In addition to establishing credit and gaining cashback incentives, using credit cards is an effective way to do so. Additionally, they provide overseas students with a means to get a taste of American culture without having to spend a fortune.
Keep in mind a few things before you use your credit card. Take a look at the charts.
Benefits of Credit Cards
You may improve your credit: In the future, your credit history will impact your capacity to get financing for significant expenditures. If, for example, you want to purchase a vehicle, you’ll be much better off if you establish solid credit today.
Learn to manage your finances: Having a credit card comes with a lot of responsibility, which is a good thing. It’s a great approach to developing financial self-control.
This is a fantastic backup plan: Credit cards come in handy when you need to make an immediate purchase but don’t have the cash on hand to do so.
Avoid going into the red: If you use a debit card to pay your monthly payments and fees, you run the risk of going into debt. To prevent being charged an overdraft fee by your bank, you should pay these expenses using a credit card.
Some points to choosing the Best Credit Card
1. Open an Account at USA Bank:
A US bank account shows lenders that you have US assets. This may help your approval prospects. Your bank may be able to help you locate a decent credit card. This helps save currency exchange costs and other problems.
2. Know Your Card’s Require:
Some credit cards may need an SSN. Depending on your visa, you may be eligible to get an SSN. Some card issuers also provide cards for overseas students and employees without an SSN.
3. Compare and Prequalify:
With so many cards available, you must examine rates, terms, and advantages. So you can make the most of your card.
Prequalify for a couple of cards and check for student credit cards, which frequently offer more flexible credit standards. When you apply officially, you trigger a hard inquiry, which hurts your credit even if you are rejected.
Prequalifying lets you know whether you’ll be authorized ahead of time, reducing hard queries. To be prequalified, you must supply basic personal and financial information. This is followed by a non-scoring soft inquiry. They’ll then tell you what terms you’ll likely qualify for when you apply.
Also Read: 5 best super prime credit cards in India
4. Secured Cards:
Secured cards need a cash payment to secure the card in case of default. Credit card deposits are usually $100-$500.
The deposit makes them considerably simpler to qualify for, and secured credit cards still allow you to collect incentives and enhance your credit score.