5 Best Credit Cards for International Students
If you plan on staying in the U.S. for your studies, you may want to build a credit history by getting an international student credit card. Here’s how to get a credit card as an international student and the best cards to pick from.
International students can get a credit card but they need to get an ITIN to apply for credit cards if they are ineligible for SSN. The best cards to get as international students would be those that do not require a credit history, have no annual fees and offer rewards on spending.
Capital One Quicksilver Student Credit Card is the best credit card for international students with an ITIN. It offers cash back rewards on purchases and charges no annual fee. International students who are unable to get an SSN or an ITIN can apply for Deserve® EDU card using their passport. International students eligible for an SSN can access most credit cards in the U.S.
International students can also use credit cards from their country in the U.S. but it comes with heavy fees and can become highly expensive. Therefore, it is better to get a local credit card as it will be more affordable comparatively. Moreover, it can help in building credit in the U.S. and widen your financing options in the future.
Below is our list of the best credit cards for international students along with their fees, benefits, and specific eligibility requirements.
Best Credit Card for International Students
Lender | Scholaroo rating | Regular APR | Credit Score |
---|---|---|---|
Deserve® EDU Mastercard for Students Best for students with no credit history Visit website | 22.99% | N/A | |
Capital One Quicksilver Student Cash Rewards Best for cashback rewards Visit website | 19.99% - 29.99% | No minimum credit score | |
Petal 2 Visa Credit Card Best for no fees Visit website | 17.99% - 31.99% | N/A | |
Capital One Journey Student Credit Card Best for cash back on travel Visit website | 29.99% | N/A | |
Chase Freedom Rise™ Credit Card Best for rewards without an annual fee Visit website | 26.74% | N/A |
Deserve® EDU Mastercard for Students
Best for students with no credit history
Capital One Quicksilver Student Cash Rewards
Best for cashback rewards
Petal 2 Visa Credit Card
Best for no fees
Capital One Journey Student Credit Card
Best for cash back on travel
Chase Freedom Rise™ Credit Card
Best for rewards without an annual fee
1. Deserve® EDU Mastercard for Students
2. Capital One Quicksilver Student Cash Rewards Credit Card
3. Petal 2 Visa Credit Card
4. Capital One Journey Student Credit Card
5. Chase Freedom Rise™ Credit Card
How to Get a Credit Card as an International Student?
Arrive in the States:
Firstly, you have to arrive in the country to be able to apply for any credit card. This is because all credit card issuers require applicants to have a U.S. address as an eligibility requirement for approval. You must also be at least 18 years old to apply for a card.
Apply for an ITIN:
Moreover, all credit card companies require either an SSN or an ITIN to qualify for a card. While not all international students are eligible to get an SSN, many can apply for an ITIN through Form W-7. Along with the associated form, you will also be required to submit supporting original or certified copies of the original documents listed in the instructions. You will only be required to submit your valid passport if it contains the date of entry. In case you do not wish to submit your passport, two other documents that can confirm your foreign status and identity must be submitted, and at least one of the two must contain a photo ID. A few examples of acceptable alternatives include a driver’s license, a visa issued by the U.S. government, a national identity card, and a civil birth certificate.
To check your eligibility, you can go through the information for applying for an ITIN as an international student on the Internal Revenue Service United States Government website. International students may be able to gain relevant information from their university’s international student office also.
Compare Card Options and Apply:
Once you have an ITIN, you can compare the best credit cards for international students to find the one that suits you most. After choosing a suitable option, you can apply for the credit card online through the bank’s website. You might also need to provide the company with assurance that you will be able to make the monthly payments with some sort of proof of income. Moreover, many credit card companies require a minimum level of credit score to apply which most international students do not have. In such a case, it is best to look for a secured or student credit card as they are most flexible in their eligibility requirements.
Most online credit card applications provide the applicants with a decision instantly if they have provided all the relevant information. However, for international students, it might be best to either apply in person or through a customer support representative as they can clear any confusion and may be able to suggest multiple options according to your situation.
Look for Alternates:
Some students are unable to qualify for both an SSN and ITIN. The best option for such students would be to apply to a lender, like Deserve®, that allows students to get credit cards using their passports. If possible, there is also an option of becoming an authorized user on someone else’s card. By becoming an authorized user, you can have access to the amount of credit the credit card owner does. However, in some cases, the credit card owners may set a maximum limit on your usage. Also, not all credit card companies allow international students to become authorized users.
How To Choose The Best Credit Card As An International Student
Choosing a credit card as an international student in the U.S. is a decision that requires careful consideration of various factors. Here’s a step-by-step guide to help you choose the best one:
- Understand Your Needs and Goals: Identify what you want from the card: Is it for building credit, earning rewards, or managing everyday expenses? Knowing your specific needs is crucial in finding a card that aligns with your financial goals.
- Check Eligibility Requirements: Look for cards that accept applications without a Social Security Number (SSN) or that are specifically tailored to international students. This step is vital, as not all cards will be accessible without an SSN or U.S. credit history.
- Consider Fees and Costs: Evaluate annual fees, foreign transaction fees, and interest rates. Choosing a card with no annual fee and no foreign transaction fees is generally a wise decision for international students to keep costs low.
- Examine Rewards and Benefits: Consider rewards that align with your spending habits, such as cash back on groceries or travel rewards. Look for additional benefits like free credit score access or student-specific perks.
- Evaluate Credit Building Tools: Look for cards that offer tools to help you understand and build your credit. These tools can be highly beneficial for someone new to the U.S. credit system.
- Consider Secured Credit Cards: If unsecured options are limited, explore secured cards that require a deposit but help build credit. While not as attractive as unsecured cards, they can be a good starting point for credit building.
- Read Reviews and Seek Guidance: Look for online reviews and ratings, or consult with your university’s financial services department. Peer reviews and professional guidance can provide insights that might not be apparent from promotional materials.
- Understand the Terms and Conditions: Thoroughly read and understand the terms, including interest rates, penalties, and how rewards are earned and redeemed. This step is essential to avoid unexpected surprises or fees.
- Consider Alternative Options: If a credit card is not feasible, explore other options like debit or prepaid cards.
Ways to Build Your Credit History as an International Student in the U.S.
Building credit history in the U.S. is important for anyone planning to stay in the country long-term, including international students. If obtaining a credit card is not feasible, there are still other methods to establish and build credit. Here are some alternatives:
- Secured Credit Cards: A secured credit card requires a cash deposit as collateral and is generally easier to obtain. This is often an excellent starting point for building credit, even if it may not offer as many benefits as an unsecured card.
- Become an Authorized User: If you have a family member or close friend with established credit in the U.S., you could become an authorized user on their account. While this can be a viable way to build credit, it requires a high degree of trust between the parties, as the primary account holder’s credit behavior will affect your credit history as well.
- Apply for a Loan with a Co-Signer: A personal loan with a co-signer who has good credit may be an option. This method requires careful planning, as taking out a loan should align with your financial goals and ability to repay.
- Utilize Rent Reporting Services: Some services will report your regular rent payments to credit bureaus, contributing to your credit history. This can be a natural way to build credit through an existing financial responsibility, though not all credit bureaus may consider rent payments.
- Open a Joint Account: Sharing a bank account with a U.S. citizen or permanent resident can sometimes help establish a credit presence. Similar to becoming an authorized user on a credit card, this method requires trust and shared responsibility.
- Use a Credit-Builder Loan: Some financial institutions offer credit-builder loans specifically designed to help individuals establish credit. This is a targeted way to build credit but must align with your broader financial strategy.
- Build a Relationship with a Bank or Credit Union: Establishing a relationship with a financial institution by maintaining a checking or savings account can sometimes lead to credit opportunities. Building a relationship with a local bank or credit union can create opportunities for credit that you might not find elsewhere.
- Consider Reporting Utility Payments: Some utility providers might report regular, on-time payments to credit bureaus. This option can vary widely by provider and location, but it’s worth exploring as it leverages regular monthly expenses.
FAQs
Can I get credit card as an international student?
Yes, international students can open a credit card in the U.S., although it may be more challenging without an SSN. If you are unable to qualify for an SSN, you can apply for most credit cards with an ITIN. Some lenders even accept passports for international students who do not have an SSN or ITIN in the U.S.
Which bank is best for international credit card?
Capital One is the best bank for credit cards for international students as it accepts applicants with ITIN too and those international students who are ineligible for SSN are eligible for an ITIN.
Which is the best credit card for international students without SSN or ITIN?
Deserve® EDU Mastercard for Students is the best card for international students without SSN or ITIN as you can apply for it with your passport.
Can you open a bank account as a foreign student?
Yes, foreign students can open a bank account in the U.S. Generally, you’ll need your passport, student visa, I-20 or DS-2019 form, and proof of address. Some banks might have partnerships with educational institutions, making the process even more straightforward.
Can international students get an SSN?
Yes, those international students who have permission to work in the U.S. legally may apply for an SSN.