Studying abroad is an exciting opportunity to gain diverse experiences, meet new friends from all over the world, and immerse yourself in a different culture. But, for many students, managing finances can be a challenge. One way to tackle this issue is to be equipped with the right credit card. In this guide, we will share the best student credit cards for study abroad, helping you make the most of your overseas experience and ensure you make smart financial decisions.
Best Student Credit Cards For Study Abroad Table of Contents
Why do you need a student credit card while studying abroad?
Why do you need a student credit card while studying abroad?
- No foreign transaction fees: Using a credit card designed for international use means you won't be hit with hefty foreign transaction fees every time you make a purchase, which can save you a significant amount of money.
- Protection against currency fluctuations: A credit card protects you from fluctuating foreign exchange rates, as your bank will handle the conversion at a locked-in rate.
- Fraud protection: Credit cards generally offer better fraud protection and management of unauthorized charges compared to debit cards.
- Improving credit score: By using a credit card responsibly while studying abroad, you can help establish a good credit history, which is essential for future financial goals like renting an apartment or taking out a loan.
- Rewards and perks: Many student credit cards offer rewards programs, cashback, or travel perks that can help you save money and make your study abroad experience more enjoyable.
Top Student Credit Cards for Study Abroad
1. Discover it® Student chrome
- No annual fee and no foreign transaction fees
- 2% cashback at gas stations and restaurants, up to $1,000 in combined purchases each quarter, and 1% cashback on all other purchases
- Good Grades Rewards feature offers a $20 statement credit each school year if you maintain a GPA of 3.0 or higher
- Free FICO credit score access and monitoring
- 0% intro APR on purchases for 6 months, followed by a variable APR between 12.99%-21.99%
- Discover is widely accepted internationally
2. Capital One QuicksilverOne Student
- $39 annual fee and no foreign transaction fees
- 1.5% cashback on all purchases, with no limit to the amount you can earn
- Access to a higher credit line after making your first 5 monthly payments on time
- Free CreditWise service to monitor your credit score
- Visa card, meaning widespread acceptance worldwide
- Variable APR of 26.99%
3. Bank of America® Travel Rewards for Students
- No annual fee and no foreign transaction fees
- Unlimited 1.5 points per $1 spent on all purchases
- 25,000 bonus points if you spend $1,000 in the first 90 days, which can be redeemed for a $250 statement credit toward travel purchases
- Flexible redemption options, including travel, statement credit, gift cards, or cash
- 0% intro APR on purchases for 12 months, followed by a variable APR between 13.99%-23.99%
- Visa card, meaning widespread acceptance worldwide
Best Student Credit Cards For Study Abroad Example:
Imagine you're a student studying abroad in Spain. You opted for the Discover it® Student chrome card. During your semester, you spend $500 on dining out and filling your car's tank. You earn 2% cashback for these purchases, giving you an extra $10 to spend during your time abroad. Additionally, you spend $2,000 on various other purchases, earning 1% cashback, which gives you another $20. Moreover, since you maintained a 3.0 GPA or higher, you receive a $20 statement credit as part of the Good Grades Rewards feature. In total, you enjoyed $50 in rewards and saved on foreign transaction fees while studying abroad.
Now that you're equipped with the knowledge of the best student credit cards for study abroad, you can confidently make a decision that aligns with your spending habits, financial needs, and travel plans. Remember that using a credit card responsibly while studying overseas can help set you up for future financial success. If you found this guide helpful, please feel free to share it with your friends and fellow study abroad enthusiasts. And don't forget to explore other guides on Flik Eco to help you make wise financial choices during your academic journey and beyond.
