Reward cards for students are a popular choice for both locals and foreigners studying in the United States.
However, applying for credit cards, specifically US credit cards for foreigners, is not an easy task, even if you are studying at a US university.
So in this article, we’re going to help you navigate the options and find the best possible rewards card for students available.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Get Reward Cards for Students?
- Credit Card Rewards for Students
- Ready to Open Accounts With Banks in the USA?
How to Get Reward Cards for Students?
To get a reward card for students in the US, most card providers will require the applicant to have an SSN or an ITIN. But, since these cards are geared towards students – they accept people with limited credit history and lower credit scores. In other words, the eligibility requirements are lower than other types of unsecured US credit cards.
However, if you are a foreigner who has just landed in the US, you might need to take another step first: obtain a secured card.
Foreigners looking to establish a credit history in the US need to consider student credit cards vs secured credit cards to ensure they are choosing the right card for their needs.
Unlike debit cards, secured credit cards will report your payment history to US credit bureaus which helps you establish a US credit history and a credit score. This is critical because to qualify for other US credit cards in the future – you typically need to have a US credit history, a US credit score, and a US credit report that other credit card issues can pull to check your creditworthiness.
Individuals who are looking to establish a US credit history typically also want to know if they should have multiple secured credit cards, which you can learn more about in the article linked here.
Of course, there are exceptions and even faster ways to obtain US credit cards and establish a US credit history. We discuss this in more detail in our Advanced Report about US Credit Cards for Foreigners & Non-Residents.
In short, when used correctly, a secured credit card gives you the ability to obtain unsecured credit cards with lucrative rewards programs at a later date.
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Credit Card Rewards for Students
There are a few different types of credit card rewards that students might be interested in. Let’s take a closer look:
No Annual Fees
Since college students are often short on cash and have lower incomes, many reward cards for students don’t have any annual fees.
Travel Rewards
Not surprisingly, some of the most sought-after rewards available through US credit cards are related to travel. In most cases, these are “points” that can be used towards booking flights or hotels for future vacations.
Now, most developed countries have credit cards that offer travel rewards and points, including the UK, EU, Canada, Australia, and elsewhere.
However, when compared to these other countries, US credit cards offer significantly higher sign-up bonuses, better benefits, and more points earned per dollar spent.
So, if you are looking for reward cards for students to earn travel bonuses, there is no comparison to the programs that you can access in the United States.
Cash Back Rewards
Another perk students look for when obtaining credit cards is cash-back rewards programs.
Cash-back rewards programs are where a percentage of your total monthly spend is returned to your card. For example, a card might offer 2% cash back. So, if you spend $1000, the credit card issuer will give you 2% back (or $20). The specific cash-back offer depends on the credit card issuer.
In many cases, the cash-back program will identify specific areas of spending (e.g. groceries or gas), to incentivize higher use of the card.
With this in mind, students looking to benefit from cash-back rewards programs should identify the cards that specifically incentivize spending at their preferred retailers or in product categories that they regularly purchase.
Other Benefits
While not a reward, foreign currency transaction fees are extremely important for foreigners and non-residents who plan to use their US credit cards abroad.
This is true whether you are using your card in person abroad (while in your home country or on vacation) or if you are shopping online in a different currency.
Unfortunately, not all US credit cards offer zero foreign transaction fees, which can result in costly overseas transactions. So, if you plan on using your card overseas (or for online purchases in foreign currencies), consider cards limit your exposure to unwanted foreign exchange fees and international purchase fees.
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