Best Credit Cards for International Students
Different places have different ways of processing things. The process of applying for a credit card is an example. There are so many questions. Does the USA give credit cards to International students? If they do, what are the requirements? Which bank should I choose? Which bank will provide me with more benefits?
It might be a bit overwhelming. This article gives you a complete guide, which includes the best credit card options you have as an international student in the USA.
Table of Contents
Credit Cards
With credit cards, you have the benefit of borrowing money from the bank up to an acceptable limit for purchasing and withdrawing cash, given that you agree on the terms and conditions.
Types of credit card
- Master Card
- Visa Card
- American Express Card
Why do you need a credit card?
As an international student in the USA, you may need a credit card in a lot of cases or just for the convenient options they provide.
To name some:
- Receive money from home (for tuition fees or living cost)
- Normally renting a car with a debit card or when cash is not approved.
- Benefits of cashback upon usage
- $35/month minimum fee you could enjoy a balance 15 – 18 months with no interest.
- If you need an emergency loan
Apply for a credit card
You will need a Social Security Number (SSN) to apply for a credit card. You may be able to apply for a credit card without an SSN. However, you will have a limited number of options. You might also not get all the benefits that other credit cards do. As an international student, you could work part-time, on-campus or off-campus to get an SSN.
To get an SSN as an international student prove:
- Your identity
- Passport / Permanent Residence Card
- Your immigration Status
- Arrival/Departure record
- Your work Eligibility
- Employment Authorization Document ( work permit)
- Employment Evidence (letter including job details)
Once you have an SSN, you are ready to apply for a credit card. Applying for a credit card in good companies might be a challenge as they only give credit cards to holders with a good credit score.
We suggest that you start by approaching smaller companies and build a good credit score. They usually approve your credit card without a credit score.
After 7 – 8 months, you should have enough credit score to apply for and Amex Credit Card.
What is Credit score ?
Credit score is determined by your financial activities. A credit score will give a lender an idea of if you are capable financially to pay off the debt. This is why most banks as our lenders always ask for a credit score. with a high credit score, you may have to pay a lower interest.
To maintain a good financial health you will need a high credit score. The score ranges from 300 – 850.
If you have a credit score that is above 700 that is good enough.
- Excellent: 800 to 850
- Very Good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
How to earn a good credit score ?
A credit score is determined by :
- Payment History
- Amount Owed
- Credit History Length
- New Credit
- Types of Credit in Use
To improve your credit score:
- Pay your bills on time
- Up your credit line
- Don’t close a credit card account
- Take help from repair credit companies
Apply for American card
With your credit card supported by visa or master card, you can apply for American card. Applying online for the American card may not be approved. It is best if you go there yourself for the credit card application. Things you will need when you are applying:
• ID – Driver License
• Passport
• House lease paper
• 2 passport size pictures
Best Credit Cards for International Students
As an international student you may want to look for a credit card with no foreign transaction fees. You have to pay these fees for any transactions outside the USA.
These are some companies you can apply to for building up a good credit score.
1) Discover Credit Card
2) Amex Credit Card
3) Chase Credit Card
4) Barclay Credit Card
Lets have a look at these credit card companies and their benefits.
1) Discover Credit Card
You should apply for this credit card if you want to maximize your cashback without an annual fee, planning to make large purchases or if you travel overseas a lot.
This credit card:
- Approves your card without any credit score
- Automatically increases your credit limit after 1-year
- Gives $20 statement credit each school year of GPA 3.0 or higher for up to 5 years
- Provides Student Loans for international students with co-signer
- Offers Special cashback offer ( up to 5 %) for every month from different companies
- Will give $50 to both you and your friend if you refer to them the company
- Asks for no annual fee
- Has no foreign transaction fees
You can find more information on https://www.discover.com/ (affiliate link – Get a $50 Statement Credit after you apply through )
2) Amex Credit Card
You should apply for this card if you spend a good amount of money on dining or USA supermarkets and might max out the statement credits.
Amex Credit Card provides:
- A higher limit
- An option to create a plan
- An option to pay your bill without interest
- 12/15 months without interest option
- $ 75 referral fee for both you and your friend
- You with a Good cashback option
- No annual fee
You can find more information on https://www.americanexpress.com/ (affiliate link)
3) Chase Credit Card
It is a good credit card for everyday expenditure.
Chase credit Cards comes with:
- Approval of your card without any credit score
- $50 referral fee if you refer your friend
- A visa card hence accepted almost everywhere
- $0 annual fee
You can find more information on https://creditcards.chase.com/
4) Barclay Credit Card
If you need a credit card just to deposit and withdraw cash, Barclay would be the simplest option.
Barclay Credit Card offers:
- Special financing on apple purchase
- $0 annual fee
- Paying in installments with no fees ( if you are buying a MacBook/iPhone)
- No foreign transaction fees
- Free credit score
You can find more information on https://cards.barclaycardus.com/banking/cards/barclaycard-financing-visa/
There are a variety of options to get a credit card for international students in the USA. They come with benefits for students and other conveniences. Most of the cards don’t even require an annual fee.
Getting a credit card as an international student might seem like a lot of work but all the benefits you will receive are worth it. You just have to choose a credit card company, follow the instructions to apply for it, and hope that they accept it.
Best Credit Card For International
Reference:
Rating: 5 out of 5.
https://www.moneyunder30.com/best-credit-cards-for-study-abroad
