When you click on the "Apply Now" button, you can review the credit card terms and conditions on the provider's website. We think it's important for you to understand how we make money. But like the SavorOne, it is recommended for fair credit, meaning youd typically need a FICO score of at least 580. Student credit cards are not the only option for building credit and expanding financial freedom while enrolled, but often provide a more financially rewarding and beneficial option over alternatives. Choosing a credit card that matches your travel plans can help maximize your benefits and help minimize your costs. The best travel rewards credit cards don't have foreign . Know why you want one and how your kid will use it, leverage the ways purchases are commonly made where theyre headed and be mindful of how to avoid fees. Note that the Credit CARD Act of 2009 stipulates credit cards cannot be issued to anyone under 21 unless a parent or guardian co-signs for them or they have independent income. Please try again later. However, while it can give you an idea of your chances, it doesnt guarantee approval. Just a dollar-for-dollar match. Points can be redeemed for a travel credit toward purchases from qualifying merchants or a cash reward. Our partners cannot pay us to guarantee favorable reviews of their products or services. You typically get the best rates by paying in the local currency and having your credit card company run the currency conversion.. This card does charge foreign transaction fees, so its not a good choice for students who want to study abroad. The card can also serve as a safety net if an emergency arises during their travels. How to use your student card to build credit, The best credit cards for students abroad, Capital One SavorOne Student Cash Rewards Credit Card, The best student credit card for earning cash back, Capital One Quicksilver Student Cash Rewards Credit Card, Petal 2 "Cash Back, No Fees" Visa Credit Card, Petal 2 Cash Back, No Fees Visa Credit Card. Some could come in handy if you find yourself in an emergency situation. Intro Offer: Unlimited Cashback Match - only from Discover. It also comes with extended warranty** and travel accident insurance**, a rare find for a student card. After graduating with a journalism degree from SUNY Oswego, he wrote credit card content for Credit Card Insider (now Money Tips) before moving to ZDNET Finance to cover credit card, banking and blockchain news. A major reason many students should consider student credit cards is the opportunity to build healthy credit. And for international students, the credit card issuer doesnt even require a Social Security number to apply. This site may be compensated through third party advertisers. You dont want to overspend just because the card earns rewards for a purchase you dont typically buy. That said, what is best for the majority of students might not be right for you. Megan Lee joined the travel rewards team at NerdWallet with over 12 years of SEO, writing and content development experience, primarily in international education and nonprofit work. Entertainment purchases include movies, amusement parks, record stores and bowling alleys, to name a few. 17.99% - 27.99% Variable APR on purchases and balance transfers. Evan Zimmer Our recommendations are based on our editors independent research and analysis, and we continuously update our content to reflect current partner offers. Though student card rewards remain unlikely to compete with the best rewards cards on the market, theyre often better than rewards offered by secured cards and other options for those with little to no credit history. $0 annual fee. No minimum balance or monthly fees. Receive one year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles with your EDU card. 10%, Earn unlimited 1.5% cash back on every purchase, every day, 1% Flexibility, point transfers and a large bonus: How Much Are Travel Points and Miles Worth in 2023? Are you sure you want to rest your choices? The best student credit cards were chosen based on the following: We paid special attention to APRs and other factors that could negatively affect students (who are more likely to have minimal knowledge and experience with credit cards). Do your research before deciding which cards will best help you achieve your financial goals. A credit card issuer is the company or lender that issues you your line of credit like Capital One or Chase. That means AmEx could be less convenient for your kid on the go. The quarterly bonus categories may or may not fit how you spend, meaning you might not maximize your earning potential every single quarter. Credit card processing technologies today can usually recognize whether the card uses a PIN, so the terminal in that European train station is less likely to demand a PIN you dont have. To make the most of a student credit card, use the opportunity to build better credit and great spending habits. CNET Moneys mission is to help you maximize your financial potential. The Capital One SavorOne Student Cash Rewards Credit Card* offers some of the best rewards found on a card without an annual fee. If you are of age and feel you are ready to carry a credit card, signing up for a student credit card is a solid stepping stone for learning about how credit works as well as how to manage your finances in a responsible way, while enjoying the benefits of various student offers such as low or no monthly service fees. Another top pick for travel Capital One's Quicksilver Cash Rewards Credit Card has no annual fee. And instead of relying solely on your credit history, the Petal 2 Visa Credit Card looks at your digital financial records when determining its potential risk and deciding whether to approve you for credit. You should consider several factors when deciding if you want an annual fee, but first among them is whether or not youll receive enough additional benefit from the annual fee. annual fee, your child can earn 2x points on travel (including flights, hotels and public transit), 3x points on restaurants; 5x points on qualifying Lyft rides through March 2025; plus 1 point per dollar spent on all other purchases. No credit score? Many large companies, including Apple or Amazon, also offer many discounts and promotions for students, so using a gift card with proof of student enrollment might result in a net discount on some products. You might be using an unsupported or outdated browser. If youre about to apply for your first credit card, we recommend you read our guide to applying for your first credit card. No one credit card is right for everyone in a demographic, but weve chosen the Discover it Student Cash Back as the best overall credit card for students. None of the cards listed above charge foreign transaction fees, making them good choices to bring on your international travels. 5. Carefully consider a few important items when selecting the right card for you. It belongs to the Visa network so you can use it pretty much anywhere internationally, whether you're traveling or studying abroad, and it features a $0 foreign transaction fee. Build credit alongside hundreds of thousands of Petal card members. Looking for more information? People in other countries dont necessarily use credit cards as often as Americans. You can help your child to start building credit early, but what better time to challenge them with more responsibility than their first trip abroad? The Discover it Student Cash Back offers a unique combination of strong earning rates and a welcome bonus not typically seen in student cardsin fact, we give it the title of best cash-back card for students and the best welcome bonus for students, too. When evaluating offers, please review the financial institutions Terms and Conditions. Which credit cards are most widely accepted in their destination? Reading the fine print of any card agreement should be done before agreeing to anything. This isnt as big a problem as it used to be. Learn more: NerdWallets best overall travel credit cards. Some cards offer generous welcome bonuses, but are not the best for actual category bonuses. The Deserve EDU Mastercard also has no annual fee nor foreign transaction fees. The basic building block of a solid financial futurecreditcan be hard to place. These two features will be critical for international students, especially those who dont have a Social Security number. Credit Karma is a registered trademark of Credit Karma, LLC. Travel benefits may be another consideration. However, it may not include any travel protections, and could potentially carry a high APR -- a fix solved by not carrying a monthly balance to avoid costly interest charges. Check out our Capital One Quicksilver Student Rewards card review. Both are rolled together on your credit card statement. For new cardholders this could be a direct and simple way to manage payments while still offering the benefit of not having to pay directly from a debit account when making a purchase. For this reason, its not as challenging to be approved for a secured card, as the cash deposit ensures an outstanding balance will not be left unpaid. Auto, homeowners, and renters insurance services offered through Karma Insurance Services, LLC (CA resident license #0172748). You should never miss a minimum payment and dont spend more than you can afford to pay off at the end of the month. With the Bank of America Travel Rewards credit card for Students, youll earn 1.5 points for every $1 spent on all purchases. To earn the Companion Pass, a customer must earn 135,000 qualifying points or fly 100 one-way flights in a calendar year. You can read more about it in our Discover it Student Cash Back review. Discover cards dont charge an annual fee, but they also dont offer shopping or travel protections, so the primary selling point is its rewards program. But, traveling internationally can be expensive, and converting currencies adds an extra layer of complexity. With the right credit card, your child can start building credit responsibly while also enjoying the many travel perks that credit cards can deliver. Welcome Offer: Unlimited Cashback Match - Discover will automatically match all the cash back earned at the end of the first year. We believe everyone should be able to make financial decisions with confidence. And if you use a card that offers an introductory 0% purchase APR for a certain amount of time say to purchase school supplies or cover an emergency you need to make sure that you bring your balance down to $0 before the introductory period ends if you want to avoid interest charges. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening that can be a $250 statement credit toward travel purchases. The Wells Fargo Cash Back College Card lets you earn 3% cash back on up to $2,500 spent on gas, grocery, and drugstore purchases for the first 6 months and 1% cash back for all other purchases. Best for U.S. students studying abroad: Bank of America Travel Rewards credit card for Students Best for building credit: Journey Student Rewards from Capital One Best for no fees: Petal 2 Visa Credit Card Best for international students studying in the U.S.: Deserve EDU Mastercard From our partner Deserve EDU Mastercard 3.9 out of 5 Disclaimer: NerdWallet strives to keep its information accurate and up to date. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Get more smart money moves straight to your inbox. Rewards: Earn 10% cash back on purchases made with Uber & Uber Eats through 11/14/2024, unlimited 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% unlimited cash back on every purchase. What are the hidden fees and how do you avoid them? Use your card to book your trip how and where you want youre not limited to specific websites with blackout dates or restrictions. One of our favorites is the Bank of America Travel Rewards Credit Card for Students; you can find it on our list of the best student credit cards. Access your FICO Score for free within Online Banking or your Mobile Banking app. **For Capital One products listed on this page, some of the above benefits are provided by Visa or Mastercard and may vary by product. Chip-and-PIN or chip-and-signature technology? But if you can reach it through normal spending, youll earn 25,000 online bonus points (after spending $1,000 in the first 90 days), which can be redeemed for a $250 statement credit to use towards travel and dining expenses. If you cant afford to pay off your balance in full, the interest you accrue could eat into any bonus rewards you earn. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. But like the SavorOne, it is recommended for fair credit, meaning youd typically need a FICO score of at least 580. It also has a 0% introductory APR for 15 months, with a rate of 19.74% - 29.74% after that time. What is the cards APR? The downside is, it typically requires fair credit to qualify so it may not be a feasible option for every student. This is just one scoring method and a credit card issuer may use another method when considering your application. Its far more convenient to exit school with good credit, especially if you plan to apply for other cards, loans or a mortgage. We recommend the Capital One SavorOne Student Cash Rewards card when traveling abroad. When studying abroad in Namibia, for instance, it would be silly to rely solely on a credit card because most businesses require cash. Another expense that you should be prepared for is the exchange rate. Rather than handing your child a credit card thats fully their own, you could add them to yours as an authorized user. 1% cash back on eligible purchases right away. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Reading terms and conditions and ensuring you fully understand them should be done before applying for a card. Discover and American Express are both a credit card issuer and payment network. A credit card issuer is the company or lender that issues you your line of credit like, A credit card payment network or processor, -- like Visa or Mastercard -- are the companies that facilitate their payments. The above cards are issued by three prominent payment networks: Visa, Mastercard and Discover. "Plus, many offer travel-related rewards and insurance benefits that can come in handy.". Discover it Student chrome at Discover Card's secure website STUDENT RATING 4.7 OVERALL RATING 4.0/5.0 Our Review INTRO OFFER: Unlimited Cashback Match - only from Discover. Chauncey grew up on a farm in rural northern California. 1% cash back on eligible purchases right away. So how do we make money? So long as youre using under 30% of your total available credit, your credit score should be in good shape. Before you start shopping for your soon-to-be world traveler's credit card, consider what your child will be using the credit card for. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The Journey Student Rewards from Capital One*, for instance, requires applicants only meet a specified credit and income requirement, though we dont generally recommend the card. The Capital One SavorOne Student Cash Rewards Credit Card offers excellent benefits and with fantastic cash back in high-spend categories, the rewards are big on dining, entertainment and at grocery stores. Bon voyage! How will foreign transaction fees and exchange rates impact their spend? Applying for a student credit card (especially if youve never had a credit card before) can help you start building credit. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency. Apply for a Tangerine Money-Back Credit Card by July 5 . If a credit card issuer and network charges a foreign transaction fee, itll typically charge you 3% to 5% of the purchase you made in another country. Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. A 3% fee applies to all balance transfers. The most important thing to remember is to pay your monthly bill on time and in full, if you can. The Discover it Student Cash Back* is another great card if youre traveling abroad. So this card might be a great option if youre worried about getting into trouble with fees with your first credit card. You can usually apply for a student credit card in person at a local bank branch or online with the card issuer of your choice. Access your FICO Score for free within Online Banking or your Mobile Banking app. Most of the student credit cards here have fairly low spending requirements, which should help prevent you from overspending. Earn elevated cash back on groceries, dining, entertainment and select streaming at the same time you're building credit history. Here are some questions to ask: Are you trying to maximize earnings or do you value simplicity? Discover it Student Cash Back Credit Card 4. This is especially true with student cards for anyone applying independently under the age of 21. Chase Sapphire Reserve at Chase's secure website BEST OVERALL RATING 4.7 OVERALL RATING 4.7/5.0 Our Review Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Credit cards are convenient tools to manage financesnot magic plastic for accessing free money. The Bank of America Travel Rewards Credit Card for Students is the best international travel card for students due to its lack of foreign transaction fees and lack of annual fee. The Discover it Student Cash Back* is another great card if youre traveling abroad. While credit cards can help stretch finances in a pinch, its important to avoid spending money you dont have. Niyo Global International Travel Card is available for people wanting to go abroad for . Another card for those planning to travel abroad but who prefer cash rewards over points or miles is the Capital One Quicksilver Student Cash Rewards Credit Card, which charges no foreign transaction fees and includes travel accident insurance benefits. However, we may receive compensation when you click on links to products or services offered by our partners. Many credit card issuers dont allow co-signers, so an independent source of income or waiting until age 21 may be the only options available. Credit cards simplify managing your money overseas, so long as they dont come with foreign transaction fees that are tacked on to every international purchase. We also award this card Best Student Card for Simple Rewards and Best Intro APR Card for Students. Sign up and well send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. ; 1% cash back on eligible purchases right away. And for U.S. students studying abroad, those points earned with the Bank of America Travel Rewards credit card for Students could be used to help offset airfare, hotels or rental cars. Contactless Cards The security of a chip card, with the convenience of a tap. 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening which can be redeemed for a $250 statement credit toward travel purchases. If a no-fee card is what youre looking for, its hard to beat the Petal 2 Visa Credit Card. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Like Deserve, these alternative methods make Petal a great choice for students with little to no credit histories. Early Spend Bonus: Earn $50 when you spend $100 in the first three months. Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Welcome Offer: Earn $50 after spending $100 in the first three months. Preapproval offers let you see your chances of approval without undergoing a hard credit check. $95. Finally, its important to keep in mind that these are primarily best first cards. Welcome Offer: New cardholders can earn $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of opening the account. Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout. All Rights Reserved. What credit cards let authorized users build credit? All financial products, shopping products and services are presented without warranty. When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Terms apply; Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target); Earn 1% on all other purchases. This information may be different than what you see when you visit a financial institution, service provider or specific products site. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Build credit and earn flat-rate cash back at the same time, for no annual fee. That's why we provide features like your Approval Odds and savings estimates. No limit to the amount of cash back you can earn and cash rewards dont expire. We also looked for cards that charge fewer fees, which can be helpful for students. Rewards: Earn 1.5% unlimited cash back on all purchases. This lack of a security deposit can be a huge help to students without the capital to collateralize a credit account for the sake of building credit or earning rewards. After two years of pandemic restrictions, international travel is more in-demand than ever and travel costs are through the roof. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. If youre constantly charging up to your credit limit, try to cut back on your expenses. Featured Partner Offer Bank of America Travel Rewards credit card for Students Apply Now On Bank of America's Website 1.5X Reward Rate Earn unlimited 1.5 points per $1 spent on all. The Credit CARD Act of 2009 stipulates credit cards cannot be issued to anyone under 21 unless a parent or guardian co-signs or the student has independent income. Its important that the credit card matches your spending habits. The easiest way to build credit is by paying your credit products on time, whether youre managing a student loan, auto loan, personal loan, mortgage or credit card. Look for perks like no foreign transaction fees and travel insurance benefits. Besides being the self-declared best credit card for international students, (a name it does live up to, if not only for a lack of competitors) this card offers benefits for U.S. students, too. 2X points on other travel. Capital One defines this as having your own credit card for less than three years. Assigning Editor | Travel, SEO, Travel Loyalty Programs. As you get their passport photo just right and find the perfect backpack for their adventure, consider what credit card they should bring as well. credit card issuers dont allow co-signers. Dynamic currency conversion is almost always a bad deal, Ted Rossman, a senior industry analyst at CNET-sister site Bankrate, said. Besides, collection agencies may be able to use court orders to take your money, but a good education is something no one can take from you. See the resources above for help deciphering what things you may not understand mean for your everyday card use. For Capital One products listed on this page, some of the above benefits are provided by Visa or Mastercard and may vary by product. Capital One Venture Rewards Credit Card: Best for flat-rate travel rewards. These can add up quickly if your college student is spending many months abroad or using their credit card as their primary money source. If you dont have credit scores or a Social Security number, these cards could make it possible for you to start building a credit history. The Bank of America Travel Rewards credit card for Students doesnt charge an annual fee, has easy-to-earn rewards and offers a solid welcome bonus, but we also recommend it for study abroad use as it has no foreign transaction fees. Credit card issuers have no say or influence in our ratings. With smaller credit limits and rewards tailored to those in college, student credit cards can provide a bridge to more valuable credit offers in the future. Its important to learn how to responsibly manage a budget day to dayespecially when working with tuition costs, student loans and any other educational expenses. Access additional card perks like travel insurance and help hotlines, Improve your credit with on-time payments, Could damage your credit with irresponsible use, Interest charges can stack up if you carry a balance, Credit cards require some work to get the most from them. Why we picked it: Frequent travelers who want superior perks should seriously consider The Platinum Card from American Express.It earns 5X points (on up to $500,000 per year) on airfare booked directly with airlines or through American Express Travel, as well as 5X points on prepaid hotels booked . While it likely wont be an issue, double-check to see which card networks are widely accepted where youre planning to travel to. Enter the student credit card. The Companion Pass is valid during the calendar it was earned in, plus the . Using a credit card abroad works similarly to charging a purchase in the US. Some students may also prioritize spending by selecting gift cards associated with specific companies they know they will purchase from. Using a student card to build stronger credit will help you gain easier and more affordable access to other types of loans and more rewarding credit card offers. As you get used to how credit works, you may wish to expand to several cards over time, depending on your financial goals, what rewards programs you qualify for, where you spend your money and what your credit report qualifies you for. Or turn $100 into $200. So as with most credit cards, youll want to try and pay off your monthly balance on time and in full before the grace period ends to avoid interest charges. You should be prepared to immediately pay this down to avoid reducing your credit score; we never recommend credit utilization exceed 30%and preferably remain below 10%. But you may have heard that abroad and especially in Europe merchants more commonly take chip-and-PIN cards, which require users to enter a personal identification number after swiping the card. Credit cards have plenty of benefits, such as building credit, and provide access to a line of credit should you need it while traveling. Once youve built up your credit, youre probably going to want to see if you can qualify for credit cards that offer more rewards and perks. Capital One Quicksilver Cash Rewards Credit Card, If your kid wants to take advantage of credit card welcome offers but isnt buying any high-ticket items anytime soon, direct them toward the. Bank of America student credit cards: Which one is Best starter credit cards of 2020: Our picks. You can apply for a Deserve EDU card online, without impacting your credit score. As a college student, you may or may not have had a credit product for a long time. Its also helpful to carry a credit card when overseas to gain access to an emergency credit line and ensure your spending is more secure. Though we cant review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. A Visa credit card can be used in more than 200 countries worldwide, whereas Mastercard can be used in 210 countries. Student credit cards now often offer decent rewards in the form of (usually) either cash back or points. Heres why: With the Journey Student Rewards from Capital One card, youll earn 1% cash back on all purchases. With the Deserve EDU Mastercard, youll earn 1% cash back on all purchases, issued as a statement credit. The best credit cards for students studying abroad. No annual fee and build your credit with responsible use. A secured card gives you skin in the game when it comes to repayment because you have to put down a deposit in order to secure a credit limit. Credit Karma, Inc. and Credit Karma Offers, Inc. are not registered by the NYS Department of Financial Services. And we looked for cards that offered some sort of rewards, like cash back (for making on-time payments or getting good grades) or points that could be used toward free travel. This used to be a serious problem for anyone using a chip-and-signature card at, for example, an unmanned ticket machine at a train station in Europe. Its entertainment focused, which may appeal to many college students. If you think this card feels right for you, read our review of the Journey Student Rewards from Capital One card to learn more. The card also has no over-limit fees or even late fees. Each card is individually evaluated through a formula which reflects the standards and expectations of the contemporary market. Learn more by reading our Petal 2 card review. Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points. Because of this, students with thin credit files could have a better chance of being approved than with other cards. Check out our, Capital One Quicksilver Student Rewards card. This decision should depend on a number of factors, including your willingness to add a new line to your account, your childs credit approval amount (you might not want to send your kid overseas with a credit limit of $200 per month) and how responsible your child has been with money. While thats a great thing, it also comes with great responsibility. If you dont feel you have the knowledge or experience with credit or credit cards yet, try checking out some of our educational resources on subjects important to understand about credit cards. Picking a credit card can seem like trying to choose an elective classthere are so many options available and its difficult to figure out where to start. Here are our picks for the. That's $750 toward travel when you redeem through Chase Ultimate Rewards. Earn $50 when you spend $100 in the first three months. Something went wrong. That's a nice boost to any new travel gear theyll need. Generally, issuers offer applications online through company websites, but for those who prefer talking on the phone, many issuers also offer toll-free phone numbers to call where a customer service representative can walk you through the application process. Theres no minimum spending or maximum rewards. However, you may be asked to select between dynamic or local currencies when paying with your student card. Over time, if desired, responsible cardholders can often upgrade a secured card to a non-secured version and receive the original deposit back. Our partners compensate us. Student cards rarely require security deposits and often offer an unsecured alternative to other credit-building products such as secured credit cards. Intro Offer: Unlimited Cashback Match only from Discover. Before applying, carefully consider your options. For best results, find a card issuer that reports to all three major consumer credit bureaus: Experian, Equifax and Transunion. They are accepted everywherewell, almost. Another factor to consider, especially as a student with little to no credit history, is that an annual fee is often charged to the credit card account and immediately reduces available credit. College students often bridge the gap between adolescence and adulthood during their educational adventure and understandably often require additional financial support. Rewards: Earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points. Are you looking for a rewards kick-start or a generous ongoing rewards program? Here are our picks for the best travel credit cards of 2023, including those best for: Flexibility, point transfers and a large bonus: Chase Sapphire Preferred Card, No annual fee: Bank of America Travel Rewards credit card, Flat-rate travel rewards: Capital One Venture Rewards Credit Card, Bonus travel rewards and high-end perks: Chase Sapphire Reserve, Luxury perks: The Platinum Card from American Express, Business travelers: Ink Business Preferred Credit Card. None of these cards here feature foreign transaction fees, but if you had your eye on another card, make sure it wont incur extra charges when using it overseas. California loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-78868. But, we recommend having a back-up card, just in case. You can take advantage of this offer when you apply now. On the bright side, many of the best international credit cards for college students traveling or studying abroad charge no foreign transaction fees (more on these later). Compensation may factor into how and where products appear on our platform (and in what order). When studying abroad in Namibia, for instance, it would be silly to rely solely on a credit card because most businesses require cash. A New Jersey native, she graduated with an M.A. Annual fee: $0 . Your kid may have already fled the nest to college, but now theyre tackling their next big flight and this one is abroad. When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. So you could turn $50 cash back into $100. The offers for financial products you see on our platform come from companies who pay us. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Welcome Offer: 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening. Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout. Not only are there no foreign transaction fees, but there's also no annual fee. She is the author of Amazon Bestselling Disney World Hacks and has been featured on national television, radio, print, and online media as a credit cards, miles and points, Disney and family travel expert. If youre worried about whether or not youll be approved, consider checking your preapproval chances before officially applying. How can I avoid paying interest on a credit card balance? But if you do, these fees can stack up quickly and make travel that much more expensive. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. In the No. Your child can enjoy travel credit card benefits while also building credit and learning good spending habits. We'd love to hear from you, please enter your comments. To get the most credit-building mileage out of student cards, you need to make sure that you make at least your minimum payments on time and in full every month. For example, a 50 transaction today may not cost you the same in USD tomorrow, the next week or next month. Cardholders also earn an unlimited 1.5 points per $1 spent on all purchases, which can be redeemed for statement credits to cover nearly any type of travel purchase. This restriction applies to student credit cards. It also is recommended for people with no credit history, making it potentially easier to qualify for than some of the other cards on this list. And once the intro period is up, youll face an APR that will be based on the lenders assessment of your credit risk. 1X points on all other purchases. Students studying abroad will pay no foreign transaction fees (and no annual fee) while earning flat-rate rewards points with flexible travel redemption options. 2023 CNET, a Red Ventures company. It gives 3% back on most travel (though perhaps not Airbnb,) 2% on dining, and has no foreign transaction fee. Capital One VentureOne Rewards Credit Card Source: bing.com Visa and Mastercard are the most widely accepted credit card networks internationally. Plus, earn unlimited 1% cash back on all other purchases automatically. It may be easy to ask, will the rewards or benefits of this card pay for the fee? but the question you should ask is, will the rewards and benefits of the card pay for the annual fee and bring me more value than the best no-annual-fee option for me?. Discover will automatically match all the cash back youve earned at the end of your first year! Be sure not to confuse foreign transaction fees with currency conversion fees. Though there is a $95 annual fee, your child can earn 2x points on travel (including flights, hotels and public transit), 3x points on restaurants; 5x points on qualifying Lyft rides through March 2025; plus 1 point per dollar spent on all other purchases. The Journey Student Rewards from Capital One credit card really is all about helping students build credit. Understanding how the card will be used helps to inform the type of travel credit card thats right for them. Some first-time credit card applicants may see the advantage of a secured card instead of a student card and others may want to be an authorized user on someone elses card or find a co-signer and obtain a card with more robust offerings than a typical student card (if the card issuer allows co-signers). Our editorial content is not influenced by advertisers. Typically, these cards also provide better rewards, more benefits and other valuable perks. There's no minimum spending or maximum rewards. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Rewards: Earn 1% cash back on all purchases. Yes, international students usually can apply for many credit cards. Thanks to Chases extensive rewards program, your points are eligible for 1:1 transfers to frequent flyer programs like United MileagePlus and Aer Lingus AerClub. It does not necessarily guarantee approval for any financial product. Theres no minimum spending or maximum rewards. Many credit cards charge annual fees. The Capital One Quicksilver Student Cash Rewards Credit Card* earns a flat rate of 1.5% cash back for all of your purchases combined with a great welcome bonus. Plus, the intro APR offer makes this a good card for any students who need to make a big purchase or move debt over from another card. As a credit card for study abroad students, the Arrival Plus card offers wide accessibility in foreign countries with Chip and Pin technology. While Visa and Mastercard are accepted practically everywhere, Discover has the lowest acceptance rates. So you could turn $50 cash back into $100. However, according to Discovers site, its cards are still accepted at over 60 million locations around the world, so you shouldnt run into too much trouble with acceptance. Making on-time payments is a key part of building your credit. Chase Sapphire Preferred Card This card is currently not available. Though the consequences are the same as real credit cards and issuers rarely leave much room for mistakes, the great student credit cards give those seeking education an opportunity to explore rewards, benefits and credit. Is it just to cover emergency medical expenses or other unexpected costs? That's a nice boost to any new travel gear theyll need. Which credit cards are most widely accepted in their destination? Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. But credit card applications requiring a credit check (read: most of them) will require either a Social Security number or an ITIN number. Here's an excellent way for students with average or limited credit scores to gain experience managing credit. Wells Fargo Active Cash Card. Whats the best credit card for students studying abroad? Click through to Discovers website to see terms and conditions. Other Benefits and Drawbacks: Discover is not as widely accepted as Mastercard, Visa or even American Express, so keep this in mind if you plan to travel overseas or study abroad. Welcome offer: Earn $200 cash rewards bonus after you spend $500 in first three months. Solid return on all of your spending. 5X . Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points dont expire. The card can also serve as a safety net if an emergency arises during their travels. Exchange rates vary daily per credit card company, and its not uncommon for the, posted exchange rate to not match your bank statement, Bank of America Travel Rewards credit card. How do I actually apply for a credit card? Though the Chase Sapphire Preferred Card wasnt created specifically for students, it was created specifically for travelers. A foreign transaction fee is a maddeningly arbitrary penalty (usually between 2% and 5%) that you may have discovered on your credit card statement after returning home from an exciting overseas . The Bank of America Travel Rewards Credit Card for Students can help students start earning points while establishing their credit. Evan Zimmer has been writing about finance for years. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. Beware, however, the danger of taking on too much too soon: These student credit cards are not toys and can ruin or damage credit as easilyif not easierthan they can help construct it. ; Earn unlimited 1% cash back on all other purchases automatically. The Bank of America Travel Rewards credit card for Students charges no foreign transaction fees and would be widely accepted by most international merchants that accept credit cards but goes even farther to offer several benefits aimed toward students traveling abroad. All these tips can help you keep moving in a positive direction when it comes to building your credit. If you can, become an authorized user on a responsible persons account. *See the online provider's credit card application for details about terms and conditions. If youre up for it, you can help your child earn this cards welcome bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. A charge card functions much like a credit card, but requires full payment on a monthly basis instead of allowing for balances to carry with interest. We wish it also came with travel protections like lost baggage assistance or travel insurance of some kind, but it doesntstudents will have to wait until strong credit will afford them better travel reward cards. See the respective Guide to Benefits for details, as terms and exclusions apply. You want a travel credit card that prioritizes whats important to you. The benefits of obtaining a Bank of America Travel Rewards Credit Card for Students are: Excellent initial welcome offer. Here are some questions to ask yourself when selecting a card for your jet-setting student, followed by some recommendations for the best credit cards for students studying abroad. A hammer can pound a nail if used properly, but can also smash your thumb if you mishandle it. Pre-qualified offers are not binding. Other Benefits and Drawbacks: Through Mastercard Platinum, Deserve EDU Mastercard for Students* offers ID Theft Protection, card liability protection and worldwide Mastercard global services. Whats the difference between APR, APY and my interest rate? A Visa credit card can be used. Editorial Note: We earn a commission from partner links on Forbes Advisor. College students stand at a crossroads. Are credit cards widely accepted at your students destination? 3 spot were complaints about consumer debt and credit. With solid-for-a-student-card rewards rate and a great low introductory APR on purchases and balance transfers, the Bank of America Unlimited Cash Rewards credit card for Students makes for a strong offering. Use your card to book your trip how and where you want youre not limited to specific websites with blackout dates or restrictions. By paying your bill in full and on time every time, you can build a credit profile that will make getting other types of loans, like another credit card, a car loan or a mortgage much easier and less expensive when you need it. The card also has no foreign transaction fee, which is handy if you plan to study abroad or go on an international spring break. 2023 Forbes Media LLC. Let's take a look at some of the best study abroad credit cards on the market today, including cards with no foreign transaction fees, chip & PIN cards, cards with dining rewards, and cards for those with little or no credit history. If you want to learn more about the Deserve EDU Mastercard, read our review. The Petal 2 "Cash Back, No Fees" Visa Credit Card lets you apply without a Social Security number, provided you have an Individual Taxpayer Identification Number (ITIN). After the intro APR offer ends, 17.99% 27.99% Variable APR will apply. If youre worried about rejection, consider the options you have for application. Megan has built and directed remote content teams and editorial strategies for websites like GoAbroad and Go Overseas. Youll still need to apply for the card, which will typically lower your credit score temporarily by a few points. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, Solid cash-back rewards for a student credit card. Our opinions are our own. We also like that it includes travel accident insurance**, a complimentary concierge service for help with nonemergency tasks and 24-hour emergency assistance services if you need an emergency cash advance or lose your card. Whats the difference between a credit cards issuer and payment network? The card charges no foreign transaction fees, and provides 1% cash back on eligible purchases which can be increased to 1.5% after making 12 consecutive on-time monthly payments. You can read more about our editorial guidelines and the credit card methodology for the ratings below. Just a dollar-for-dollar match. With the Deserve EDU card, there's no annual fee and you can get 1% cashback on purchases. Earn 75,000 bonus miles after spending $4,000 within 3 months of account opening. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening that can be a $250 statement credit toward travel purchases. Why we picked it: If you want to earn flexible rewards and enjoy travel perks without an overly expensive annual fee . According to. But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. When evaluating offers, please review the financial institutions Terms and Conditions. Thanks to Chases extensive rewards program, your points are eligible for 1:1 transfers to frequent flyer programs like United MileagePlus and Aer Lingus AerClub. Read our full review of the Bank of America Travel Rewards credit card for Students to learn more. Whether as a graduation gift, birthday gift, or even a gift to yourselfrequesting a gift card for a certain amount can help students budget spending in a more organized way without having to dip into savings regularly or withdraw money too often. The Best Travel Credit Cards for Study Abroad Students in 2023 Whether you're planning a semester abroad or an entire year, traveling is an exciting experience, but managing your purchases and expenses can be intimidating. Credit Karma Mortgage, Inc. NMLS ID# 1588622|, Credit Karma Offers, Inc. NMLS ID# 1628077|, Credit Karma Credit Builder (McBurberod Financial, Inc.) NMLS 2057952 |. Otherwise, you can find him reading, rock climbing, snowboarding and enjoying the outdoors. Plus, automatically earn unlimited 1% cash back on all other purchases. Credit cards can help consumers enjoy useful benefits when used responsibly. All rights reserved. Research your childs destination to learn what types of money (cash, credit card, debit card, etc.) You can find her speaking at many venues about family travel, credit cards and travel loyalty programs or using travel rewards to travel at least 100 days a year with her own family. If you have specific questions about the accessibility of this site, or need assistance with using this site, contact us. Another expense that you should be prepared for is the exchange rate. 0% Intro APR for 18 billing cycles for purchases*. Our editors are committed to bringing you unbiased ratings and information. Other Benefits and Drawbacks: The most notable benefit of the Bank of America Unlimited Cash Rewards credit card for Students is its 0% introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening the account, followed by a variable APR of 17.99% - 27.99%. Looking for more information? With the right credit card, your child can start building credit responsibly while also enjoying the many travel perks that credit cards can deliver. And both cards could also be especially useful for international students studying in the United States. Insurance related services offered through Credit Karma Insurance Services, LLC, which does business in some states as Karma Insurance Services, LLC. Their credit payment history and credit age will then reflect on your credit report as well. . Other student cards may offer better earning potential, Earn unlimited 1.5% cash back on every purchase, every day, Early Spend Bonus: Earn $50 when you spend $100 in the first three months, Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, Enjoy peace of mind with $0 Fraud Liability so that you wont be responsible for unauthorized charges, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if its misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when theyre approved for a Capital One credit card, Build your credit with responsible card use, Whether youre at a 4-year university, community college or other higher education institution, this card might be an option for you, Limited bonus cash back reward categories, Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), with 1% on all other purchases, Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal.
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