Best 5 Credit Cards for Immigrants in 2021 CLICK HERE
Adjusting to life in the US is difficult. Everyday demands to survive are stressful enough, yet immigrants must face those demands on top of deciding the ins and outs of a replacement culture.
Most immigrants arrive with no US credit history, and credit is important for fixing a life within the US; without credit, lenders won't consider as a viable candidate for just about any loan. Credit cards are an incredible opportunity to create your credit and establish yourself within the US.
6 Reasons US Immigrants Should Get a Mastercard CLICK HERE
A credit card can help you spend more than you have so that you can get what you need now, and pay back the rest later. By putting purchases on a Mastercard , and successfully paying off the debt later, you start building a reputation as someone who is sweet with credit.
Here are six more reasons for getting a credit card
1. Rewards and Points
When you use your card to make purchases, most credit card companies offer points depending on how much you spend. As you make purchases on your credit card and those points accumulate, you can trade in those points for gift cards or special catalogued items.
Paying with your debit card or with cash does not offer this side benefit, and this is just one of the many ways a credit card can add value to your purchases.
2. Cash Back
Some credit card companies offer cash back; Discover was the first to offer a 1% rebate on purchases, for example. And as mentioned in the previous point, using cash or a debit card will not offer you savings on your purchase. Then, whatever you save while building up your credit score is a bonus — money that can go towards other things, or reduce the debt you have to pay off.
There are bonus incentives for using a credit card, like cash back and points. While these may not be earth-shattering, they do add up, and every bit of value one can get when starting life in a new place is helpful.
3. Air Miles
In the 1980s, American Airlines came up with the idea of giving away air miles with their associated credit cards. Like cash back or some extent system, this offers incentives for those that use the American Airlines Mastercard . Depending on your needs, air miles and the potential for free flights may even be more valuable than rewards or cash back.
In a country of fifty-two states, the likelihood for discounted (or free!) travel is enticing. Being able to require flights across the country means more economic opportunities. If you're new this country, one among its benefits is access to all or any fifty-two states. It may be overwhelming getting an edge within the US, but there are tremendous advantages to having made the move to America.
4. Fraud Protection CLICK HERE
If someone takes your debit card and makes a purchase, the money comes directly out of your account. Any form of direct payment is harder to protect from theft and fraud. Once you make a transaction, that money must be retrieved. Investigating cases of fraud can take a while , during which your credit score will unnecessarily take successful . On the other hand, a credit card is not a direct payment. You can alert your Mastercard company that a theft has taken place, and if they consider it valid, they remove that payment from your account.
It is much easier to guard against fraud when no money has left your account.
5. Universally Accepted
You cannot book hotel rooms or rent a car with a open-end credit . Hotels and rental car companies want the added guarantee of being able to charge someone in the rare that you incur damages. If you’re planning on traveling, a credit card is practically necessary: the mobility you’re afforded in the United States is greatly hampered if you’re unable to rent a car or a hotel.
Almost any online vendor takes credit cards, whereas some do not take debit. It’s frustrating to require to get something online, only to seek out that your open-end credit isn't accepted. With a Mastercard , that worry becomes an afterthought, because all online vendors accept major credit cards.
6. Buy Now, Pay Later
Sometimes life’s demands are greater than your existing budget — are often "> this is often why a Mastercard can be extremely useful. If you know that you can pay for your purchases at a later date, particularly if you are starting a new job in a new place, then you can set yourself up before your pay checks start coming in.
If you recognize what proportion debt you'll combat , then you'll safely use this advantage of getting belongings you need before having to buy them.
5 Best Credit Cards for brand spanking new Immigrants within the U.S.
Not all credit cards are created equal. Credit card companies are competing for your business, and therefore offer different sets of perks that may appeal to you. Some may be more in line with how you plan on spending your money than others.
1. Capital One Secured Mastercard
With the CapitalOne Secured Mastercard, you could get a $200 line of credit for as little as $49, $99, or $200. As you use your card responsibly, you open yourself up to qualifying for a credit limit upgrade in less than 6 months.
2. Discover It Secured Mastercard
If you would like to create credit while earning rewards — and not need to pay an annual fee within the meantime — consider the Discover it Secured Card. You can earn up to 2% cash back while pumping gas and eating out at restaurants.
3. US Bank Secured Credit Card
The US Bank Secured Credit Card is the best card if you eventually want to move to an unsecured credit card. If you demonstrate a year of responsible use, you can request to upgrade to an unsecured credit card. This card has an annual fee of $29.
4. First Progress Platinum Prestige MasterCard Secured Mastercard
If you expect to hold your balance over sometimes, then you ought to choose this special APR deal. This card has an APR that’s under 10%, which will make paying back the balance on your card easier if you find yourself strapped for cash.
5. Open Sky Secured Visa Credit Card
The Open Sky Mastercard could be the simplest option for international students. Not only does it not require credit checks, but it also submits your credit report to the 3 major credit bureaus — great for building your credit!
All in all, there are tons of secured credit cards you can choose from to get on the path to building your credit in the United States. Look at all of your options and see which card best fits your needs.
Although it doesn't accompany any rewards and has an annual fee of $35, our favourite secured Mastercard for international students is that the Open Sky Secured Visa Mastercard . The card is easy to obtain and is effective for building your credit card reputation in the United States.
So, Which is the Best Credit Card for Non-U.S. Citizens? CLICK HERE
The answer to this question really depends on the need of the non-citizen. If you’re trying to find a lower amount credit line to determine a credit history within the U.S., you would possibly want to use for Capital One Secured Mastercard. If you’re looking to earn some rewards for your credit use, then the Discover It Secured Mastercard might be the best option for you.
Once you know what you’re looking for in a credit card, you can determine which is the right fit for you!
Being an immigrant in the US can be extremely overwhelming. You’ve got to do what you need to do to survive while adjusting to a new culture. Major purchases like homes and cars take financing, and financing is provided to those with a good credit history — and as a new arrival to the US, you’re likely to have no credit history — or even worse, bad credit history.
That’s why it’s important to get a credit card and start building your credit reputation. Along with building your credit history in the US, there are many additional benefits to getting a credit card. And as long as you can manage the amount of debt you take out, getting a credit card is one of the best first steps as an immigrant to building a robust financial foundation here within the us .