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As an international student, navigating a new country’s financial system can be challenging. One of the most significant aspects of establishing financial independence is acquiring a credit card. However, it’s not always easy for international students to obtain one due to a lack of credit history or even a Social Security Number (SSN). The good news is that many credit cards are designed to cater to international students, offering benefits like no credit history requirements, low fees, and reward programs.
In this articles, we’ll explain the top credit cards for international students, highlighting their features, requirements, and benefits. These credit cards are accessible, have student-friendly terms, and help you build credit in your new home country.
Why Do International Students Need a Credit Card?
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Before diving into the best options, it’s important to understand why a credit card is essential for international students.
Credit Building: A credit card helps you build your credit score, which is crucial for future financial endeavors like renting an apartment, securing a loan, or even landing a job.
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Safety and Convenience: Credit cards offer a safer way to carry money compared to cash. Additionally, they provide fraud protection, unlike debit cards.
Emergencies: In case of unexpected expenses, such as medical bills or urgent travel, a credit card can be a lifesaver.
Rewards and Cashback: Many credit cards offer rewards like cashback on purchases, helping students save money on everyday expenses.
Factors to Consider When Choosing a Credit Card
Here are some essential factors international students should consider before applying for a credit card:
Credit History Requirements: Some credit cards don’t require any credit history, making them perfect for international students who are new to the country.
Look for cards with minimal or no yearly fees.
Foreign Transaction Fees: If you’re traveling home or purchasing from international websites, avoid cards that charge foreign transaction fees.
Interest Rates (APR): Opt for a card with a low APR, especially if you plan to carry a balance.
Rewards and Perks: Choose a card that offers rewards for purchases you’re likely to make, such as groceries, gas, or dining.
Top Credit Cards for International Students
1. Deserve® EDU Mastercard for Students
Overview: The Deserve EDU Mastercard is a popular choice among international students in the U.S. because it does not require a credit history or SSN to apply. It offers cashback rewards and a host of student-friendly benefits.
Annual Fee: $0
Rewards: 1% cashback on all purchases
Credit History: No prior credit history required
Foreign Transaction Fees: None
APR: Variable APR of 22.49%
Other Benefits: Amazon Prime Student subscription for one year (valued at $59), no security deposit required.
Why It’s Good for International Students:
No SSN is required, making it accessible to international students.
The lack of foreign transaction fees makes it ideal for students who travel abroad or make purchases from foreign merchants.
Potential Downsides:
The variable APR is relatively high, so carrying a balance can be costly.
2. Capital One SavorOne Student Cash Rewards Credit Card
Overview: Capital One’s SavorOne Student Cash Rewards Credit Card is a fantastic option for students who enjoy dining out or entertainment. It offers excellent cashback rewards on everyday spending categories that are particularly relevant to students.
Annual Fee: $0
Rewards:
3% cashback on dining, entertainment, and popular streaming services
3% cashback at grocery stores (excluding superstores like Walmart and Target)
1% cashback on all other purchases
Credit History: No credit history required
Foreign Transaction Fees: None
APR: 19.99% – 29.99% variable
Other Benefits: No foreign transaction fees, extended warranty protection, travel accident insurance.
Why It’s Good for International Students:
No foreign transaction fees.
High cashback rewards in categories where students tend to spend the most.
Capital One is known for approving applicants with little or no credit history.
Potential Downsides:
The APR can be on the higher side, so it’s best to pay off the balance in full each month.
3. Bank of America® Travel Rewards for Students
Overview: If you’re an international student who enjoys traveling or plans to travel frequently, the Bank of America Travel Rewards Credit Card for Students is an excellent choice. It allows you to earn unlimited points that can be redeemed for travel expenses.
Annual Fee: $0
Rewards:
1.5 points for every dollar spent on all purchases
25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of opening the account
Credit History: Some credit history required
Foreign Transaction Fees: None
APR: 17.99% – 27.99% variable
Other Benefits: Points can be redeemed for travel expenses like flights, hotels, vacation packages, and more.
Why It’s Good for International Students:
No foreign transaction fees.
Great rewards system for students who travel frequently.
0% introductory APR on purchases for the first 15 billing cycles.
Potential Downsides:
Some credit history may be required, making it harder for new international students to qualify.
4. Discover it® Student Cash Back
Overview: Discover it Student Cash Back is a favorite among students because of its rotating 5% cashback categories, which change every quarter. It also offers a dollar-for-dollar match on all cashback earned in the first year.
Annual Fee: $0
Rewards:
5% cashback in rotating categories (on up to $1,500 in purchases each quarter) such as gas stations, restaurants, and grocery stores
1% cashback on all other purchases
Credit History: No credit history required
Foreign Transaction Fees: None
APR: 17.24% – 26.24% variable
Other Benefits: First-year cashback match, free FICO credit score monitoring, $20 statement credit each school year your GPA is 3.0 or higher for up to 5 years.
Why It’s Good for International Students:
No SSN is required when you first apply (can be added later).
Cashback match in the first year can lead to significant rewards.
The GPA reward encourages academic excellence.
Potential Downsides:
Rotating categories can be limiting, especially if the spending categories don’t match your usual expenses.
less commonly accepted overseas than Mastercard or Visa.
5. Jasper Mastercard
Overview: Jasper Mastercard is tailored for professionals and students, particularly those who are new to the U.S. It allows you to apply without a U.S. credit history and focuses more on your potential to earn.
Annual Fee: $0
Rewards: 1% cashback on all purchases, with the possibility of increasing to 6% when you refer friends
Credit History: No credit history required
Foreign Transaction Fees: None
APR: Variable APR starting at 18.74%
Other Benefits: No security deposit required, mobile-friendly app.
Why It’s Good for International Students:
Easy to apply for without a U.S. credit history.
Ideal for students who want a straightforward cashback system without worrying about rotating categories.
Potential Downsides:
The cashback rate is lower than other cards unless you refer multiple friends.
Final Thoughts
Building credit as an international student is not only possible but also crucial for your financial future. The key is finding a credit card that meets your needs, offers reasonable terms, and doesn’t require a credit history. Whether you prioritize travel rewards, cashback, or building credit, there’s a card out there for you.
The Deserve EDU Mastercard and Discover it Student Cash Back are excellent choices if you’re just starting and have no credit history, while Capital One SavorOne and Bank of America Travel Rewards cater to students looking for specialized rewards like dining or travel. Whichever card you choose, be sure to use it responsibly by paying your balance on time and in full to avoid interest and build a strong credit history.
