Finally got your an SSN? What credit card should you apply for?

Getting an SSN can be a big step for an international student, the Social Security Number usually used as an identification number is asked by many banks or credit card companies in order to establish a person’s credibility. While choices for international students when it comes to ownership of credit card is limited having an SSN can open up their choices and allow the student can be more selective in choosing a card that suits their lifestyle.  

When choosing a credit card it is advised that the student use a strategic approach and apply for a credit card that provides them with the best returns. Some aspects of credit cards that may interest students would be their rewards policies/points offered by the credit card, as a student who is often tight on budget APR rates and annual fees of the card is could be of interest to them.

Below we have listed down two cards that can be ideal for an international student who has recently gotten their SSN.

Discover it Student Credit Card for Cash Back Rewards

Discover it student credit card is one of the most rewarding cards for a student, it offers 5% cash back on quarterly rotation categories and 1% cash back on the rest. This card can be a good pick for as your first credit card as it starts off with zero annual fees and a 0% Intro APR for 6 months on purchases and a 13.99%-22.99% Variable Purchase APR giving you a little breathing time to get used to the card payments as well.  Nevertheless, APR’s are just relevant if you fail to make the full payment of your bills, hence we advise you to make credit card payments during the grace period itself to avoid the APR altogether. Your Fico Credit scores are calculated as well by Discover helping you create a credit history.

Furthermore, due to its 5% cash back on quarterly rotation with categories, such restaurants and gas one can really benefit if they fully take advantage of these rotations. It is all about how you use this card to get the best cash back. For example:  If the card is offering  5% cash on restaurants and you go to dinner with friends, paying for dinner with your card and having your friends pay you with cash will set you to enjoy a higher cash back.

Additionally, the first year is great for Discover it Card users as the card doubles all of your cash backs,  a bonus for college students who are often running on a low budget.

However,  a slight disadvantage of having a Discover card would be its lesser known status when compared to contemporaries such as Visa and Master, while the Discover it card does provide you with zero foreign transactions you may not be able to use it to its advantage as many oversee countries do not accept the Discover card.That being said, for a card targeted at students the cash back schemes are highly economically.

Captial One Journey Student Credit Card to build your credit score

Students have varying needs and different aspects of credit cards can draw them into getting one. Capital One Journey Student Credit Card offers a 1% cash back on all purchases and a boost of 1.25% cash for that month back if you pay your bills on time. The card is has been structured in such a manner that it encourages students to build their credit score, as 1.25% cashback could be a great incentive to make the timely payments. Furthermore, the Capital One Journey Credit Card also increases your credit line after making your first five full monthly payments giving you more opportunities to increase your credit scores. Additionally, this Visa Card it is globally recognized and accepted and with no foreign transaction cost making it ideal for students looking to travel or go on exchange programs to foreign locations.  Moreover, for international students, the auto rental insurance in the case of collision and theft can be very cost effective especially since car insurance can be very expensive.

The little downside of this is the card is probably the APR which runs slightly on the higher side for a student-based credit card with 24.99% but should not be a problem if you make full payments.

Highlights:

READ  5 reasons an international student in the US needs a credit card
Discover It Student Credit Card Captial One Journey Credit Card For students
  • Gives you 1% cash back on selected items and and 5% cash back in quarterly rotation selected categories.
  • Doubles your first-year cash backs.
  • Helps you have a credit history
  • No foreign transaction cost

For : Students who enjoy hefty cash backs but will have to be strategic with their spending

  • 1% cash back on every purchase and a boost of 1.25% cash if you make full payment.
  • A visa card easily recognized and accepted everywhere.
  • Increases your credit limit overtime.
  • No foreign transaction cost.
  • Auto rental insurance

For: Students looking to build credit score, also ideal for those looking have exchange programs in foreign countries

Honorable mentions:

Citi Bank Thank You Preferred credit cards Rewards Credit Card

This card is great for heavy spenders with rewards policies that can be compared to higher-end credit cards such as Chase Sapphire Preferred. With no annual cost, the card provides you with thank you points 2x on dining and entertainment and 1x on all other purchases. The points can be redeemed by buying gifts, merchandise, travel, and concerts.  Enjoy a 0% APR on purchases for the first 15 months and after a APR rate between 14.49 % – 24.49 % based on your credit history.  This card has great rewards but is not the most economically, it would be a great fit for someone who has the ability to afford the necessities and looking for a card that provides them with credit rewards. Based what the credit cards are offering it can be possible to understand the kind of customers targeting, hence while choosing a card does not go with a one size fit mentality and try to find a card that best suits your need and lifestyle.

  • Leave a Reply

    This site uses Akismet to reduce spam. Learn how your comment data is processed.