Janice Lozano
International students can often find it challenging to obtain a credit card in their host country, especially in the US. This is primarily due to the lack of a Social Security Number (SSN) or an established credit history in that country. However, there are several options available for international students to acquire a credit card and start building their credit score. These include becoming an authorized user on a trusted person's credit card, applying for student credit cards that do not require an SSN, such as the Zolve Classic, Zolve Signature, or Deserve Edu Mastercard, or by working part-time to increase income and qualify for better credit card terms. Additionally, international students in Canada can apply for credit cards with a Social Insurance Number (SIN), proof of enrollment, and government-issued ID.
| Characteristics | Values |
|---|---|
| Difficulty obtaining a credit card as an international student | Yes |
| Need for a Social Security Number (SSN) | Yes, but some cards don't require it |
| Alternatives to SSN | Individual Taxpayer Identification Number (ITIN), student visa, passport |
| Options for building credit history | Getting a part-time job, opening a U.S. bank account, becoming an authorized user on someone else's card |
| Types of cards available for international students | Student credit cards, secured credit cards, prepaid credit cards |
| Card issuers that offer cards for international students | Zolve, Deserve Edu Mastercard, Capital One, Bank of America, Discover, American Express |
Explore related products
What You'll Learn
Building a financial profile
International students can get a credit card in the US, but it's not always easy. Credit card issuers typically review credit history when evaluating applications, and many require a Social Security number (SSN). If you're an international student without an SSN, you may need to take some extra steps to build a financial profile before applying for a credit card. Here are some ways to build a financial profile as an international student:
Get an SSN or an ITIN
First, determine your eligibility for an SSN by checking with your school's international student affairs office. If you are eligible, apply for an SSN. If not, you can apply for an Individual Taxpayer Identification Number (ITIN) from the Internal Revenue Service (IRS). An ITIN is typically used by those who don't have an SSN but need to file taxes. Some credit card issuers will accept an ITIN instead of an SSN on card applications.
Open a U.S. Bank Account
Opening a checking account at a U.S. bank can be a good first step in building a financial profile. It tells credit card companies that you have monetary assets in the country, and it may be easier to apply for a credit card later with the same bank.
Build Credit History
Once you have an SSN or ITIN, you can start building your credit history. Put utility bills in your name if the utility company reports payments to credit bureaus. You can also become an authorized user on a trusted friend's or family member's credit card. Using a student credit card responsibly can also help build your credit history.
Prove Financial Ability
To study in the US, international students must demonstrate their financial ability to pay for tuition, books, and living expenses. You can do this by providing bank statements, proof of property, investments, or a financial aid letter. Each university has its own policies on what documents are acceptable, so be sure to check with your school.
Seek Financial Aid
If you need financial assistance, many institutions use a common financial aid application called the CSS Profile, which costs $16-25 USD per school. The CSS Profile acts as a financial aid calculator form, taking into account factors such as family income, assets, expenses, and economic principles. There are also other types of financial aid available, such as institutional aid, merit-based scholarships, and private student loans.
International Students: Military Service Options
You may want to see also
Explore related products
Student credit cards
International students can get credit cards, but the process can be challenging. There are a few key steps to follow and options to explore.
Firstly, international students should start building a financial profile. This can be done by speaking with the international student affairs office at their educational institution to determine eligibility for an on- or off-campus job, which impacts Social Security Number (SSN) eligibility. If ineligible for an SSN, an Individual Taxpayer Identification Number (ITIN) can be applied for instead. Obtaining an SSN or ITIN is important as most credit card applications require one of these. However, some card issuers do not require an SSN or ITIN, including Zolve and Deserve Edu Mastercard.
Secondly, it is beneficial to open a checking account at a U.S. bank, as this demonstrates to credit card companies that the applicant has monetary assets in the country. It may also be easier to apply for a credit card with the same bank. Additionally, a U.S. bank account can be used with tools like UltraFICO™ and Experian Boost to report positive account activity to credit bureaus, thus boosting your credit score.
Thirdly, international students can explore specific student credit cards, which are designed for young college students applying for their first credit card. Examples include the Capital One Savor Student Cash Rewards Credit Card and the Quicksilver Student card, which offer rewards and the ability to build credit with responsible use.
Other options for international students include secured credit cards, becoming an authorized user on someone else's account, or taking out a credit-builder loan.
Overall, while international students can access credit cards, the process requires careful navigation of the various options and requirements.
Oxford's Financial Aid: International Students' Support
You may want to see also
Explore related products
SSN vs ITIN
International students can get credit cards, but it depends on their circumstances and the credit card issuer's policies. While some credit card issuers require applicants to have a Social Security Number (SSN), others may accept an Individual Taxpayer Identification Number (ITIN).
An SSN is a Social Security Number issued by the Social Security Administration (SSA). People seeking authorization to work in the US (permanent workers, temporary workers, and international students) can apply for an SSN. The SSN is valid for life, so you only need to apply once. Approval for an SSN can take up to four weeks.
An ITIN is an Individual Taxpayer Identification Number issued by the Internal Revenue Service (IRS). ITINs are tax processing numbers for foreign nationals, undocumented immigrants, nonresident individuals, their spouses, and other dependents who cannot get an SSN but still need to pay taxes. ITINs are valid for five years and can be used to file taxes, but they do not provide authorization for employment or living in the country. They also cannot take the place of SSNs as proof of identification for non-tax purposes. Approval for an ITIN can take up to seven weeks.
If an international student is not eligible for an SSN, they can apply for an ITIN instead. Some credit card issuers will accept an ITIN for a credit card application if the applicant does not have an SSN. Additionally, international students can start building a financial profile before applying for their first credit card. They can open a checking account at a U.S. bank, put utility bills in their name (if the utility company reports payments to credit bureaus), or become an authorized user on a trusted person's credit card.
International Students' Rights to Protest in Australia
You may want to see also
Explore related products
Credit card issuers' requirements
Credit card issuers have varying requirements, and international students may find it challenging to get approved for a credit card in the US. However, there are some options available. Here are the requirements that you need to meet:
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Most credit card applications require an SSN. International 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. If you are not eligible for an SSN, you can apply for an ITIN from the Internal Revenue Service (IRS) by submitting IRS Form W-7. Some credit card issuers will accept an ITIN instead of an SSN on card applications.
Credit History
Credit card issuers typically review an applicant's credit history when evaluating applications. International students may not have a US credit history, making it more difficult to get approved. However, some credit card companies, like American Express, partner with third-party service providers like Nova Credit to check credit scores from other countries.
Age Requirement
According to The Credit CARD Act of 2009, you must be at least 21 years old to be the primary holder of a line of credit unless you have an adult co-signer or can prove your ability to repay debts, such as by securing employment.
US Bank Account
Having a US bank account may be beneficial when applying for a credit card. It demonstrates to the credit card company that the applicant has monetary assets in the country. It may also be easier to apply for a credit card with the same bank.
Student Visa
If you don't have an SSN, some credit card issuers may allow you to use your student visa to help you get a credit card.
It's important to carefully review the requirements of each credit card issuer, as they can vary significantly. Some recommended companies offering credit cards for international students include Discover, Capital One, Bank of America, and Deserve.
How Permanent Residents Can Sponsor International Students
You may want to see also
Explore related products
Managing expenses
As an international student, you may be able to get a credit card in the US, depending on your circumstances and the credit card issuer's policies. However, getting a credit card as an international student can be difficult due to the requirements and eligibility criteria involved. Here are some tips for managing your expenses as an international student with a credit card:
Understanding the Requirements:
Before applying for a credit card, it's essential to understand the requirements and eligibility criteria. Most credit card applications in the US require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you don't have an SSN, you may still be able to apply with an ITIN, which is an alternative for individuals who don't qualify for an SSN. Additionally, some credit card issuers may accept a visa instead of an SSN or ITIN.
Building a Financial Profile:
Before applying for your first credit card, it's advisable to start building a financial profile. You can do this by speaking with the international student affairs office at your educational institution. They can inform you of your eligibility for on- or off-campus jobs, which can help determine your eligibility for an SSN. If you are not eligible for an SSN, you can then apply for an ITIN. Building a financial profile also includes opening a checking account at a US bank, which demonstrates to credit card companies that you have monetary assets in the country.
Age and Income Considerations:
Your age can impact your eligibility for a credit card. According to the CARD Act of 2009, if you are under 21, you will need an adult co-signer or proof of independent income, such as bank statements showing regular deposits. Securing a part-time job can help you meet this requirement and also serve as proof of income for your credit card application.
Choosing the Right Card:
Research and compare different credit card options specifically designed for international students. Some cards offer features such as no annual fees, cash-back rewards, security alerts, and no foreign transaction fees. Pre-approval processes can help you understand your options without impacting your credit score.
Responsible Credit Card Usage:
Once you obtain a credit card, it's crucial to use it responsibly to build good credit. This includes making timely payments, staying within your credit limit, and practicing secure transactions. Remember that a strong credit history can benefit you in various ways, such as applying for jobs, renting an apartment, or taking out loans.
By following these steps and managing your expenses responsibly, you can effectively utilize a credit card as an international student in the US.
Becoming a Canadian: A Guide for International Students
You may want to see also
Frequently asked questions
A credit card can be a useful tool for managing expenses and emergencies. It can also help international students build a credit history, which is crucial for future financial goals, such as renting an apartment, getting a car loan, or applying for a job.
The requirements vary depending on the country and the credit card issuer. In general, international students may need to provide proof of identity, proof of enrollment in a local institution, and proof of income. Some credit card issuers may also require a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
There are a few credit cards specifically designed for international students, such as the Zolve Classic, Zolve Signature, and Zolve Black. The Deserve Edu Mastercard is another option that does not require an SSN. Additionally, some credit card issuers provide cards exclusively for students that only require a passport for the application.
