Credit Cards In Usa For International Students

Are you an international student in the USA, struggling with understanding the complex world of credit cards? Look no further! In this article, we will explore everything you need to know about credit cards for international students. With our guidance, you will be empowered to take control of your financials, build a strong credit history, and make the most of the opportunities available in the Land of the Free.

Why International Students Need Credit Cards

Build a Credit History

As a newcomer to the US, it can be tough to establish a solid financial background. Credit cards are one of the most effective ways to build a credit history, which is crucial when applying for loans, mortgages, or even rental properties.

Cover Unexpected Expenses

Studying abroad can be expensive, especially when unexpected costs arise. A credit card can be a safety net, providing you with quick access to funds during emergencies.

Enjoy Rewards and Perks

Credit cards often come with rewards such as cashback, travel miles, and discounts on shopping. These bonuses can help you save money as you study, travel, and socialize in the US.

Understanding Credit Card Requirements for International Students

Applying for a credit card as an international student can be challenging due to the following:

• No Social Security Number (SSN) – Most banks require an SSN for credit card applications, which may not be easy for an international student to obtain.
• No Credit History – Having no credit history may lower your chances of approval, especially for premium cards with hefty rewards and benefits.

However, some credit card issuers cater to international students and offer cards with minimal requirements:

• Student-specific credit cards
• Secured credit cards
• Retail store credit cards

Top Credit Cards for International Students

Discover it® Student Cash Back

This student card offers 5% cash back on rotating categories, like restaurants and gas stations, for up to $1,500 in combined purchases per quarter. Plus, Discover will match all the cash back earned at the end of the first year for new cardholders. It also features a $20 statement credit each school year for maintaining a 3.0 GPA or higher.

Deserve® EDU Mastercard for Students

Designed for international students, this card doesn't require an SSN nor credit history. It offers 1% unlimited cashback on all purchases, no annual fee, and includes a free one-year Amazon Prime Student membership when you spend $500 in the first three billing cycles.

Capital One QuicksilverOne Cash Rewards Credit Card

This card offers 1.5% cash back on all purchases, with the potential for a higher credit limit after making the first 5 monthly payments on time. While it has a $39 annual fee, it doesn't require an SSN for international students.

Credit Cards In Usa For International Students Example:

Imagine you're an international student starting your studies at a US university. In your first month, you incur some unexpected expenses - your laptop breaks, and you need to buy a new one. With the Deserve® EDU Mastercard for Students, you can purchase a new laptop without having to wait for funds to become available. Additionally, you can earn cash back on that purchase, helping offset the cost. Over time, by responsibly using your credit card and paying off the balance, you build a strong credit history, preparing yourself for future financial milestones such as car loans or renting an apartment.

Now that you're equipped with the knowledge to navigate the world of credit cards for international students in the USA, you can make an informed decision and select the best card for your needs. By utilizing a credit card responsibly, you're investing in your financial future while reaping the rewards and benefits they provide. Don't forget to share this article with fellow international students, and explore other personal finance guides on Flik Eco to elevate your financial prowess.