Lori Meadows
International students often face challenges when it comes to obtaining a credit card in a new country, such as the United States. The availability and accessibility of credit cards for international students vary, and there are several factors to consider. One key requirement for obtaining a credit card in the US is having a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). International students may encounter difficulties in obtaining an SSN, as it typically requires work authorization, which may be limited to on-campus employment. However, some credit card issuers offer options specifically for international students that do not require an SSN, such as Zolve and the Deserve Edu Mastercard. These cards can provide benefits like earning rewards, managing expenses, and building a US credit history. Additionally, international students can explore alternatives like secured credit cards or becoming an authorized user on someone else's credit card.
| Characteristics | Values |
|---|---|
| Difficulty in obtaining a credit card | International students face challenges in obtaining a credit card in the US due to the requirement of an SSN or ITIN, and a limited US credit history. |
| Social Security Number (SSN) | An SSN is required for most credit card applications. International students with an F-1 visa and work authorization can apply for an SSN. |
| Individual Taxpayer Identification Number (ITIN) | An ITIN can be used as an alternative to an SSN for credit card applications. International students without work authorization can apply for an ITIN. |
| Credit History | Credit card issuers review an applicant's credit history. International students may have a limited or no US credit history, which can make it difficult to get approved. |
| Options for International Students | Some options for international students include secured credit cards, student credit cards, and becoming an authorized user on someone else's card. |
| Specific Cards | Zolve, Deserve Edu Mastercard, Capital One Savor Student, and Quicksilver Student are specific cards recommended for international students. |
| Benefits | Building US credit history, earning rewards, managing expenses, and having a financial safety net for emergencies. |
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What You'll Learn
Credit cards without an SSN
International students in the US often face challenges when it comes to managing their finances, especially when they don't have a Social Security Number (SSN). A credit card can be a useful tool for managing expenses, dealing with emergencies, and building a credit history. While many credit cards require an SSN, there are options available for international students without one. Here are some ways to get a credit card without an SSN:
Specialist Credit Cards for International Students
Some credit card providers offer specialist cards designed for international students that don't require an SSN. Zolve, for example, offers three credit cards tailored for international students: Zolve Classic, Zolve Signature, and Zolve Black. These cards provide benefits such as cashback rewards and an easy application process without an SSN. Another option is the Deserve Edu Mastercard, which also doesn't require an SSN and has no annual or foreign transaction fees.
Use an ITIN Instead
If you don't have an SSN, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead when applying for a credit card. International students can apply for an ITIN, which is used for federal tax purposes. Some credit card issuers may accept an ITIN in place of an SSN. However, it's important to note that not all credit card companies accept ITINs, so it's best to check with the issuer.
Become an Authorized User
Another option for obtaining a credit card without an SSN is to become an authorized user on a trusted person's credit card. This could be a family member or close friend in the US who is willing to add you to their account. This option may not be suitable or possible for everyone, but it can be a way to access a credit card without the need for an SSN.
Build Credit History
International students can also start building a financial profile and credit history before applying for a credit card. This can be done by getting a part-time job, signing a lease with roommates who have good credit history, or putting utility bills in their name (if the utility company reports payments to credit bureaus). Building a positive credit history can increase the chances of being approved for a credit card, even without an SSN.
Secured Credit Cards
Secured credit cards are another option for international students without an SSN. These cards often require a cash deposit, which serves as the credit line for the account. By using a secured credit card responsibly and making timely payments, international students can build their credit history in the US.
While obtaining a credit card without an SSN as an international student can be challenging, the options outlined above provide viable alternatives. It's important to compare the features, eligibility requirements, and benefits of each option to find the best fit for your financial needs and goals.
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Building a credit history
International students can get credit cards, but building a credit history in a new country can be challenging. Credit history plays a significant role in establishing yourself financially in a new country, and it takes time and discipline to build a good score.
Getting a Credit Card as an International Student
Firstly, it's important to note that getting a credit card as an international student can be difficult. Most credit card applications require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). However, international students with an F-1 visa that provides work authorization in the US can apply for an SSN and thus qualify for most student credit cards. Students not authorized to work in the US can apply for an ITIN. Additionally, if you are under 21, you'll need an adult co-signer or proof of income, such as a part-time job.
Building Credit History
Now, let's get into the four to six paragraphs on building a credit history:
Start Building Credit Early
The sooner you start building your credit history, the better. The length of your overall credit history is a primary factor in achieving a higher credit score. It takes time to build a strong credit score, so it's best to begin as soon as possible.
Use a Credit Card Responsibly
One of the easiest ways to build credit is by using a credit card responsibly. Credit cards are widely used in the US, and having one can help you establish a good credit score. Use your credit card for daily purchases and pay off the charges each month to demonstrate regular use and steady payments. You can set up automatic payments for at least the minimum due each month to ensure timely payments.
Explore Other Options for Building Credit
If you're unable to get a credit card right away, there are alternative ways to build credit. You can set up monthly transfers from your bank account to pay your rent, expenses, and utility bills on time. Making regular payments on your utilities is another way to demonstrate financial responsibility to lenders. Additionally, consider getting a local bank account, as this is critical to establishing your credit profile. Building a relationship with a financial institution can signal financial stability.
Monitor Your Credit Score
Keep track of your credit score by using free tools and services like Credit Karma or NerdWallet. Requesting an official copy of your credit report from major credit reporting agencies can sometimes hurt your overall credit score, so take advantage of free monitoring tools instead.
Understand the Credit System
In the US, the FICO score is the most common measurement used to identify your credit rating. This score predicts your reliability as a borrower in terms of repaying funds. However, it's important to note that different lenders may use other rating systems or request your credit score from different sources.
Building credit as an international student in the US can be challenging, but it's not impossible. By starting early, using credit cards responsibly, exploring alternative options, monitoring your score, and understanding the credit system, you can establish a strong credit history that will benefit your financial future.
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Earning rewards
If you are an international student in the US, you may be able to get a credit card without a Social Security Number (SSN). Cards like Zolve and the Deserve® Edu Mastercard offer easy application processes for students without SSNs. The Deserve® Edu Mastercard has a simple cashback program, no annual fees, and additional perks like Amazon Prime Student. Zolve cards are also flexible and convenient, with no foreign transaction fees.
If you are an international student with an SSN or Individual Taxpayer Identification Number (ITIN), you may qualify for most student credit cards. Capital One offers the Quicksilver Student Cash Rewards Credit Card, which lets you earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% unlimited cash back on other purchases. The SavorOne Rewards for Students card also lets you earn rewards.
If you are an American studying abroad, Capital One's Savor Student and Quicksilver Student cards can help you earn rewards and build credit. Both 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 are an international student studying in your home country, you can apply for a credit card through international banks, which can provide Mastercard, American Express, or Visa brand cards that can be used in the US.
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Secured credit cards
International students in the US often face challenges when applying for their first credit card due to their lack of a US credit history and Social Security Number (SSN). However, there are several options available for international students to build their credit history and gain access to a credit card. One such option is a secured credit card.
Most secured credit cards require an SSN or Individual Taxpayer Identification Number (ITIN) to apply. International students with an F-1 visa that provides work authorisation in the US can apply for an SSN and thus qualify for most secured credit cards. Students not authorised to work in the US can apply for an ITIN. Some credit card issuers let applicants use an ITIN instead of an SSN on card applications. However, approval for an SSN can take up to four weeks, and an ITIN can take seven weeks.
The Firstcard® Secured Credit Builder Card with Cashback is a unique option in the category of international student credit cards. This card allows your secured deposits to earn a competitive APY and additional cash back on eligible purchases. You will also earn an additional 1% cashback on eligible purchases, all with no foreign transaction fees.
Another option is to become an authorised user on someone else's credit card account, which 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 authorised user purchase activity.
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Student credit cards
While getting a credit card as an international student can be challenging, there are a few options available. Many credit card issuers offer products targeted at the student market, including international students. However, students under 21 may find it more difficult to get approved due to stricter rules in place, and they may need to provide proof of independent income or bank statements showing regular deposits. International students may also be required to provide proof of identity and proof of enrollment in a US institution.
One of the biggest challenges for international students is the requirement for a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) by many credit card companies. International students with an F-1 visa that provides work authorization in the US can apply for an SSN and thus qualify for most student credit cards. Students not authorized to work in the US can apply for an ITIN, which can also be used to apply for credit cards. Some credit card companies, such as Zolve and Deserve Edu Mastercard, offer credit cards to international students without an SSN. Zolve, for example, allows students to apply using their passport or I-20 form.
There are also other ways for international students to build their credit history and improve their chances of getting approved for a credit card. This includes getting a part-time job, signing a lease with a roommate who has good credit history, or putting utility bills in their name (if the utility company reports payments to credit bureaus). Students can also consider becoming an authorized user on a trusted person's credit card or applying for a secured credit card designed for those with little or no credit history.
Some specific examples of student credit cards include the Mastercard Student Credit Card, which offers features such as $0 Fraud Liability, no annual or foreign transaction fees, and the ability to earn cash back on purchases. Bank of America also offers credit cards for students, with features such as travel and cash rewards and lower interest rates. Additionally, Capital One offers the Savor Student and Quicksilver Student cards, which allow students to earn rewards and build credit with responsible use, along with features like security alerts and no foreign transaction fees.
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Frequently asked questions
International students can get a credit card without an SSN by applying for an ITIN, becoming an authorized user on another person's credit card, or applying for a secured credit card. Some credit card companies, like Zolve and Citibank, offer credit cards that do not require an SSN.
Requirements vary by issuer but generally include proof of identity, proof of enrollment in a US institution, and sometimes an ITIN.
Applications can typically be completed online. For cards that don't require an SSN, like Zolve, you can apply using your passport or I-20 form.
Benefits include building a US credit history, managing expenses, earning rewards, and having a financial safety net for emergencies.
