Lori Meadows
International students can get credit cards in China, but it may be difficult. While China is moving towards a cashless society, with mobile payments dominating, credit cards are still accepted at most major hotels, restaurants, and shops in big cities and popular tourist locations. Foreign credit cards are generally accepted, but mobile payment apps like WeChat Pay and Alipay are the most common payment methods. To use these apps, international students can link their foreign credit cards, although there may be security concerns. Additionally, international students may need a Social Security Number or Individual Taxpayer Identification Number to qualify for a credit card. Building a financial profile, such as through part-time jobs or utility bills, can also help international students improve their eligibility for credit cards.
| Characteristics | Values |
|---|---|
| Credit cards in China | UnionPay is the most widely used card issuer in China. |
| Foreign credit cards in China | Foreign credit cards are generally accepted in major hotels, restaurants, and stores in popular tourist locations. |
| Mobile payments | Mobile wallets are becoming the go-to payment method in China. Alipay and WeChat Pay are the most popular mobile payment apps. |
| International students getting credit cards | International students can get a credit card with a Social Security Number or Individual Taxpayer Identification Number. |
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What You'll Learn
Using international credit cards in China
China is one of the most digitally advanced countries in the world, and this is reflected in its local payment habits. While cash is still used, cards are not as common as they are in Western countries. Mobile payments are the most popular method, with over 960 million people in the country using them.
If you're planning a trip to China, it's highly recommended that you set up Alipay or WeChat Pay before your arrival. These mobile payment systems will simplify your transactions and provide greater convenience during your stay. You can also link your international credit card to your Alipay account. However, Alipay charges a small fee for using a foreign card, and you must be careful when authorising your card to avoid locking yourself out of the app.
Most large multinational businesses can swipe foreign cards, and major providers such as Visa, Mastercard, and American Express are accepted in China. You can also use your card to withdraw cash from ATMs, although there may be daily and transaction limits. Additionally, some sources suggest that the Wise Multi-Currency Card could be a good alternative to traditional credit cards, as it can be used for all international payments and automatically converts currency at the mid-market exchange rate for a small fee.
To be on the safe side, consider carrying some US dollars or euros in cash, which you can exchange for Chinese yuan if your bank cards don't work or you encounter other payment difficulties.
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Getting a Chinese bank account
As a student in China, you may want to consider getting a Chinese bank account to make your financial life easier. China's online payment system is very powerful and ubiquitous, and all payment methods must be linked to a client bank account.
To open a bank account in China as a foreigner, you need to meet specific requirements related to your visa, residence permit, and student status. You will need to have several important documents with you when you go to the bank, including:
- A valid passport
- A valid visa (a student visa will usually suffice)
- A temporary or permanent residence permit
- Proof of address (a rental contract or utility bill in your name)
- A Chinese mobile phone number
- Proof of employment or study (a letter from your school)
It's important to note that bank policies and procedures can vary significantly, even within the same bank or across different regions. Therefore, it's recommended to verify the requirements directly with the bank of your choice. Some banks may also limit currency conversions or restrict international transfers. Be sure to ask about these restrictions before opening your account.
The process of opening a bank account in China typically takes one to two weeks but may be delayed due to administrative backlogs. Most Chinese banks support online account opening services. For example, you can open a savings account with ICBC through the "ICBC Customer Service" WeChat official account. The minimum cost of a new card is usually 5 yuan per card, so have some cash on hand. Most savings accounts in China charge 10 yuan per card per year, and your bank will deduct it automatically.
If you want to manage funds in multiple currencies, ask your bank about foreign currency accounts. Some banks allow multi-currency accounts, but they may come with additional fees or restrictions.
Alternatively, you can open a Wise account for free and get a Wise debit card. Wise supports international money transfers among 70+ countries and offers competitive exchange rates. With a Wise account, you can hold more than 40 currencies, including CNY, USD, GBP, and EUR. The Wise debit card enables you to make payments in 150+ countries, including China. It is also convenient to use Wise to top up your Alipay and WeChat Pay, which are widely used in China.
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Building a financial profile
International students can find it challenging to obtain a credit card due to their lack of credit history in the country they are studying in. However, building a financial profile can help increase their chances of approval. Here are some steps international students can take to establish their financial credibility:
Consult the International Student Affairs Office
Before applying for a credit card, international students should speak with their educational institution's international student affairs office. This office can provide valuable information regarding their eligibility for on- or off-campus employment, which is often a prerequisite for obtaining a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). These identification numbers are crucial for building a financial profile and applying for credit cards.
Obtain a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
An SSN or ITIN is essential for establishing a financial presence in the US. International students can qualify for an SSN if they are authorized to work based on their visa. Alternatively, they can apply for an ITIN, which serves as a tax processing number for individuals who are not eligible for an SSN. These numbers enable individuals to build a credit history and demonstrate their financial responsibility.
Build a Credit History
International students can start building their credit history by becoming authorized users on someone else's credit card account. This can be a parent, guardian, or trusted individual who adds them as an authorized user. This approach helps students establish a credit history without the need for an SSN or ITIN at some banks. Additionally, students can explore secured credit cards, which require a cash deposit that serves as the credit limit. Timely payments and responsible usage of these secured cards can help build a positive credit score.
Demonstrate Financial Responsibility
International students can showcase their financial responsibility by signing a lease with a roommate who has a good credit history. Some landlords may not conduct extensive credit checks, and having a roommate with strong credit can increase the chances of securing housing. Additionally, students can put utility bills in their name, especially with companies that report payments to credit bureaus. This demonstrates their ability to manage finances and pay bills on time.
Explore Student Credit Cards
Many credit card companies offer student credit cards specifically designed for young college students applying for their first credit card. These cards often have benefits such as no annual fees and cashback rewards. International students can explore these options, as they may have lower eligibility requirements and provide a stepping stone to building a solid financial profile.
By following these steps, international students can gradually build a financial profile that demonstrates their creditworthiness and increases their chances of obtaining a credit card. It is important to remember that building a strong financial history takes time, and responsible financial management is key to achieving long-term financial goals.
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Mobile payment apps
Alipay is the most popular mobile payment app in China, with 93% of customers using it. It is an eWallet app, similar to Apple Pay, and is accepted by major Chinese e-commerce platforms. It also has a translation function in the international version, which can be used to translate all the mini apps. To use Alipay, you need to download the app and link it to a preferred payment method, such as a bank account or card. It is possible to link Alipay to international cards such as Visa or Mastercard, but this only unlocks limited features. For full functionality, a Chinese bank account is required.
WeChat Pay is another widely used payment app in China, used by 86% of people. It is a digital wallet service that has been integrated into the WeChat instant messaging and social media platform. It works as a straightforward digital wallet, linked to your bank account. It can be used to make peer-to-peer transfers, pay for goods online and in-store, and pay for public transport. To set up WeChat Pay, you need to download the international version of WeChat, sign up, and then enable WeChat Pay in the settings. You can then link your cards in the wallet section of the app.
UnionPay is another mobile payment app that is developed by commercial banks to connect banks and services within the UnionPay network. It lets users link and manage bank accounts and access mobile payment services. It can be used for in-app, online, and in-store payments, using QR codes or contactless NFC technology.
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Credit card eligibility
International students in China can apply for a credit card, but it may be difficult. In the US, for example, international students can theoretically be approved for a credit card as long as they have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) or know someone willing to add them as an authorized user. However, if an international student only has income from foreign sources, they are not eligible for an SSN or ITIN and therefore cannot qualify for most credit cards.
International students in China can also consider applying for a secured credit card or credit builder loan to build their credit score. They can also explore alternatives such as the Wise Multi-Currency Card or a prepaid credit card.
In China, mobile wallets like Alipay and WeChat Pay are the most common payment methods. Foreign credit cards are generally accepted in large hotels, restaurants, and stores in popular tourist locations. However, it is always useful to carry some cash as well.
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Frequently asked questions
International students can get credit cards in China, but it may be difficult. International students must have a credit history or a co-signer, and an SSN or ITIN to apply.
Mobile wallets are the most popular payment method in China. Alipay and WeChat Pay are the most common mobile payment apps. Foreign credit cards can be linked to these platforms.
Credit cards can provide security, convenience, and travel protections. They also offer better currency exchange rates than exchanging cash for local currency.
The Venture card from Capital One has no foreign transaction fees and offers a long list of rewards and benefits. The reward credit card from Chase also has no foreign transaction fees, and offers bonus points on travel purchases.
