Applying for a bank card in the United States is the first step in personal finance. This article will introduce to you which bank cards you can apply for when studying in the United States.
1. Debit card (debit card)
It functions as 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 exempt from 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.
2. Checking account (checking account)
Its main function is consumption, so there is generally no interest. Users can use this account to pay tuition, phone bills, online shopping, write checks, etc. . In the United States, online banking is very commonly used in daily life, such as online shopping, ordering food, takeout, and booking tickets. In the United States, bank cards generally come with online banking after opening, and there is no need to apply for or install any additional software. Many big banks will give away some check books when users open a new checking account. You may have fewer opportunities to use checks in China, but in the United States, checks are very convenient and relatively safe, because the checks will have Your name and information are printed on it, and many banks will also verify the signature, so there are very few cases of counterfeit checks. And when you send the check to the other party, the payee's name will also be on the check, so there will be no possibility of fraudulent receipt. In the United States, checks can almost be used as cash. For example, you don’t need to carry a large amount of money with you when you go shopping, you only need to carry a check.
3. Savings account (saving account)
This is the main account for savings because it has interest, but it is not commonly used in consumption because most consumption is from your checking account. If you don't have enough balance in your checking account and you have money in your savings account, you generally can't use it. You must first log into each bank's online banking or mobile app and transfer the money from your savings account to your checking account before you can make a payment. You can choose which account to deposit to according to your own situation. If you don’t usually spend much, it is recommended that you put the extra money into a savings account.
4. Credit card
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 only "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 with debit cards, credit card applications have a much lower success rate for international students. Most credit card account openings require applicants to have a U.S. Social Security Number (SSN), a stable job, a letter of introduction, and a good credit record. But these conditions are difficult for international students to meet. In some cases, the policy for international students will be lenient. For details, please refer to the "Credit Card Guide" content.