1. Debit card
The so-called debit card means saving money first and then spending money. It is equivalent to a savings account. In the United States, almost every bank provides applications for debit cards, and there is no need for the applicant to have a credit record, and there is no need to refer to a series of conditions such as the applicant's job, salary, whether he is an American green card holder or an American citizen, so opening a card is almost zero risk. The condition for opening a card is that you provide an initial payment ranging from 1 to 10 USD. Debit cards of big banks such as Bank of America, Chase and TCF are free of annual fees, and there is no handling fee for withdrawing money at designated ATMs, which is very convenient. Remittances to and from China are generally made by debit cards, because credit cards have no ability to save money.
Debit cards usually have two accounts: a checking account and a savings account.
(1) current account
Its main function is consumption, so there is generally no interest. Users can use this account to pay tuition, telephone bills, online shopping, writing checks and so on. In the United States, online banking is very common in life, such as shopping, ordering food and buying books online. In the United States, bank cards usually come with online banking after opening, and there is no need to apply for or install any software. When a user opens a new checking account, many big banks will give away some checkbooks. In China, people may have fewer opportunities to use checks, but in the United States, checks are very convenient and safe, because your name and information will be printed on the checks, and many banks will check the signatures, so it is rare to sign checks. Moreover, if the check is sent to the other party, the name of the payee will also be on the check, so there will be no fraudulent use. In America, checks can almost be used as cash. For example, you don't need to bring a lot of money to go shopping, just bring a check, and your personal safety is also guaranteed.
(2) savings account
This is the main account for savings, with interest, but it is not commonly used in consumption. As long as you log in to the online banks of various banks, you can basically transfer money between checking accounts and savings accounts through simple online operations. What I suggest is to deposit all the money in a savings account and transfer the amount to a checking account, because this will generate some interest income, and the transfer procedure is very simple, and it can be done in 30 seconds through online banking.
2. Credit card
Credit cards are more troublesome than debit cards in application, consumption and repayment, but the biggest advantage is that they can be advanced in advance. Most people in the United States use credit cards to spend money, which can be said to be a staunch supporter of the concept of "spending first and paying back later". Credit card application is really troublesome and the success rate is not high. It's just one of the payment methods for consumption, and most credit cards also need an annual fee. So is it necessary for international students to apply for a credit card? The answer is very affirmative: yes.
For international students, credit cards are more convenient than "spending in advance". Especially for those who plan to stay in the United States or Canada for a long time, the credit history of credit cards is an important basis for their future life. American credit records have a very strict and perfect record system, which is also one of the manifestations of people's integrity and financial management ability. If you are going to settle abroad, it will inevitably involve buying a car and a house. I believe it is more realistic for most students to buy a house or a car with a loan. Most domestic loans are secured by assets, but for international students who have almost no assets, the important reference index of loans is credit history. The accumulation of credit records is a long time, which is different from the bank's points. It doesn't mean that you suddenly spent $50,000 today, and your credit history will increase greatly. So I suggest that students must apply for credit cards early, so that your credit history may be enough to buy a house loan in a few years.
The above is an introduction to the types of American bank cards that you need to know when studying in the United States. Students can apply for the corresponding bank card according to the above introduction.