Studying abroad can be an exciting and life-changing experience for students, but it also comes with its own set of challenges, such as managing your finances efficiently. One of the essential tools to have in your financial arsenal while abroad is an international credit card tailored to students' unique needs. In this article, we will explore the world of international credit cards for students, their benefits, and some of the top options available on the market.
International Credit Cards For Students Table of Contents
Why Do Students Need an International Credit Card?
An international credit card is crucial for students studying abroad for several reasons:
- No foreign transaction fees: Most student-focused international credit cards waive foreign transaction fees, saving you money on every purchase made outside your home country.
- Wide acceptance: Visa and Mastercard, two of the most popular international credit card networks, are widely accepted in most countries worldwide, ensuring you can make purchases wherever you go.
- Build a credit history: Using an international credit card responsibly not only helps you manage your finances abroad but also allows you to build a credit history, which is essential for securing loans, mortgages, and other financial products in the future.
- Travel rewards and perks: International credit cards for students often come with travel-related benefits, such as airline miles, hotel rewards, airport lounge access, and travel insurance, making your overseas experiences even more enjoyable.
Top International Credit Cards for Students
While there are many international credit cards available, the following options are specifically designed for students with features and benefits tailored to their needs:
1. Journey Student Rewards from Capital One
- No annual fee or foreign transaction fee
- 1% cashback on all purchases, increased to 1.25% when monthly payments are made on time
- Eligible for a higher credit line after making on-time payments for the first six months
2. Deserve EDU Mastercard for Students
- No annual fee, foreign transaction fee, or required security deposit
- 1% unlimited cashback on all purchases
- Free Amazon Prime Student subscription for the first year
3. Bank of America Travel Rewards Credit Card for Students
- No annual fee or foreign transaction fee
- 1.5 points per dollar spent on all purchases, with no expiration on points
- 25,000 bonus points if you make at least $1,000 in purchases in the first 90 days
How to Choose the Right International Credit Card for Students
When selecting an international credit card, consider the following factors:
- Foreign transaction fees: Look for a card without foreign transaction fees to save money on purchases made overseas.
- Rewards and perks: Choose a card that offers rewards and perks that align with your spending habits and travel needs.
- Interest rates: As a student, you may not have a steady income source, so it's essential to find a card with low-interest rates if you plan on carrying a balance.
- Annual fees: Many cards tailored for students have no annual fees, but be sure to check the terms and conditions before applying.
International Credit Cards For Students Example:
Imagine you are a student from the United States studying abroad in Spain for a year. You decide to apply for the Bank of America Travel Rewards Credit Card for Students, which offers no foreign transaction fees and travel-related rewards.
During your stay, you use your card to purchase groceries, pay for public transportation, and occasionally treat yourself to a meal out. With the 1.5 points per dollar spent on every purchase, you accumulate a substantial number of points by the end of your program.
These reward points can be redeemed for travel-related expenses, like flights and hotels, allowing you to plan an unforgettable trip around Europe before heading back home. Additionally, using the card responsibly, making payments on time, and staying within your credit limit, you've built a solid credit history that will ultimately benefit your financial future.
Navigating the world of international credit cards for students can be overwhelming, but by understanding the benefits and carefully considering your options, you can find the perfect card to accompany you on your overseas adventure. Don't forget to share this article with your fellow globetrotters and explore other guides on Flik Eco for invaluable personal finance tips and advice tailored to your needs.