Debit card (debitcard)

The so-called debit card is the function of a savings account. In the United States, almost every bank provides debit card applications. The applicant does not need to have a credit record and SSN number, nor does it need to refer to a series of conditions such as the applicant's job, salary, whether he holds a U.S. green card or a U.S. citizen, etc. So opening a card is almost risk-free. The condition for opening a card is that you provide a certain initial deposit. Moreover, debit cards from major banks such as Bank of America, Chase, TCF, etc. are free of annual fees, and there are no handling fees for withdrawing money from designated ATMs, which is very convenient. Remittances to and from the country are generally carried out through debit cards, because credit cards do not have the ability to save.

Bank accounts are mainly divided into Checking account and Saving account. The main difference is that Checking account is a current account and has no interest. Saving account will give different interests according to the amount of deposits. It is recommended that you apply for a college checking. After opening a checking account, the bank will send you Checks, Debit Card & ATM card within 3-5 days (the regulations of each bank may be different). Of course, these are all selective. Students who want to open a savings account, please read each policy carefully, because some savings accounts require a minimum deposit, and sometimes a minimum deposit of $10,000 is required, so please be sure to read it carefully when applying for a savings account.

Credit card

Many students still use credit cards brought from China after coming to the United States. In this way, parents will know your specific consumption situation here, and you can Avoid spending money indiscriminately, but there are also disadvantages. Credit cards are more troublesome than debit cards from application to consumption to repayment, but the biggest advantage is that they can be advanced in advance. Credit card application is indeed troublesome, and the success rate is not high. It is only one of the methods of consumer payment. Most credit cards also require the payment of annual fees. Therefore, whether international students apply for a credit card can be decided according to their own needs. Students who stay for a short time do not need to apply for a credit card. For those who plan to stay abroad for more than 3 years or who plan to settle down, good bank card use is also a good future. Guarantee of life, because the convenience that credit cards bring to international students is not just "consumption in advance". Especially for those who plan to stay in the United States or Canada for a long time, the credit record of the credit card is an important foundation for future life.

Credit record has a very strict and complete recording system in the United States, and it is also one of the reflections of people's honesty and financial management ability. If you plan to settle abroad, it will inevitably involve buying a car or a house. I believe that for most students, it is more realistic to buy a house or a car with a loan. Most domestic loans require assets as collateral, but for international students with almost no assets, an important reference indicator for loans is credit history. The accumulation of credit history takes a long time. Unlike bank points, it does not mean that if you suddenly spend tens of thousands of dollars today, your credit history will greatly increase. Therefore, it is recommended that students apply for a credit card early, so that in a few years your credit record may be enough to meet the loan requirements for buying a building.

Compared to debit cards, credit card applications have a much lower success rate for international students. Generally, banks will set up a college credit card specifically for students, which is very helpful for students who have just arrived in the United States and do not have credit. Bank of America credit cards all use the pay back method, that is, the bank will give you maximum credits, which is the maximum monthly credit card consumption.

After that, the bank will send you a bill every month. You have to pay back according to your consumption. You can choose minimum payment or all pay back. Even though the bank will send you a bill every month, it is still recommended that you apply for online banking so that you can check your account frequently. Even a large bank will inevitably make mistakes. Check your account frequently and be sure to call customer service if you encounter any problems.

Students who use credit cards can also pay back online, so they don’t have to go to the bank every month. Be sure to call the Customers service when you encounter problems. Don't just muddle along. One must take care of one's own finances when studying abroad. The customer service phone number is usually in the Contact Us column on each bank's website. If your address changes, you need to call or change the address online. It is recommended that you call the bank to confirm 3 days after the change. Some banks' credit cards and checking & saving are separate, so the credit card address needs to be changed separately. If you do not receive a bank statement after moving, be sure to call the bank's customer service.

Some U.S. bank websites:

Wells Fargo:

Chase:

First Bank Bank:

Bank of America/

HSBC North America Branch, Citibank, Regional Financial Bank, Deutsche Bank, etc.