Can you apply for a credit card if you are not a US resident?
Non-citizens living in the United States are often looking for opportunity and financial security. For many, having a credit card represents an important step in achieving financial stability.
People apply for credit cards for many good reasons, including the possibility of:
Cover an unexpected or emergency expense.
Build credit to show lenders you can be trusted.
Pay for large purchases within a specified period of time.
Rent a car or book a hotel room.
Send money to other countries with a credit card .
Reverse charges in cases of errors or fraud.
Can a non-US citizen get a credit card? What is the best way to do this?
Evaluate each of the following options to decide which one is best for you.
Get a secured credit card
It may be more difficult for you to obtain a credit card as a non-US citizen, since you must earn the trust of a credit institution. This is because you may not have a strong credit history in the country.
A secured credit card eliminates this risk. The credit card companies that offer these cards will require a deposit from you. This will cover other companies in case you ever miss payments. In some cases, you can get a higher line of credit than the security deposit you provide.
A secured credit card can be a stepping stone to a higher line of credit once you make enough timely payments.
Request an ITIN
You can apply for credit without a Social Security number or SSN. In fact, the United States Social Security Administration (SSA) states that although banks and credit card companies can apply for an SSN, “a person is not required to provide one if they do not provide one.” have”.
Many of these banks and credit institutions accept an ITIN, or Personal Taxpayer Identification Number, instead of a Social Security number. For example, if you already have an ITIN, you can apply for a credit card at the following entities:
Bank of America
You may need to include an address, income information, and your bank account information. Fortunately, opening a bank account in the US is usually easy.
Remember that many of these requirements will also apply to secured credit cards.
Become an authorized user of another credit card
If you are not a US citizen but want a credit card, you have the option of using a friend or family member. Why? Because you can build credit by becoming an authorized user of someone else’s credit card.
If a friend or family member already has a credit card, they can grant you access to use their line of credit. Yes, this requires a lot of trust and good communication between the parties.
Contact advocacy groups
Some immigrants, even those with ITINs, may feel overwhelmed when applying for a credit card.
Contacting an advocacy group can be helpful for this purpose. You can find a list of organizations in your area at the Immigration Advocates Network .
Get a co-signer
Even if a loved one isn’t ready to make you an authorized user of their card, they may be willing to co-sign your application. This is a way of indicating to the lender that you will take responsibility for any debt incurred.
Bank of America and US Bank are the largest institutions that allow co-signers .
Find an alternative credit card
Can a non-resident get a credit card without a co-signer? Of course. But if he can’t get a secured credit card and no one can convert him to authorized users, he still has an option.
Various lenders use alternative credit scoring models to determine a person’s creditworthiness.
Although these models vary from company to company, they typically consider factors such as income, access to a bank account, employer, and educational history. The following are some of the most popular alternative credit card options:
Petal 2 Visa Credit Card «Cash Back, No Fees»
AvantCard credit card
Grow Credit Mastercard
Volume credit card
If you are an international student, the Deserve EDU Master card for students is an option designed for others in your same circumstances. The important thing is to know all your options and decide which one is best for you.
61% of Americans had at least one credit card as of July 2020. It’s a fact of modern life for many families. Having the possibility of accessing credit expands your possibilities.
For example, it can allow you to make major repairs to your home, rent a van for work, or pay an emergency bill when it comes up. And often you can also use a credit card to send money to another country.