chase, and Bank of America are examples of lenders that accept ITINs for credit card applications.
Use a Passport
A few lenders, like Deserve EDU and Bank of America, may issue student cards based on your passport. However, it is important to note that applying with a passport may be more challenging, and you may need to visit a financial center in person to apply.
Become an Authorized User
Another option is to become an authorized user on someone else's credit card account. This option does not require an SSN or ITIN with some banks. However, it can be risky for the original cardholder, who will be financially responsible for the authorized user's activity.
Secured Credit Cards
Secured credit cards are another option for international students without an SSN. These cards require a deposit that becomes the cardholder's credit limit. While they may require an SSN or ITIN, they can help build credit history and lead to better card offers in the future.
While obtaining a credit card as an international student without an SSN is possible, it is important to carefully review the eligibility requirements and consider the benefits and risks of each option.
Working in Germany as an International Student: What You Need to Know
You may want to see also
Explore related products
Getting a credit card from your home country
If you are an international student in the US, you may want to consider applying for a credit card for the length of your stay. This can be an intimidating concept for many international students, especially those from countries that are largely run on cash or debit cards. The United States is a largely cashless society, and having a credit card will be extremely convenient, and it is essential in establishing a line of credit.
The major requirement that US banks have for applying for a credit card is a Social Security Number (SSN). SSNs are assigned to people who are authorized to work in the US, and are used to report your wages to the government and to determine eligibility for Social Security benefits. To apply for an SSN, you must first have employment in the US. For off-campus employment, you will need to receive authorization from the Department of Homeland Security. You will need to complete an Application for a Social Security Card (Form SS-5) and show documents proving your work-authorized immigration status, age, and identity. You will then take your application and documents to your local Social Security office.
If you do not have an SSN, some banks will be willing to waive this requirement. When applying for a credit card, you will need to provide a permanent address; you can use your school address for this. Having a steady source of income and a checking or savings account will boost your chances of being accepted.
Another option is to apply for an Individual Taxpayer Identification Number (ITIN) from the Internal Revenue Service (IRS). Some credit card issuers let applicants use an ITIN instead of an SSN on card applications. You can request an ITIN by submitting IRS Form W-7.
International students without an SSN or ITIN can also build credit by becoming authorized users on someone else's account. This precludes the need for an SSN or ITIN with some banks. However, this can be risky for the original cardholder, who will be financially responsible for all authorized users. If you choose this option, set up a spending and payment plan so that neither party ruins their credit. Call the number on the back of the card to make sure that the credit card company reports authorized user activity to a credit bureau.
If you are an American studying abroad, you may want to consider getting a student credit card like Savor Student or Quicksilver Student, which offer the ability to earn rewards and build credit with responsible use. These cards also have features to help you manage your account while you’re overseas, including security alerts, card lock, and no foreign transaction fees.
If you already have a US credit card and are moving abroad, you may be able to continue using it. However, some banks will lock your card if you stay in another country. It is best not to tell your bank that you will be living overseas. Instead, use a relative's or friend's address as a "home address" along with a virtual mailbox as a "mailing address". Keep a US phone number that can receive text messages for two-factor authentication.
If you are moving to another country, you may be able to use your US credit history to jump-start your search for a new card. However, foreign banks have different standards for credit, so a good payment history in one country won't necessarily help your credit score in another. You can begin to cultivate a good credit score in a foreign country by looking at cards offered by local banks, but make sure you read the fine print before opening new accounts.
International Students: Buying Health Insurance for Your Parents
You may want to see also
Explore related products
Becoming an authorized user on someone else's account
International students in the US can find it challenging to secure a credit card due to the requirement for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) to apply. However, international students have a few options to explore, including becoming an authorized user on someone else's credit card account.
Becoming an authorized user on someone else's credit card account can be a strategic way to build or boost your credit score. An authorized user is an additional cardholder on someone else's credit card account, allowing you to make purchases and use the card as if it were your own. However, it's important to remember that you won't have all the privileges of the primary account holder, such as making changes to the account or adding more authorized users. Authorized users are not required to make payments, as this responsibility falls on the primary cardholder.
To become an authorized user, the primary account holder adds your name to their credit card account, and you will receive a credit card tied to their account. This process can usually be completed online, via a mobile banking app, or over the phone. While becoming an authorized user can be a convenient way to build credit, it is essential to choose someone with good financial habits, such as paying their bills on time and maintaining a low credit utilization rate. Late payments or missed payments can negatively impact your credit score as an authorized user.
It is worth noting that some credit card issuers may charge authorized user fees, so it is important to review the terms and conditions before proceeding. Additionally, while becoming an authorized user can help build your credit score, it may not be as effective as having your own credit card and demonstrating responsible usage over time.
International Student Books: Why the Exclusive Access?
You may want to see also
Explore related products
Building a credit history as an international student
Get a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
One of the biggest challenges for international students in the US is getting a credit card, as most companies require a credit history and an SSN or ITIN to apply. An SSN is assigned to individuals authorised to work in the US, so if you plan to work, you can apply for an SSN by completing Form SS-5 and providing documents that prove your work-authorised immigration status, age, and identity. Alternatively, you can request an ITIN from the Internal Revenue Service (IRS) by submitting Form W-7. Some credit card issuers will accept an ITIN instead of an SSN.
Explore Other Credit Card Options
If you don't have an SSN or ITIN, there are still options available. You can apply for a secured credit card, which requires a deposit that becomes your credit limit. These cards function like regular credit cards and help you build your credit score when used responsibly. Additionally, some banks may waive the SSN requirement, so it's worth exploring different banks and their requirements.
Become an Authorised User
Another option is to become an authorised user on someone else's credit card account. This can be a trusted friend or family member, but be aware that this can be risky for the original cardholder, as they will be financially responsible for your activity. Make sure the credit card company reports authorised user activity to a credit bureau. American Express, in partnership with Nova Credit, evaluates applications from individuals with credit history outside the US, but an SSN or ITIN is still required.
Build Credit with Loans
Student loans can also help build your credit history. Repayments on loans like Prodigy Finance are reported to credit bureaus, helping establish your creditworthiness. Additionally, credit-builder loans are specifically designed to help build credit.
Establish a Relationship with a Financial Institution
Opening a checking or savings account with a bank or credit union can be a step towards building credit. As you develop a relationship with the institution, you signal financial stability, which may help you secure a credit card or loan in the future.
Pay Your Bills on Time
Make sure to pay your bills, rent, expenses, and utilities on time. Regular, timely payments demonstrate financial responsibility and improve your creditworthiness. You can set up monthly transfers from your bank account to ensure timely payments. Additionally, consider using a service like Nova Credit to transfer your international credit history to the US, making it easier to get approved for credit products.
Remember, building credit takes time and discipline. Start building your credit history as early as possible, manage your finances wisely, and use credit cards responsibly to establish a strong credit profile in the US.
Transferring Abroad: A Student's Guide to International Transfers
You may want to see also
Explore related products
Secured credit cards for international students
International students in the US often face challenges when applying for their first credit card. This is because they usually have little to no credit history in the country and are not US residents. Most credit card companies can only consider an applicant's credit history in the country they are applying in.
However, international students can still apply for a secured credit card. Secured credit cards require a deposit that becomes the cardholder's credit limit. The card can be used like any other credit card to make purchases that do not exceed the credit limit. Monthly payments will be reported to one of the major credit bureaus. Cardholders should keep their credit utilisation low and make timely payments to build their credit scores.
Most secured credit cards require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) to apply. Some credit card issuers let applicants use an ITIN instead of an SSN on card applications. If you don't have an SSN, you may be able to use your student visa to help you get one. Students with F-1 or other student visas may qualify for an SSN, but you may need to get authorisation and have a job lined up first. A part-time job at your school or elsewhere may be enough. Your student adviser or school's international student services office may be able to help. If you can't get or aren't eligible for an SSN, you may be able to request an ITIN from the Internal Revenue Service (IRS).
One example of a secured credit card for international students is the Firstcard® Secured Credit Builder Card with Cashback*. This card offers the opportunity to build credit with responsible use while earning elevated interest on your secured deposit. You'll also earn an additional 1% cashback on eligible purchases, all with no hard credit inquiry and no foreign transaction fees.
International Graduate Students: Full-Time Work Options
You may want to see also
Frequently asked questions
Yes, international students can apply for a credit card in the US. However, it can be a difficult process.
Most credit card applications will require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you don't have either of these, you may be able to use your student visa to help you get an SSN. You will also need to prove you have a source of income and a US bank account.
Citibank offers student credit cards that do not require an SSN. Capital One also offers student credit cards that can be applied for with an ITIN. Discover, Bank of America, and Deserve also offer good credit cards for international students.
You can build your credit score by using your credit card responsibly, making payments on time, and keeping your credit utilization low. You can also build credit by getting a secured credit card, which requires a deposit that becomes your credit limit.
