For international students, credit cards offer financial flexibility, help establish credit history, and can be essential for managing expenses while studying abroad. Many banks provide credit cards specifically tailored to international students, often with flexible requirements and low credit limits to help students start building a responsible credit profile. This article breaks down what international student credit cards offer, the benefits, and the top options available.
Why International Students Need Credit Cards
Credit cards can be helpful for international students in many ways:
- Financial Flexibility: Credit cards offer a way to cover expenses, including unexpected costs, when cash flow is limited.
- Building Credit: Responsible usage helps students build a credit history, essential for future financial decisions if they plan to stay in the host country.
- Rewards and Perks: Many cards offer rewards, cashback, or discounts on everyday expenses, adding value to regular purchases.
Advantages of Credit Cards for International Students
| Advantage | Explanation |
|---|---|
| Emergency Support | Provides financial backup for unexpected expenses. |
| Credit Building | Helps establish credit history, useful for future financial needs. |
| Perks and Rewards | Many student cards offer cashback or points for everyday spending. |
Benefits of an International Student Credit Card
- Ease of Access: These cards have lower eligibility requirements, making them ideal for students.
- Credit History: By managing the card responsibly, students can build a positive credit history.
- Low Annual Fees: Many student credit cards come with low or zero annual fees, minimizing costs.
- Rewards on Essentials: Some cards offer cashback or points on groceries, travel, and dining.
Top International Student Credit Card Options
1. Deserve® EDU Mastercard for Students
- Annual Fee: $0
- Credit Limit: Varies
- Perks: 1% cashback on all purchases, Amazon Prime Student offer
- Best For: Building credit with a U.S. card without requiring a Social Security Number (SSN).
2. Scotiabank SCENE® Visa Card for Students (Canada)
- Annual Fee: $0
- Credit Limit: Starts from CAD 500
- Perks: Earn SCENE points for dining, entertainment, and more.
- Best For: Students in Canada who want rewards on entertainment.
3. HSBC International Student Credit Card (U.K.)
- Annual Fee: £0
- Credit Limit: Depends on the applicant’s income.
- Perks: Interest-free purchases up to 56 days if balance is paid in full monthly.
- Best For: Students in the U.K. looking for a basic card with lenient requirements.
4. ANZ First Student Credit Card (Australia)
- Annual Fee: AUD 30 after the first year
- Credit Limit: Starts from AUD 500
- Perks: Lower interest rate compared to standard cards, with no annual fee in the first year.
- Best For: Students in Australia who want an entry-level credit card with minimal fees.
Comparison Table
| Credit Card | Annual Fee | Credit Limit | Perks | Ideal For |
|---|---|---|---|---|
| Deserve® EDU Mastercard | $0 | Varies | 1% cashback, Amazon Prime Student | International students in the U.S. |
| Scotiabank SCENE® Visa | $0 | From CAD 500 | SCENE points | Entertainment rewards in Canada |
| HSBC International Student Credit Card | £0 | Income-based | 56-day interest-free period | Students in the U.K. |
| ANZ First Student Credit Card | $30 (after 1st year) | From AUD 500 | Lower rate, low annual fee | Budget-friendly option in Australia |
Eligibility Requirements
While eligibility varies, international student credit cards typically require:
- Proof of Enrollment: An acceptance letter or university ID proving full-time study.
- Residency: Some credit cards require an address within the host country.
- Income Proof: Evidence of sufficient income or funding to manage payments.
- Student Visa: Valid student visa for non-citizens.
For a detailed list of eligibility requirements and how to qualify, see the Deserve EDU Mastercard application page for an example of one international student-friendly credit card.
How to Apply for an International Student Credit Card
- Research Available Options: Select a card that suits your budget and spending needs.
- Prepare Documents: Have your passport, visa, proof of address, and enrollment documentation ready.
- Submit Application: Applications are typically available online. Fill in required details accurately.
- Await Approval: Approval times vary, but some cards may provide a decision within minutes.
- Activate and Use Responsibly: Make sure to pay on time and monitor spending to build credit.
FAQs
Q: Can international students get a credit card without an SSN in the U.S.?
A: Yes, some cards, like the Deserve® EDU Mastercard, don’t require an SSN for international students.
Q: What’s the best way to use a credit card to build credit?
A: Use the card for small, manageable purchases, and always pay your balance on time to build a positive credit history.
Q: Can I get a credit card without proof of income?
A: Some student credit cards accept scholarships, grants, or savings as proof instead of traditional income.
Q: Is there a difference between a debit card and a credit card for students?
A: Yes, credit cards allow borrowing, helping build credit, while debit cards only use funds you already have in your account.
Conclusion
An international student credit card can provide financial flexibility and help build credit history, which is essential for future financial decisions. From the Deserve® EDU Mastercard in the U.S. to Scotiabank’s SCENE Visa in Canada, there are several student-friendly options designed to fit the needs of international students across different countries. Carefully research and select the card that aligns with your goals, and remember to use it responsibly for the best financial experience.
To explore your options further, start with the Deserve EDU Mastercard if you’re studying in the U.S., as it offers great flexibility and cashback rewards tailored to students.
