Lana Oconnell
As an international student, getting a credit card can be challenging, but it is not impossible. There are several options for international students to obtain a credit card, including getting an Individual Taxpayer Identification Number (ITIN) or a Social Security Number (SSN), opening a U.S. bank account, and using new credit reporting tools like UltraFICO™ and Experian Boost. Additionally, some credit card issuers offer cards exclusively for students that only require a passport for application. International students can also consider getting a part-time job, which can increase their income and improve their chances of credit card approval. Building credit is important for establishing financial health and can provide benefits such as cashback, reward points, and security against fraud.
| Characteristics | Values |
|---|---|
| Who can get a credit card? | International students can get credit cards, but it can be difficult. |
| What is required to get a credit card? | Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), or ITIN from the IRS, or passport, or student visa, or proof of income. |
| What are the benefits of a credit card for international students? | Building a credit history, making purchases, qualifying for loans and financing, improving qualifications for renting a home and applying for a job, earning rewards, and building credit. |
| What are the alternatives to a credit card? | Prepaid cards, forex cards, or becoming an authorized user on an existing US credit account. |
| What are the risks of a credit card? | Accumulating debt, ruining credit history and score. |
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What You'll Learn
- International students can get a credit card in the US with an SSN or ITIN
- Students can get added to a trusted friend or family member's credit card
- Student credit cards are available in India
- Students can get a credit card with a part-time job
- Prepaid cards are a short-term option for international students
International students can get a credit card in the US with an SSN or ITIN
International students in the US can face challenges when it comes to accessing financial services, often due to a lack of the necessary paperwork, such as an SSN or proof of address, and no local credit history. However, there are options for international students to get a credit card in the US, even without an SSN.
Firstly, international students can try to obtain an SSN. Students with F-1 or other student visas may qualify for an SSN, but they may first need to get authorisation and have a job lined up. A part-time job at their school may be sufficient, and a student advisor should be able to help with this process.
If an international student cannot get an SSN, they may be able to request an ITIN from the IRS. An ITIN, or Individual Taxpayer Identification Number, can be used in place of an SSN when applying for a credit card. Capital One, for example, accepts ITINs for most of its credit cards, and Bank of America may allow applicants to get a credit card with an ITIN as long as they meet the other eligibility requirements. Discover and Citi also allow applicants to use an ITIN instead of an SSN.
Some credit card issuers also accept a passport as an alternative to an SSN, such as Deserve® EDU Mastercard for Students, Bank of America, and American Express. American Express may also be able to use an international student's local credit history from their home country, which can make it easier to access a credit card with a decent limit.
Another option for international students is to become an additional cardholder on a US family member or friend's account. This may be a more viable option for those with family or friends in the US who are willing to add them to their credit card.
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Students can get added to a trusted friend or family member's credit card
International students face a number of challenges when seeking credit-building opportunities in the US. Most credit card applications require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you are unable to obtain either of these, you can get added to a trusted friend or family member's credit card as an authorized user.
An authorized user is someone who has charging privileges on a credit card account. The primary cardholder is responsible for all their charges and for paying the bill. As an authorized user, you will receive a credit card with your name on it, and any expenses made will be charged to the account owner. This is a great way to build your credit history and score. The credit card usage and payment history will be added to your credit profile, which will be useful when it comes time to apply for your own credit card or other types of credit.
However, there are some potential drawbacks and consequences to consider. The primary cardholder should understand that they are chiefly responsible for any debts accrued. Adding an authorized user could hurt them if their finances sour. A late payment, charge-off, or bankruptcy could place a negative mark on any authorized user's credit. Therefore, it is important to set clear spending rules and monitor the account closely.
To add an authorized user, contact your bank or card issuer, or follow the instructions provided by your card issuer to add a user through their online dashboard.
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Student credit cards are available in India
To apply for a student credit card in India, you will need documents such as a PAN card, Aadhaar card, birth certificate, and an identity card issued by your college or university. Some banks allow you to apply online, while others require you to submit an application at a branch.
The West Bengal Student Credit Card offers collateral-free security loans of up to Rs. 10 Lakh at a 4% interest rate. This card can be used for secondary to higher education and competitive exam preparation. The Bihar Students Credit Card Yojana was launched in 2016 to help students of Bihar financially. The HDFC Bank ForexPlus Card is a prepaid card that works like a credit card, allowing students studying abroad to access funds in multiple currencies without worrying about currency fluctuations.
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Students can get a credit card with a part-time job
International students can get a credit card, but it may be difficult without a credit history or a steady source of income. One option is to get a prepaid card, which functions like a credit card but doesn't require a credit check. Students can also become authorised users on an existing credit card account, which can help build a credit history.
Students can increase their chances of qualifying for a credit card by having a part-time job. Income from a part-time job can be included in a credit card application, along with other sources of income such as allowances, grants, and scholarships. Students can also consider applying for student credit cards, which are designed for applicants with little to no credit history and may have more lenient eligibility criteria.
In the United States, international students can use their SSN/ITIN to apply for a US student credit card or apply for cards that only require a passport. Students can also increase their income by working part-time jobs, which can improve their chances of approval. Some credit card issuers allow applicants to count any money they can reliably access as income, including loans or scholarship money for personal expenses.
In India, several leading credit card providers offer student credit cards. For example, the SBI Student Plus Advantage Card is available to education loan customers of the State Bank of India or those with an FD at any SBI branch. The ICICI Bank offers a prepaid Student Forex Credit Card with benefits such as an ISIC-International Student Identity Card membership and discounts on excess baggage.
Students with part-time jobs can improve their chances of qualifying for a credit card by demonstrating their income. While some credit card companies require proof of income, others may not. It is important to note that students under twenty-one can only report their independent income or assets and cannot use their parents' income. However, students over twenty-one can include their spouse or partner's income.
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Prepaid cards are a short-term option for international students
International students can get credit cards, but the process can be challenging. Most US banks require applicants to have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). International students can request an ITIN through the Internal Revenue Service (IRS) by submitting IRS Form W-7. Some credit card issuers will also accept a visa or passport.
If you are an international student in the US, you have several options for getting a credit card:
- Use your SSN/ITIN to apply for a US student credit card.
- Apply for US student credit cards that only require your passport.
- Act as an authorized user on an existing US credit account.
- Apply for secured credit cards or secured loans (such as credit-builder loans) to establish and build your credit history.
- Get a part-time job to increase your income and qualify for better credit card terms and rewards programs.
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Frequently asked questions
Credit cards can be a useful credit-building tool and can help with future applications for jobs, renting apartments, or applying for mortgages. They also provide a layer of security against fraud, are safer than carrying cash, and can be used for online purchases.
You will likely need 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. Alternatively, you can apply for an ITIN.
You can apply for a US student credit card that requires only your passport, or you can become an authorized user on an existing US credit account. You can also apply for secured credit cards or loans to build your credit history.
Student credit cards are available in some countries, such as India, where several leading credit card providers like SBI Card, HDFC Bank, and ICICI Bank offer them. These cards often come with travel perks and discounts.
