The best international credit card for students is the Bank of America® Travel Rewards Credit Card for Students. It belongs to the Visa network so you can use it extensively outside of the United States, whether you’re traveling or studying abroad. It also features a 0% foreign transaction fee, which means you will not be charged extra for purchases made in another country. Its travel-oriented rewards also make it an attractive international credit card for students. It offers 25,000 points for spending $1,000 in the first 90 days. Plus, you earn 1.5 - 3 points per $1 on purchases.… read full answer
The card’s global acceptance should be taken into account. Not all credit cards are accepted everywhere, and cards from some networks are accepted in more countries than others. Mastercard is in the lead, with over 210 countries and territories, followed closely by Visa (over 200) and Discover (200). American Express cards can be used in over 160 countries and territories.
The Bank of America Travel Rewards for Students credit card has an online offer of 25,000 points for spending $1,000 in the first 90 days. Plus, you can earn 3 points per $1 spent on purchases at the Bank of America Travel Center and 1.5 points per $1 spent on all other purchases. The card also comes with a 0% foreign transaction fee and a $0 annual fee. It accepts students with limited credit (less than 3 years of credit history).
The Bank of America Cash Rewards for Students credit card offers $200 for spending $1,000 in the first 90 days. Plus, you can earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 spent on these categories combined per quarter), and 1% on all other purchases. The card also offers an introductory purchase APR of 0% for 18 months (16.99% - 26.99% (V), based on creditworthiness, thereafter). It has a 3% foreign transaction fee. The card’s annual fee is $0. It accepts students with limited credit (less than 3 years of credit history).
The Deserve EDU credit card has no SSN requirement. So, students with a passport, a U.S. bank account along with some other documentation are eligible to apply. The card offers 1% cash back on all purchases. Plus, it has a $0 foreign transaction fee and a $0 annual fee.
It’s also important to note the difference between international credit cards for students and credit cards for international students. They’re basically the same in terms of functionality, but cards for international students aren’t just for U.S. citizens or people with a Social Security number.
What You Should Know Before Applying for a Student Credit Card
Student credit card issuers do have different requirements. Some cards may require an SSN or Individual Taxpayer Identification Number (ITIN). Others may accept just a student ID and/or a passport.
The best way to avoid foreign transaction fees is to us a debit or credit card that waives such fees while traveling abroad. About 25% of the available credit card offers on the market don’t charge foreign transaction fees, and those cards are available to people of all credit levels, so there’s really no reason to pay the extra charge when you travel abroad.… read full answer
1. Get a credit card with no foreign transaction fee.
Foreign transaction fees are charged by credit card companies, not merchants, and the surcharge could add as much as 4% to purchases made outside the U.S. These fees also apply to online purchases processed abroad, even if you’re sitting in front of your computer at home when you complete the transaction. If a card charges a foreign transaction fee, it will be listed in the card’s terms and conditions.
The 10 largest credit card companies all offer at least some cards without foreign transaction fees, and some issuers don’t charge these fees on any of their credit cards. Using credit cards with no foreign fees rather than cash also is a convenient, inexpensive way to avoid having to convert physical currency while traveling abroad.
2. Understand that foreign fees can be an issue even when you’re not traveling.
You don’t have to be in another country to get hit with a foreign transaction fee. If you do business online or by phone through a merchant based outside of the U.S., make sure you pay for your purchase with a no foreign fee credit card to sidestep the surcharge. If you use a card with a foreign fee, you’ll be charged this fee on top of your transaction, the same as you would if you had made the purchase at a physical location abroad.
3. Have a no foreign fee debit card handy.
You probably won’t be able to use credit cards for all your international purchases if you travel abroad, so having a debit card will allow you to get cash in the local currency when you need it. Many debit cards also charge foreign transaction fees, so make sure to bring a Visa or Mastercard debit card with no foreign fee when you head out of the country.
4. Avoid converting currency at airport kiosks.
Converting your cash at an airport kiosk outside of the U.S. may be convenient, but that convenience will cost you. Currency conversions at airport-based exchange stations come with extraordinarily high fees and less-than-favorable exchange rates.
Instead, use a no foreign transaction fee credit card for most of your purchases, and a no foreign fee debit card to withdraw physical currency. These options are very convenient, and each allows you to take advantage of low Visa and Mastercard currency conversion rates automatically.
5. Do not accept offers for dynamic currency conversion.
Dynamic currency conversion (DCC) is a practice in which foreign merchants may offer to charge your purchase in U.S. dollars instead of the local currency. You should never accept these offers because if the merchant converts your payment for you, they may set their own high exchange rate to increase their profits.
With that, you know the basics of how to avoid unnecessary costs when spending money internationally. If you already have a credit card that charges foreign transaction fees, there’s not much you can do to avoid them, save for not using the card abroad. Consider applying for a travel credit card with good ongoing rewards and no foreign transaction fees to use instead. There are plenty to choose from.
Your credit card will likely have a foreign transaction fee of around 3% if it is from Chase, PNC, Bank of America, Barclays or U.S. Bank, which charge foreign fees on most (but not all) of their cards. Your credit card will not have a foreign transaction fee if it is from Capital One, Discover, USAA, PenFed or HSBC.… read full answer
Credit Card Issuers That Do Not Charge Foreign Transaction Fees
It’s worth noting that plenty of other credit card issuers charge foreign transaction fees on only some of their cards. Among these issuers, you will find a handful of top-notch credit card offers that don’t charge foreign fees. These cards also offer above-average ongoing rewards, and require good or excellent credit for approval.
Notable Credit Cards With No Foreign Transaction Fees
It’s never a great idea to assume your credit card does not have a foreign transaction fee based on the issuer alone. So before you travel to a foreign country or make an online purchase from an international seller with your credit card, make sure you have one that won’t cost you extra every time you use it.
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