Best Credit Cards For Students Studying Abroad

Are you planning to study abroad and looking for the best credit cards to make your international student life more convenient? Look no further! In this article, we'll help you navigate through the complex world of credit cards and find the perfect option for students studying overseas.

Why do students studying abroad need a credit card?

When studying abroad, having a credit card is essential for a number of reasons:

• Convenience - Credit cards are widely accepted around the world, making it easier to pay for your everyday expenses such as groceries, transportation, and dining out.
• Emergencies - Unexpected situations can arise while you're overseas. A credit card can help you out in a pinch if you need to cover medical costs, return flights, or accommodation.
• Building credit history - Having a credit card allows you to establish a credit history, which will be helpful when applying for loans, mortgages, and future credit cards.
• Rewards and benefits - Many credit cards offer rewards such as cashback and travel perks, helping you save money and improve your overall experience while studying abroad.

Factors to consider when choosing a credit card for studying abroad

Here are some critical factors you should look out for when selecting a suitable credit card for your time overseas:

• No foreign transaction fees: Some credit cards charge a fee (typically 2-3%) on each purchase made in a foreign currency. Opt for a card with no foreign transaction fees to avoid these added costs.
• Chip-and-PIN technology: Many countries use chip-and-PIN technology for card transactions. Choose a card with this feature to ensure hassle-free payments.
• Rewards and bonuses: If you plan to spend a significant amount on your credit card, look for cards that offer cashback or travel rewards to make your spending more worthwhile.
• Limited or no annual fees: As a student, you'll want to minimize extra costs, so consider a card that offers no annual fee or a reduced fee for students.
• Acceptance: Choose a card from a widely-accepted network, such as Visa or Mastercard, to ensure its usability wherever you go.

Best credit cards for students studying abroad

Based on the factors mentioned above, these are some of the best credit cards for students who are planning to study abroad:

1. Discover it® Student Cash Back: This card offers 5% cashback rewards on rotating categories (on up to $1,500 in spending each quarter) and 1% on everything else. Plus, there are no annual fees, foreign transaction fees, or late fees on your first late payment.
2. Bank of America® Travel Rewards Credit Card for Students: This card allows you to earn 1.5 points for every dollar spent, with no foreign transaction fees or annual fees. Points can be redeemed for travel expenses like flights, hotels, and rental cars.
3. Capital One QuicksilverOne Cash Rewards Credit Card: With 1.5% cashback on every purchase, this card is great for students looking for consistent rewards. It also has no foreign transaction fees but comes with a $39 annual fee.

Best Credit Cards For Students Studying Abroad Example:

Imagine you're studying abroad in Spain for a semester. You choose the Bank of America® Travel Rewards Credit Card for Students because of its travel rewards and no foreign transaction fees. During your time in Spain, you spend around $3,000 on the card. At 1.5 points per dollar, you'll earn 4,500 points, which can be redeemed for $45 worth of travel-related expenses. By using this card, you've not only saved on foreign transaction fees but also earned travel rewards to offset some of your costs.

Choosing the right credit card for your study abroad experience is crucial to maximize convenience, minimize fees, and make the most of your spending. The cards mentioned above are just a few options worth considering, but always be sure to research and compare cards based on your specific needs and spending habits. If you found this article helpful, don't forget to share it with fellow students heading abroad! And be sure to check out other guides and tips on Flik Eco for all things personal finance and investing.