Best Credit Cards For Studying Abroad

Studying abroad can be an exciting and life-changing experience, but navigating the world of personal finance and credit cards while abroad can be daunting. Not to worry! Flik Eco has your back with a comprehensive guide on the best credit cards for making your study abroad experience smooth sailing. Let's dive in and equip you with the best financial tools to tackle your international adventure!

Why A Credit Card is Important for Studying Abroad

• Security: Credit cards provide an additional layer of protection against theft. If you lose cash or a debit card, it's often more difficult to recover your funds. With a credit card, you can quickly freeze your account and limit unauthorized transactions.
• Foreign Transaction Fees: Not all credit cards are created equal. Some offer zero or low foreign transaction fees, which can save you a lot of money during your time abroad.
• Rewards and Benefits: Use your time abroad to accumulate rewards that make your travel even more enjoyable, such as airline miles, cashback, or hotel accommodations.

Best Credit Cards for Studying Abroad

1. Chase Sapphire Preferred Card

This card is an excellent choice, offering a sign-up bonus, a 2x point-per-dollar reward on all travel and dining, and no foreign transaction fee.

2. Bank of America Travel Rewards Credit Card

This card is perfect for students who want flexibility in their rewards. With no annual fee, 1.5 points per dollar spent on all purchases, and no foreign transaction fee, this card is a solid choice for studying abroad.

3. Capital One Quicksilver Cash Rewards Credit Card

This card offers unlimited 1.5% cashback on all purchases, no foreign transaction fees, and a simple reward structure, making it a great option for students abroad.

4. Discover it® Student Cash Back

This student-focused card provides 5% cash back on rotating categories, like restaurants, gas stations, and Amazon.com, and 1% cash back on all other purchases. Discover also generously matches all cash back earned within the first year, and there's no foreign transaction fee.

Important Factors to Consider

• Annual Fee: Some credit cards charge an annual fee, which may outweigh the card's benefits. Be sure to weigh the pros and cons before choosing a card with an annual fee.
• Credit Requirements: Some of these cards may require a good to excellent credit score. As a student, you may not have had enough time to build up your credit history. Check your credit score and, if necessary, look for a card with lower credit requirements.
• Grace Period: A grace period is the time between the end of a billing cycle and the due date for payment. If possible, choose a card with a longer grace period to give you more time to pay off your balance without incurring interest charges.

Best Credit Cards For Studying Abroad Example:

Let's say Jane is studying abroad in London for six months. Having done her research, Jane decides to apply for the Bank of America Travel Rewards Credit Card. She books her round-trip flight to London using the card, earning 1.5 points per dollar spent. Throughout her time abroad, Jane uses the card for all purchases to maximize her rewards. She benefits from zero foreign transaction fees and accumulates enough points to redeem a $250 statement credit to cover part of her travel expenses.

By choosing the right credit card for studying abroad, you'll ensure a smooth financial experience and earn rewards to make your adventure even more memorable. Use Flik Eco as your go-to resource for personal finance and investing tips tailored for millennials. Share this article with friends and explore other guides on Flik Eco to empower your financial journey, both at home and abroad!